I can’t do better than the post that we just shared in our social channels, so I am sharing the content below for your information as well.
This was also a test-run, so was only open for a few days, but it helped us make sure the bidding, allocation and communication processes were working. We gathered some very useful feedback which has been taken on board to make the process easier and clearer, so thanks to all for your comments.
The bidding for our first ever £100k set of 5% p.a fixed interest bonds has been closed, bids allocated and stats in! This has been a journey of over a year to launch a 5% product for everyone, and even though this was only our pilot issue, we are pretty excited by the results.
So how did we do? Bids came in from far corners of the UK. In total, we received over £200k of bids in the last five days!
As promised, we prioritised small savers so we allocated bids from the smallest first. 62 bids were successful, starting from £100. The highest successful bid this month was £20k!
We know an ex-dozens employee managed to nab the highest successful bid (cheeky! but love the faith ). But we’ve also heard some of our friends and parents missed out (hard luck mum - less greedy next time!). If you didn’t make it, don’t worry, next month is our bumper ISA issuance of £1m+, and will be open for bidding tomorrow - Friday 1 March. Closing date will be Monday 25 March. So fingers at the ready!
Bonds can be found at the bottom of the Save section in the app.
Wondering about protection?
We are authorised by the Financial Conduct Authority as an e-money institution (FRN 900894) and also as an investment firm (FRN 814281). The 5% p.a. fixed interest ‘Trust bonds’ are our first proprietary financial product, designed to bear practically no risk. With these bonds dozens deposits the money invested plus the promised interest, into a separate trustee controlled account (where we can no longer touch it). You also have £50k FSCS protection with this product, however in practice we don’t believe you will need to rely on it because your full investment money and interest is held separately for you in the trustee-controlled account. The bond programme currently has a maximum limit of £7m, with expected issuance volumes of between £100k-£1m a month. For details of individual limits and our bidding process please check our website dozens.com.