The Dozens Savings Plc listed 5% p.a. Fixed Interest Bonds are Back!

Thanks for the rapid response Robert

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I see we can now bid for the December bond issuance. However, I can’t see anywhere in the app that provides information on the bidding deadline or the total amount available in this issuance. Can I suggest both pieces of information be added to the bond application screen.

They are there in the terms, but I agree that we could make this clearer.

I’m working on some interim solutions to make sure everyone has the full information

For your information, the bidding opened 1/11/19 and closes 22/11/19 at midnight

The issuance will be 2/12/19 (as the 1st is a Sunday) and will be for £100,000 with £25k prioritised for Seedrs investors

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Hi Robert, can we have a push notification on Dozens app about whenever monthly bond bidding is opened and another push notification before 1 day before closure?

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I’ll definitely raise that, thanks

We are looking at a number of solutions that keep you informed but don’t require us to trouble other customers who are not interested. There are several interesting ways to do this, and we may do more than one if it makes it easier.

For the time being, we can assume there will always be a new issuance each month and it will always some time between 22nd &25th in order to give us the days we need to make the allocation and prepare the documentation for the issuance on the 1st of the following month

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For the time being, I’ve posted a new topic where I will list the current (or future) bond issuance details and schedule, and will keep this updated.

It will also have the historic record of previous issuances so that anyone has the relevant information in case there are any questions

As this is a reference topic, it is not open to comments (so I can keep the key information easy to locate), but you can easily quote or link to it if necessary

Hope it helps

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@robert, As bidding for Dec bonds are closed , when are you going to announce about bidding status ?

My goodness. I completely lost track of time.

The deadline was Friday night at midnight so we will need a business day to make the allocations so I imagine we’ll get these out Monday or Tuesday.

I had meant to remind everyone about the closing of bids. I apologise for that. I trust everyone got a chance to bid if they wanted to?

I should hear shortly about the next issuance and will update the wiki post.

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Missed the deadline but no worries :blush:

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I think it has probably been mentioned earlier in the thread but it would be helpful to provide the bidding deadline on the bonds page in the app as well as an in-app reminder when the deadline is approaching.

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Thanks, I’ve passed this on and will see if we can find a way to do this - probably with the update of the Dozens home which is in the planning.

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the allocations have been done and the emails have been sent out, so you should have the details of whether you were successful or not. The more detailed stats on the bid totals will be published soon and I will then add these to the reference topic

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@robert , now bidding for December bond is closed yesterday, any idea when the result will be announced?

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Just got an email saying my bid was unsuccessful, so results must be out by now

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Mine was unsuccessful too (£1,800)

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I was unsuccessful at 1,500

Have to say the process could be improved, specifically the application window could be shortened and there is no need to ask each time for a NI number.

The application window also means that customers suffer an extended period of having funds tied up at 0% especially if unsuccessful - which isn’t in line with Dozens stated principles.

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Yes, I had thought that about the commitment, I guess the trick is to bid late, which then reduces the chances of a successful bid (I think).

But then, where else can you get as competitive a rate even if it is over 13 months not 12 months?!

sadisticaly (sic), I’m quite enjoying the game theory behind the bidding process and got a successful 4 figure bid in.

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The other trick is to bid low - that’s how I’ve managed to get some from all five rounds so far.

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sorry for the delay in my reply, but we were away for an annual company event and planning session, so many of us found it rather hard to stay connected.

The bonds were closed and allocated as promised. Unofficially (since I asked internally but we’ve not yet published the stats - I’ll do that as soon as we’ve crunched more numbers) the cut off this time was £1000 as the demand has been increasing at the lower amounts.

Everyone should have had their emails to confirm their bids, or had their money back in their account.

We agree, and there is a fix in the works for the NI number. Unfortunately we do need to ask it more than once but it should probably not be more than once per tax year. Thanks for the feedback.

The window is extended in order to give as many people as possible a chance to bid each month. Unless we start issuing more regularly then there is still a period to wait between each issuance.

As @Robertiwills says, you can always bid later in the period, but there could be a chance that if you bid EXACTLY the cut off amount, that your bid could then have less of chance

Aside: if you think about it, the cut off amount is decided based on the full list of bids at the moment of allocation. Therefore, any bid below the cut off amount will be successful even if placed with minutes to go. The same is true for any bid above the cut off, which will be rejected even if placed immediately after the bidding opens. In this way the effect of when you place your bid is as limited as we can make it.

(@Robertiwills this should answer your question too - it doesn’t change the chances of success very much. BTW, congrats on your successful bids!)

While the money does not earn you any interest after bidding, for most customers this money is coming from savings they are making from their current account, where it is also not earning interest, so little is being sacrificed. However, we do understand your point, but as we are not a bank, we cannot do much more with regard to interest but will continue to try to find ways to innovate and help you make the most of your money. After all, if you are successful, that 5% more than you might be able to get for the same sums.

In the longer term, a short term wait will be made up for with the interest paid.

@SahNwn Do the explanations above help to address your concerns?

As a matter of interest, has the money you have not invested been earning a reasonable interest in the interim?

(for example, bids of £500 per issuance would have been successful, so in theory you could have invested at least £2000 so far, and possibly much more in the £1m issuance)

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Minor niggles with the process aside, it’s quite a faff applying each month, particularly if you’re unsuccessful anyway. It would be great to be able to autobid e.g. a fixed amount (£100, £500).

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