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

Dozens is not a bank, and we cannot (by law / regulation) pay interest on money held directly with us.

It is not that we wouldn’t like to reward our customers, so that’s exactly why we do create opportunities, like making available bonds that pay as much as 5%, so our customers can be rewarded for putting money away, as well as very competitive options for investments.

Specific dates will be along shortly

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It seems to me there are potential solutions to that. HL for example is not a bank but partners with banks to offer interest paying cash savings accounts.

The bonds and investment options are appreciated but when you want or need a place to hold cash (beyond your short term spending needs) there is no real incentive to use Dozens for this purpose.

Monzo do this too, but look at rates… would never be great, I’m sure banks aren’t lining up for these sorts of arrangements just now (especially since the account is likely to be used for short-term while people waited for bond availability…).

You could get a Virgin Money current account for 2% interest (on up to £1k) and stage money there for a same-day FP to Dozens bonds… very quick/easy to open online.

Interestingly I do this the other way around, waiting until the last day so I don’t lose interest all month… but I’m only bidding for small amounts likely to be accepted at any time…

Monzo’s savings account rates never top the charts, but when you compare only to banks that also provide current accounts (so perhaps more direct competition) the arrangement tends to look better. For example, of such banks only the Virgin Money group (including Yorkshire and Clydesdale) and Metro Bank are currently offering better rates on Easy Access savings accounts.

However HL manages to do better then Monzo at enabling higher rates through partner banks so Monzo isn’t the best example of what can be achieved.

Am considering trying Virgin Money, but it would be yet another account to manage…

Agreed, my point is that anywhere bank1 uses bank2 to earn their clients interest, it is highly likely to be at a lower rate than than bank2 would offer them direct - even if bank1 doesn’t take a cut…

Of course HL can get a good deal with banks to hold their clients cash - some of it is more than likely to end up in the bank’s investment products for very long terms… But are you just paying it back in fees once you do invest?

VM V easy to set up, as I said, but do be prepared to need to jump through (phone-based) fraud hoops for your first payment (or two). I eventually had them admit they do this for all new accounts first payment(s) - even though I was only sending a small amount of money back to the account it came from…

How about right now? :wink:

An email is being lined up to send now to go to all customers who’ve opted-in to our “Dozens new, updates & marketing” messages (if you don’t want to miss out, you can update your preferences in the app), …

but the news is that the December 2020 issuance will go live tomorrow - December 1st, 2020

This is another BIG issuance with £1m of bonds available.

(special mention for @o99 so you get as much notice as possible)

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Given the cancellation of the Seedrs Round, can I ask if there are any implications for the December issuance of the 5% Bonds in particular given:

And I imagine this round was set at £1m on the assumption that the fund raising would proceed.

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It’s also a big one since the last one to mature was a £1million issue (which also had a preferential bit for investors…) and I imagine a lot of people will be bidding to put some/all of their money from that issue straight back in…

I don’t know if Dozens will now reduce the December issue so they can save that money for a potential next crowdfunded round? It strikes me that if you just got your funds you wanted to invest in Dozens returned, a Dozens bond would be the perfect place to sit on it until then…

Glad I got my bid in early :).

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I would also be very interested to see how this has changed

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There is no change to the issuance of £1m that was announced despite any changes to the Seedrs crowdfunding - other than the fact that any particular allocation that was to be made for investors will now not be needed, so is available for any Dozens customer to bid on.

The current round therefore continues as planned and just to remind you, will be closing soon

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I tried. My bank transfer hasn’t shown up. The odd thing is, I transferred a nominal amount first and that showed up instantly but the larger amount hasn’t.

Also, there is no way to even drop a message and leave support to look at in the app, it just shows

Unfortunately, nobody is online at the moment. Check back later.

There’s nothing stopping Dozens taking messages and then saying someone will reply in x hours or something.

Instead I have to figure out when Dozens is working to chase it up.

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Today is a Bank Holiday so they’re will be very limited support, but send me a PM with your ticket number and I’ll see if I can chase anyone who might be online

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That happened to me too (when I did the same at the start of the month). It took about 24 hours for the larger amount to land in my account.

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Thanks Rob, I got through to someone in the app. They said they’ll pass it onto the Payments Team. I still think you should be able to drop a message via the chat in the app at any time though.

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Same here.

Yeah, we’re all so used to asynchronous messaging, it’s really frustrating when it’s not available!

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The bank you were sending the money from has almost certainly blocked the larger payment - and witheld it for manual checks - sending two payments like that is flagged in various fraud detection systems.

It’s not something Dozens would be able to help with. You either need to contact that bank or wait for them to release the payment themselves.

Not in this case. Dozens have processed the payment now. My source bank in this case tends to block and make me phone them when they consider it to be suspicious, and there wasn’t any message to that effect on this occasion. So it was on how Dozens process payments as far as I can tell.

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It’s really hard to tell. Your source bank might have blocked it temporarily, but then released the funds after an internal check without calling you.

Just had confirmation my bid of £4800 was accepted fopr the December/January issuance… anyone else get confirmation and if so any idea on highest bid accepted?

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