A current account that helps you understand your spending. It’s complete with a debit card, sort code and account number.
Tools for putting money aside and rewards for good financial behaviour. Also, you can earn 5% p.a with our fixed interest bonds.
Simplified investing just a tap away, with choices to suit your experience, financial goals, even your world view.
We are not a bank. We are authorised by the Financial Conduct Authority (FCA) as an e-money institution (FRN 900894) and also as an investment firm (FRN 814281). This means we can offer a range of financial products, which each have different levels of protection.
Your current account money held in the Spend section of the app will be securely held in segregated client accounts at a UK high street bank in accordance with the FCA requirements and the Electronic Money Regulations 2011 (not FSCS protected), which means that dozens has no access to your money for its own purposes.
Separately your cash savings of up to £85,000 held in the Save section of the app are covered by the Financial Services Compensation Scheme (FSCS). This protection does not cover the money used to invest into bonds.
The bonds are not FCA regulated products, and FSCS protection does not cover the bonds themselves. The interest offered by our fixed interest bonds, in the Save section of the app, will not fluctuate even in different market conditions. However we understand that you will still need to be comfortable that as a new company, dozens will be able to meet its financial commitments. Because of this, and to help build your trust in us we will place all of your money to be invested plus the full 12-months interest, in a separate trustee-controlled account on your behalf. This would be used to pay you in the event of any default on our part. The bond programme currently has a maximum limit of £7m, with expected issuance volumes of between £100k-£1m a month. For individual limits please check our website.
When putting money into any investment products, there are two main factors for you to consider – whether the company you made the investment with can meet its financial commitments, and whether the investments you made will fluctuate in different market conditions.
When investing in a strategy through the Invest section of the app, your investment is exposed to fluctuations in the market, which means that the value of your investment may go up as well as down, and you may not get back the amount you originally invested.
Dozens does not give financial advice, you should speak to an expert if you are unsure about investing.