Dozens - Feedback Thread


(Marcel Ruhf) #1

The fintech scene seems to be very active lately - another start-up joins the scene.
When they launch, dozens will offer a (presumably prepaid) current account linked to a savings bond that pays 5% p.a. There is more info available on the Monzo forum thread linked below. Their community manager is responding to questions there as well.


(Liam) #2

Looks pretty cool actually…

I’m a fan of the auto round-up, offered by others, for ‘saving by stealth’.

The tool on the screenshot supercharges this with rules like save when my team scores or save my lunch money when I take my own sandwiches to work. All good stuff.


#3

Wow!! Just been reading all about it and honestly it sounds great on paper. I really hope it takes off for them and I genuinely think if it is done right - It could be a huge contender to both Monzo and Starling. N26 have no chance at all!

5% interest rate on savings is huge!

My loyalty lies with Monzo but I hope it goes well for them.


(Marcel Ruhf) #4

They already have IFTTT integrations from the beginning. Impressive.


#5

One thing they are missing, is who issues the card, do they have the mastercard licence or someone else.

However it does look interesting, reminds me of another one I’ve seen recently which was wirecard based.


#6

Sounds appealing, but be aware you will be investing in a bond to get that rate so not sure savings is the right term. It’s not the same as a cash savings account. They have not provided enough details yet to judge risk.

MasterCard


#7

I have to admit this is interesting, a bank that revolves around its customers saving.

I do wonder about fees and how they will make a profit though. I presume they know something we don’t.


(sam) #8

Is the money locked away once saved. 5% generally only available on a regular saver locked away for 12 months


#9

Info is going out next week about the bond.

I’m excited to see how it plays out.


#10

I know its Mastercard, I said I would be interested to see who owns the Mastercard licence.


#11

I went through the sign up process which was very smooth. Might have been slightly quicker and easier than starling but not sure.

It is saying they haven’t been able to verify me and when I select check your details it doesn’t do anything so obviously needs some work!


(Adrian) #12

I quite like the look of the card - not convinced that I’d be putting money in to a bond with a start up though.


(Liam) #13

I must admit I thought that, but I suppose so long as the money is protected then the potential problem is mitigated somewhat.


(Marcel Ruhf) #14

There is actually a podcast that was recorded by the company’s founder last year, which was shared on their community. The last post summarises some of the most important points from it.


#15

I tried to sign up but kept getting an error message when attempting to save my answer for the security question.

I reported the issue, their helpdesk confirmed other joiners are experiencing the same and I should wait for a fix with the next iOS update :roll_eyes:

But interesting to see how this one pans out versus other fintechs.


#16

It says on the website that money is held by another bank. Therefore it’s not a bank in the traditional sense like Monzo and Starling.

I wonder if they will get a full banking license in the long term.


#17

Mothers maiden name by any chance?


#18

I let them know that when you confirm your email it says it’s been verificated which I’m pretty sure isn’t a word :thinking::joy:


#19

I’ll repeat what I’ve previously said - They aren’t ready for onboarding people yet.

All this early hype stems from someone noticing it on the app store (and then word of mouth took over).

They have some announcements next week which should make things clearer.

These little hiccups (sign up process for example), aren’t ideal, and people like us will pick up on it, and form our opinion.

But, I’m working on the basis that it’s not a finished product at all, and they are just getting the wheels in motion.


#20

May not be entirely true anymore

I received an email inviting signup 10 minutes ago!