Zeux Premium has launched

It seems a somewhat desperate attempt to bring in the money.

A £299 setup fee and £10 a month for nothing obvious in return

This gives access to almost no features - physical card and international payments being the main ones - so the pricing seems crazy.

Zeux must really be struggling. A bit of a shame.

I don’t think I’ve ever seen a bigger setup fee before?!

But even without that, it’s not worth £10 month

Is it even worth £1 a month?

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£299?! Please tell me that’s a typo and someone forgot the .?

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£2.99 would be acceptable for producing the debit card. The other £296.01 nope :neutral_face:

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They also want Premium users to permanently lock in £1,000 on the account, threatening that it will be frozen if it dips under that.

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It’s so bad, you’d almost think it was a scam :man_shrugging:

I don’t give them long to fold now, tbh

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These guys are the jokers that offered a huge amount of money to people referring others to the account, with the caveat that you couldn’t actually withdraw it, IIRC…

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Right then, that’s me signed up.

“Zeux Premium” - I feel all posh. :sunglasses: (Now all I need is to find out how to pronounce it…:face_with_raised_eyebrow:).

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They did, it was just “Zeux Credit”, a currency they made up, which you could earn interest on but never withdraw.

So your “Easy Access Money Pot” would be nominally £40 in credit for each referred person, but you could only get the interest out of there! Pretty ridiculous.

I think I made 97p before they killed it off lol

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There are other mailshots over few months which gives a hint of their new business model.

Back in January, they offered a 5% interest “money pot”, they got into trouble by the FCA for their offering. They managed to get around regulations by converting customers money into cryptocurrency which is lend out by a third party to clients in third countries that may lack credit. I remember back in January a newspaper article and the CEO (or someone near the top) virtually bragging how they managed to get around FCA regulation to offer customers high-interest saving accounts. Just remember, banks in the UK can not take customers money and lend that money abroad, and interests they charge is fixed by the government (I may be wrong). They have slowly discontinued their safe-pot account assuming under FCA pressure,

Since they cannot offer their “money pot” service which maybe was their original business model, and on paper, it is workable especially if they can make returns of 10-15% on cryptocurrency lend out abroad especially in countries were government restricts the credit market. They still offer high interest in cryptocurrency which is not covered by FCA regulation.

Mailshot in the 5th of May " **Own a piece of Zeux - we’re crowdfunding", have no information on the success of the crowdfunding.

Mailshot 17th of June " Important changes to your Easy Access Money Pot", basically informing the closure of the Easy Money access accounts. Also, other Fiat-based currency offerings on their apps have also been withdrawn.

Mailshot 4th of August “Exclusive To Zeux Customers: Get Up To 25% Off When”. Feel like a continued attempt to keep customers on board especially with the withdrawal of their “money pot” service.

Mailshot “14th of August”, gives a hint of their future model:

  • An easy crypto-fiat exchange (Including stable coins)
  • Taking your assets to the next level,"Through our existing partnership with Wecash – one of the world’s largest and most successful lenders and financial asset managers "

To get around FCA regulation their plans is to make it easy for customers to manually convert fiat currency into crypto and then able to lock money away in a high-interest account (outside FCA regulation)

FCA regulation in my view prevents banks from offering high-interest returns, the government has debts of nearly two trillion pounds and it is in the government interest to keep interest rates low otherwise government debt payments could spiral out of control.

Completely understand their business model, but their last mailshot gives an impression of a company not doing well and they have shoot their self in the foot.

Offering high-interest cryptocurrency saving accounts may sound fine on paper, however, they need to focus on their core business, make deals with existing crypto providers such as wirex, quit the fiat-money markey and focus on building a reputation for itself.

I wish them luck and they have my support if they do manage to kick it off.

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£299 for a set up fee of an account whose “rewards” have been matched by numerous free offerings sounds like a company with severe liquidity issues. I’d avoid them like the plague. They’re going down.

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This as well.

Is this their dubious Cryptocurrency ?

You do…? :anguished:

Reckon that ship has sailed…:face_with_raised_eyebrow:

A bad reputation, perhaps

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