Soo, maybe one for @rob_dozens
I’m trying to set up a budget to try out next month. Only issue is, it seems to blow the budget out everytime I transfer money in & then out to my cash savings - stating I’ve spent too much!
Anything that can be done about this?
yes, there is
You have two options:
The easiest way to do either is to go to Track, and go to the day where you made the transfer. On that day’s transaction list, you click the three dots next to your transfer then choose either ‘add to monthly expenses’ or ‘exclude from weekly budget’
You should now be on track.
For further details, probably feel free to ask in our community - questions like this help all customers.
I thought it’d be in the spend section (the original transaction) but hey presto there it is! Thanks!
@rob_dozens as far as the bonds go, are Dozens still holding the assets in ring fenced accounts with the interest locked away in advance too?
Also wondering if you guys are fairly well capitalised right now due to COVID, too
Crypto returns are netting me 10% but I’m not really wanting to bag hold a bubble when it pops in a few years time :^ so maybe 5% with no risk (which is correct since the interest is locked away with the rest of principal fund?)
I take a more sledgehammer-like approach.
Go to:
Track
Edit budget
Add an expense
Then:
Set a stupidly high limit
Add the Save category
All your save transactions then get caught as “Budgeted spend” at the bottom of the Track screen and ignored under “currently spent”. You get a nice list when you tap through Budgeted spend then the expense item too.
I’d prefer a way to exclude specific categories from the budget, but this method basically does the same thing.
Unless it ever gets brought in under the FSCS scheme, it’s one I’ll be passing up.
I know in most cases even e-wallet institutions are pretty much a safe bet. I’d rather not risk it.
If you ever keep funds in cash savings, whilst you wait to invest or if you move it back over to spend…thats got the protection I beleive via BOS
Do you mean the bonds?
Current account - emoney licence
Grow cash (which includes all cash paid out from bonds and investments) - FSCS protection
Grow bonds - trustee account
yes, this is still the case and has never changed
all moving forward, with the proviso that we are a young startup so runway is always something we care about, and plan for
(you should also remember that as we hold a MIFID licence we are required to have a wind-down plan for customers, and therefore are way ahead of most other e-money institutions)
these are correct
Just been successful for my first bond bid. Additional funds saved (outside my Help to Buy Isa) from last pay day now earning 5pc rather than 0.65 
Have dozens been contacted by the FCA about e money licensees - heard they were writing to firms about this r.e Current Accounts & FSCS protection
Out of interest, is that license a step ahead of the other main e money providers (Revolut being an example)
I don’t know if we’ve had that specific industry communication from the FCA (we are regularly in touch as per regulations but I don’t see these communications), but with regard to being clear about accounts, we say it very clearly on every communication in our pages and disclaimers:
Dozens is a trading name of Project Imagine Ltd, a company registered in England and Wales (No. 11153882). We are authorised by the Financial Conduct Authority as an e-money institution (FRN 900894) and also as an investment firm (FRN 814281). We are not a bank. Our registered office is at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
(just added the emphasis for clarity)
I have no idea what Revolut or other businesses have done for their planning, but I believe that no specific wind down plan has been required for e-money licences in the past. However, MIFID does require it, and as Project Imagine / Dozens was the first to hold both these licences in the UK, we have been ahead of this curve.
Maybe a tad off-topic but is there any improvements to UX/UI coming? I think Dozens priorities of building a good product are great but I think making it feel like you’ve broken a market is the thing that has the wow factor that people will be drawn to
If you guys could pump user numbers and draw more people into the whole shebang, I could definitely see a 7 figure sum in founders accounts at the end of this, even if it’s just RBS or Lloyds trying to get better app tech and to operate another brand
I think it could also be worth doing some targeted adverts towards Muslims, as you if I remember right, have an Islam friendly fund
“Dozens 2.0” has been teased a couple of times over the last year. Probably derailed a bit by the Wirecard fiasco (I’m guessing), but in the pipeline still
Does anyone have experience of being paid into Dozens? (salary)
I’m paid into a joint acc currently but it may be easier to be paid into another single named account
Other option is Revolut, I could do with avoiding a search opening another account and Dozens has been pretty stable with 3 figure transfers in (I’ve had less queried with Rev which puts me off)
As an e money issuer what reassurances are there, are the funds withheld done automatically or is there human intervention? Is there a dedicated team if my first pay in from work was queried? What are the general timescales?
So what’s this about not being able to make payments over the phone 
The timescale for this seems to be September, from recent forum chatter
Did you get much joy on their forum?
Dozens just sent an email.
They’ve discontinued the bonds (past issuances not affected) and are launching savings giving 1% on up to £5200.
It seems somewhat hurried, as they’ve announced this on the same day as another round of bonds should have started… It’s quite a long email, but it sounds like it turned out to be too expensive for the level of engagement the bonds created
Fun while it lasted! Obviously a loss leader but it’s certainly built trust in the platform for me