Ziglu acquired by Robinhood

Not one that I’m interested in nor used, although I have come across Ziglu previously. Thought it may be of interest to others here though

1 Like

I’m genuinely surprised they are not more popular for the easy access to the 5% Sterling boost account.

The fawning over Chase’s 1.5% instant savings account when Ziglu have been about for 18 months is a little strange.

Yes but it’s not FCA regulated so it does come with a different risk profile. The stablecoin could face issues or the loans could. That said, little harm in having a 2 or 3 figure sum in there.

1 Like

Over the last 18 months 5% AER would have been been a relatively modest return on a GBP stablecoin. You’ve been able to get more on other platforms - e.g. Crypto.com and Nexo.

You could have gotten >5% on actual cryptocurrency interest. I’m holding ETH in Celsius, for example.

Of totally but I mean from the everyday persons perspective. It’s a clean app, with a personal sort code and account number. Probably the easiest way to lump in immediate savings for quick access compared to Nexo, CDC and the rest.

Plus being UK centric makes the support a tad better in my experience.

1 Like

100% agreed. I guess with the £10k limit there might not interest with heavy savers.

I have a Ziglu Account (and within it a Sterling and Bitcoin Boost account) and have received an email about this today - zero detail.

What do Robinhood do ? I assume they will want to keep Ziglu as a going concern (doesn’t look as if Robinhppd issue cards). EDIT, I am wrong, they DO issue Debit cards

Hysterical comment on the Daily Heil’s comment stream “We are not allowed to have our own tech companies, all sold off to Americans, even worse is these companies make no money and constant losses yet find money to buy up UK companies. How is this legal?

2 Likes

Their whole approach has been to target “non savvy”, older, wealthier people who are utterly baffled by insanely complicated apps like the Crypto.com with its monstrosity of overlays and information overload. It will be interesting to see how that pans out with Robinhood, who are (maybe?) pivoting more towards that demographic

Crypto dot com is just a (not particularly) sophisticated Ponzi scheme. All this drivel about “staking” money to get up to an 8% cashback - the cashback paid in their dubious cryptocurrency is being financed by people lending them the money - which is all the “staking” is.

I still wonder what happened to that neo-bank that wanted £299 to set up an account…

1 Like

Isn’t this what Ziglu is also doing though? Using their crypto ‘deposits’ to fund ‘interest’ on booster?

What were they called?! They folded in short order

The first half is definitely true, everything goes overseas these days. It’s as if the government is happy to approve all these sell offs. We should keep some of our stuff domestically.

We’re not allowed to have our own tech companies ?

Yeah, definitely true (rolls eyes)

“All sold off to Americans” I think we both know it’s not meant to be taken literally

"Isn’t this what Ziglu is also doing though? Using their crypto ‘deposits’ to fund ‘interest’ on booster?"

I think the main differences are

a) you don’t wait weeks - months even, for a card
b) your “rewards” are instantly available to you in Bitcoin or Sterling. Crypto dot com’s “perks” are paid to you in their crypto which you then need to convert to “fiat” currency - Netflix and Spotify “refunds” in particular. I am not sure their crypto is available anywhere else nor do Netflix and Spotify accept their crypto as payment :slight_smile:
c) you don’t have to lock your money up for months to get the perks, or lend them - sorry ‘stake’ hundreds or even thousands of pounds to reach certain levels.
d) there appears to be a vestigial customer support for Ziglu, unlike Crypto dot com who apparently ignore support messages. There’s even a phone number for Ziglu, apparently.

I am happy to be contradicted on this, if people know better. It would, however, only be right and proper for you to declare if you are a customer of Ziglu or Crypto dot com. I am of the first, but not the second.

2 Likes

I am a customer of both and all points are smack on true. I guess being app only is possibly the only hit against Ziglu I can think off when it comes to broader appeal. Maybe the name is a little too off putting some folk.

1 Like

And the hideous pink card, which makes Monzo’s hot coral look positively restrained!

I’ve just read a puff piece/rave review for Crypto - hard to believe their PR department didn’t script this themselves

Particularly

If you choose the Obsidian card that requires £298,721 staked, you will get all the benefits of the Private Crypto.com club and an exclusive partnership with a private jet company — to live the life you deserve

Yes, I am going to give complete unregulated strangers £0.3m for some unspecified benefits…

You’re definitely on point for your CDC comments; their support is beyond atrocious to the point I left them. The tax implications of their crypto cashback/interest are also not fun. Thankfully, I was well within PSA/CGT allowances for the 20-21 tax year, otherwise I’d be rotting in jail right now

… it also glows in the dark.