Of course. All your money is safe and can continue to be accessed as normal until the 31 August 2022. As usual, your current account money is held in a segregated account with a UK regulated bank in accordance with the Electronic Money Regulations 2011. This means that money in this account is not touched by Dozens.
Before 31 August 2022, we need you to transfer your money to an alternative account. If you have not withdrawn all your funds from your account by the time Dozens closes on 31 August 2022, your funds will be moved and held in a trustee account. You will still be able to retrieve these funds, but the process will be through a third party (not through the app), and will therefore take much longer, so we advise all customers to move their funds before 31 August 2022
Please do contact customer service before 31 August if you need any help in clearing your account.
If you have not withdrawn all your funds from your account by the time Dozens closes on 31 August 2022, your funds will be moved and held in a trustee account. You will still be able to retrieve these funds, but the process will be through a third party (not through the app), and will therefore take much longer, so we advise all customers to move their funds before 31 August 2022.
After 31 August 2022 Dozens will cease trading. If you have not withdrawn all your funds from your account by the time Dozens closes on 31 August 2022, your funds will be moved and held in a trustee account. You will still be able to retrieve these funds, but the process will be through a third party (not through the app), and will therefore take much longer, so we advise all customers to move their funds before 31 August 2022.
Yes we can. If you’d like to do this please contact Customer Service via phone (+44 808 164 1020) or live chat in app to request this and the team will help you from here.
Yes you can. Please email our team at firstname.lastname@example.org and they’ll help with your complaint from there.
Your data remains safe under Project Imagine. As Dozens is a subsidiary of Project Imagine the company still remains responsibility for your data after Dozens closes. Althought your accounts will be closed, there are some pieces of data that we must legally keep for 6 years from the date of the account closure.
Yes we will provide you with the ability to transfer your ISA. You would need to complete an ISA transfer form from the new provider you wish to transfer your ISA to. Please refer to the email we’ve sent. If it’s not clear what to do, and you’d like a conversation we’re happy to arrange that.
We will not be processing any monthly boosts after 1 July 2022.
If you hold investments, please refer to the email we’ve sent. If it’s not clear what to do, and you’d like a conversation we’re happy to arrange that.
Dozens is not part of the current account switch service (CASS) so your current account can’t be automatically moved to another provider. You will need to move your direct debits and credits to your new account and set up any of your standing orders that you’d like to continue.
Receipts will continue to work as normal until all accounts are closed and the app is shut down. If you want to use your digital receipts to return items, we suggest you screen shot and save them as you won’t have access to these in the future. If you shop with participating retailers in the meantime, be sure to get a paper receipt.
We’ll be issuing final account statements to customers in early September. This will include current account and cash savings statements. Should you need a statement before this date, you can generate it via the app by doing the following:
Going to Spend > On the middle right hand side of the screen click on the box with an arrow pointing down > Choose the start and end date > Choose PDF or CSV
If you’d like a statement for a longer period, or a Cash Savings statement, then please contact service via phone (+44 808 164 1020) or live chat in app
Please still contact the team as normal and we’ll continue to respond to any payment disputes in the usual way.
If the refunds are paid before the 31 August 2022 then it will come into your Dozens account. After this date, any refunds will bounce.
You can also contact the merchant to organise your refund to be paid to a separate account.
If money is sent to your Dozens account after 31st August 2022 it will bounce back to sender. This is usually very quick, however it can a few days. As your account will be closed, you will not be able to receive any funds.
As of the 31 August 2022 these services will no longer work and we encourage you to update your direct debits and direct credits before this date to avoid issues with these payments.
To update your direct debits please contact the merchants you pay to arrange new direct debits.
If you have direct credits please arrange for these to be cancelled or changed by contacting the provider/employer from which the payment is made
We have a step-by-step guide here. https://www.dozens.com/prepareforaccountclosing/
These payment types will no longer happen after the cards stop working on the 31 August 2022.
All cards will stop working after the 31 August 2022. If you’d like to dispose of the card, we’d recommend that you cut your card in half through the chip.
Yes, but only until 31 August 2022, and we would strongly encourage you to stop using our services sooner so there is no further reliance on Dozens or money held with us.
In most cases, almost instantly. The Dozens app will work as normal until the 31 August 2022, so you can simply transfer money from your Dozens current account to any UK bank account of your choice, as you normally would. However we encourage you to do this as soon as possible to guarantee there are no issues when our services discontinue.
As a reminder, to transfer money out of your current account, go to the Spend section, tap on the payments button, and on UK bank payment, then pay your funds into an alternative account.
If your money is in Cash Savings, first you need to transfer it into your Dozens current account. To do this, go to the Grow section of the app, next to ‘My cash savings’ tap on ‘View details’ and tap ‘Withdraw’. Then follow the directions for transferring money out of your current account.
We have a step-by-step guide here on how to clear your account. https://www.dozens.com/prepareforaccountclosing/
The regulator, the FCA, provides guidance for businesses going through a wind down and if a business starts this process of closing, they must provide two months notice to customers. We notified all customers on 30 June 2022 and will be closing on 31 August 2022.
This is to help allow customers to remove and transfer funds from their Dozens accounts including Investments.
During this period, we advise you to update any Direct debits or credits you have as well as cancel any standing orders from your Dozens account. You can check your Direct Debits by going to the spend section of the app, clicking on payments, then clicking on Direct Debits.
We encourage to remove funds as swiftly as possible to avoid any potential delays later. The best way to do this is via the app.
As we will be closing on 31 August 2022, we’ve decided that we won’t be taking on any new customers during this period. We’re so happy that you’ve continued to show an interest in Dozens and we’re sorry that you haven’t been able to open an account with us.
After 31 August 2022 your account will be closed. You won’t be able to use the app or your debit card. If you have payments sent to your account, these will bounce back to the sender, and direct debits connected to the account will not complete. Any funds remaining in your account after 31 August 2022 will be moved and held in a separate trustee account.
A ‘wind-down’ is the process of closing the company over two months. It gives all customers enough notice to transfer their funds to alternative accounts. Essentially Dozens will be closing and will stop operating after 31 August 2022.
Members of Dozens Black will benefit from:
– A premium matte black Dozens Visa debit card.
– No Dozens platform fees for investments
– Fee-free ATM withdrawals while abroad
– Commission-fee FX when sending money overseas
– A dedicated Dozens Black customer service team.
As well as other features that may be introduced in the future.
Dozens Black is our new premium subscription service. It’s aimed at customers who use our financial products frequently. It offers a cost effective way of managing your money, with all the usual benefits of the Dozens platform, plus no fees for certain services.
Due to the nature of our business we have strict compliance checks in place. If a prospective customer’s profile does not meet the required specifications as set out by these checks, we are unable to take them on as a Dozens account holder. Unfortunately, we are not able to give any more information with regards to this.
If we request any additional information by email, we’ll need to review the documents manually. Due to all the applications we receive, there may be a short wait for us to complete the manual verification.
If we need any further information, we’ll reach out to you directly. Otherwise don’t worry, there’s nothing more you need to do for the time being and we’ll definitely be in touch with you as soon as your account is ready.
You can make sure an email is from us by checking the email address. All communications from us will come from an @dozens.com email address, and we’ll never ask you for your card or account information via email.
Our automatic verification is one of the ways we’re able to get our customers set up with their accounts quickly and easily. There are occasions, though, when the automatic verification is unable to process applications. In these instances, we have to manually review the application. Don’t worry, though, there’s a number of things that can make an application fail the automatic verification, and it isn’t anything to worry about.
It can take a short while for us to manually review applications, so there might be a small delay – but rest assured we’re working on it, and we’ll get in touch if we need any further information.
The automatic verification usually only takes a few minutes to complete, but if it hasn’t updated after a day or two, just send us an email and we’ll get our tech team to take care of it.
If you haven’t can’t find your verification email, here’s some things you can try:
Check your spam/junk folders. Sometimes our emails end up in there, but you can stop this happening by adding email@example.com to your safe senders list.
Double check that you’re looking in the inbox for the email address that you’ve provided.
If you still can’t find it, give us a call on 0808 164 1020 and we can check that there aren’t any typos in your email.
The technology used to process documents with your phone camera is particularly sensitive to lighting.
We’ve found that positioning your ID in bright light and making sure there’s no reflective glare on the document (passports in particular can be rather shiny!) is the best way to get a good result.
Another alternative is to use a full UK driving licence if you have one. We’ve found that the contrast on these means that the details are easier for your camera to pick up, even in poorer light.
If you’ve tried all of the above and you’re still struggling, just get in touch and we’ll see how we can help.
Unfortunately, we can’t accept applicants who are unable to provide one of the accepted documents as proof of address.
However, we’re happy to leave your application open until you can provide relevant proof of address.
We accept any one of the following, but it must be dated within the last three months*, be in your name and include your current UK address:
– Current bank statements issued by a regulated financial sector firm in the UK, EU or an equivalent jurisdiction
– Utility bills (not including mobile phone bills)
– UK Mortgage statements (dated within the last twelve months)*
– Current council tax demand letter, council tax statement or rent card (dated within the last twelve months)*
– Current credit card statements issued by a regulated financial sector firm in the UK
Please note, we can’t accept statements from junior bank accounts.
We no longer accept provisional driving licenses as a form of ID. You can find out why here.
To open a Dozens account, you’ll need one of the following documents:
– A full UK driving license
– Currently valid passport
– National identity card
We can’t accept provisional driving licences, PDFs or scanned documents.
As a regulated business, we are legally obliged to provide you with certain documents throughout the year. Here is a list of what you can expect in your inbox and when (although timing may vary slightly from time to time):
|Annual statement for your Cash Savings Account (detailing transaction history for the previous tax year)||May, each year||All customers|
|Contract note (detailing the terms of each trade)||Within one working day of the trade||Invest customers|
|Bi-annual investment statements (detailing fees charged to you and interest paid to you for the period and current value of investment*)
*customers may also request quarterly statements
|January and July, each year||Invest customers|
|Annual costs and charges report (detailing aggregated investment costs and charges for the previous financial year, or, if shorter, for the period your investments are held)||January, each year
(or when you sell all of your investments)
|Annual capital gains tax certificate (summarising any gains on investments/bonds sold during the previous tax year)||May, each year||Invest/bonds customers
(excluding ISA accounts)
|Annual consolidated tax certificate (summarising returns made on investments / bonds during the previous tax year)||May, each year||Invest/bonds customers
(excluding ISA accounts)
You may receive additional documents from time to time and we’ll do our best to give you a heads up before these are sent.
Rest assured that all documents sent to you are password protected and will only ever be sent to your verified email address.
To protect our platform we’ve rolled out extra measures to identify and catch fraudsters. One of these measures is no longer accepting provisional driving licences as a proof of ID.
Our research has shown that provisional driving licences are unreliable documents for a proof of ID.
As a result we have decided, for the security of our accounts, that we will no longer accept provisional licences.
There are a number of other forms of ID you can use, though:
– Currently valid passports
– Full UK driving licenses
– National identity card
To protect our platform we’ve rolled out extra measures to identify and catch fraudsters. One of these measures is limiting the number of devices individual accounts can be registered to. While we all may need to change devices from time to time (if we’ve lost a device or got a new one for example), frequent changes can be correlated with fraudulent activity. This is why we monitor and limit the number of devices linked to any account.
If you need to switch your app to a new device, please get in touch with our customer service team on firstname.lastname@example.org and they’ll be able to assist.
We’ll review your details as quickly as we can, but in busy periods it can sometimes take up to a few weeks.
At the moment we can’t accept cash or cheques.
To transfer money into your account, simply:
Pay money in via a bank transfer from another account
You’ll need your account number and sort code, shown on the front of your Dozens card. Or, log in to the app, go to ‘Spend’ and select ‘Card’ beneath the image of your main card. Your account details will be displayed on the next screen.
Yes, your debit card has a daily withdrawal limit of £250.
No, we don’t offer overdrafts.
Our app is designed to help you stay in control of your finances by giving you tools to closely track your spending, maintain a budget and build savings.
Our aim is to help you stay within your budget and not need an overdraft.
No, there’s no minimum required to maintain your Dozens current account.
However, you’ll need a minimum of £1,000 to invest into a strategy with us.
No. We’ll send it to you by First Class Royal Mail, free of charge. If you ask for multiple replacements, we may have to implement a charge in the future but you will be clearly notified.
Your Dozens card can be used anywhere that accepts Visa.
There are 2 main products:
● A current account for everyday spending, with a sort code and account number and Dozens Visa Debit card. It syncs with free app features that help you manage your spending, including a smart budgeting tool. Plus round-ups and saving rules help you put money aside where you can.
● A range of investment strategies that are socially responsible, environmentally friendly or on-trend, such as technology. Our fairer fee structure means that we won’t charge a platform fee on the days where the total value of your investments is less than the total you have invested, so we do well when you do. When investing in a strategy through the Invest section of the app, the value of your investment may go down as well as up, and your capital is at risk so you may not get back the amount you originally invested.
No. Open a Dozens account and you’ll get a debit card and cash savings, with no fees to pay
We don’t currently have children’s accounts available at this time, but we are looking to launch these in the near future.
However, anyone who is 18 years of age or over (who is resident in the UK) can apply for a Dozens account.
At the moment joint accounts are not available but we’re planning to add them very soon.
Not yet, but we’re planning to offer business accounts in the future.
Your account details are displayed on the front of your Dozens card.
Within the app, just go to ‘Spend’, select ‘Card’ below the image of your main card – and your account number and sort code will be displayed.
These details will not appear until you have received and activated your card, for security purposes.
Simply go to ‘Spend’ and tap on the ‘Activate now’ button. Enter the 3-digit CVV that’s on the back of your card, give your card a name to customise it and you’re all set.
Once you activate your new card, your Virtual card will be replaced and cease to work. Make sure you update your Digital Wallet with the new card (the number may be the same, but it will have a difference expiry date and CVV).
Before making contactless payments, you’ll need to do a Chip & PIN payment first – so we can be sure your card hasn’t fallen into the wrong hands.
If you require a physical card, please contact Customer Service to request this. The agent will be able to request the production of your debit card.
It takes 24-48 hours to print and package your card. The card is sent via Royal Mail and should be with you in 3 working days depending on the post. Look out for the black Dozens envelope.
If you have not received your card within 10 days of your request, do please let us know by emailing email@example.com so we can look into this for you.
If you add or withdraw money to your Cash Savings, then your Grow balance will be updated on the next working day.
We’ll only update your Grow balance once a day, Monday to Friday (not weekends).
The time and date of the latest update is displayed at the top of the Grow Breakdown page.
Yes, just head over to the Grow section of the app and your GIA and ISA balances are displayed in the Grow breakdown.
Grow > My Cash Savings > View Details
You can view the monthly interest payments for your 5% p.a. fixed interest bonds in the Grow section of the app. If you tap on ‘My Fixed Interest Bonds’ you can see all of your different bonds by clicking ‘View Details’. Once you tap on a specific bond, you can scroll down to view ‘Past Payments’ which includes your initial bid and any monthly interest payments that you’ve received.
Your monthly 5% interest payments are paid directly into your cash savings balance.
Yes, we’ll be launching a new 1% p.a. product! It will be simpler and the 1% per annum will be on amounts up to £5,200.
The 5% p.a. fixed interest bonds were Dozens’ first financial innovation, designed to introduce customers to investment products, and reward them for putting money aside for a year. And they were a great success! Over the last two years, we’ve had 5,530 bids received for the bonds, of which 4,211 were successful. Over £3.6m worth of bonds have been issued, paying out over £178,210 in interest..
However, the bidding process that was needed to ensure fair distribution was a barrier for some customers. Combined with the internal infrastructure investment, both in terms of time and costs, required to run the bonds, meant they were not having as wide an impact as we would like. We believe, if we use those same resources for other financial products, we can aim for even more successful, and more inclusive financial product launches in 2022. First up, a simpler 1% product will be launching very soon.
They were a financial product designed to reward customers for growing their money. Dozens Savings Plc’s 5% p.a. Fixed Interest Bonds are a way that Dozens Savings Plc can recreate the experience of saving and offering a return. The bonds come with interest of 5% per annum, paid to you monthly. You can buy bonds if you have at least £100 in savings, and they have a fixed term of 12 months, although you can take your money out at any time.
Dozens’ Fixed Interest Bonds are allocated, issued and administered by Dozens Savings Plc.
IFTTT stands for ‘If This Then That’. It’s technology that allows your Dozens app to work with other apps on your phone – bringing you fun features like saving rules.
You can set your own rules in the form of ‘Applets’ – which consist of a ‘trigger’ and an ‘action’.
For example, if you choose rainy weather as your ‘trigger’ and automatically saving £5 as the resulting ‘action’, every time it rains near you a fiver is transferred into your cash savings. Love social media? You can set up an IFTTT applet which saves, say, £1 every time you share a post.
In a nutshell, IFTTT allows you to customise your saving rules so they’re as fun and quirky as you like.
To set up these rules you need to have an IFTTT account and sync it with your Dozens app. IFTTT have no access to your financial data.
To set it up, simply go to ‘Grow’ and tap ‘Your saving rules’ and select one of the IFTTT rules to begin.
Switch on one of our Saving Rules and money will automatically move from your Current Account to your Cash Savings whenever something specific happens.
Saving rules can be used for different things:
– Rules that are regular
roundups – This will round up every transaction to the nearest pound and move that change into your cash savings.
monthly/weekly – This will move a set amount of money into your cash savings at particular intervals
– Rules that recognise when you’ve been good
These are rules that recognise when you have done something that has saved you money. For example, our ‘Hot saving’ rule will put some money aside every time you let your home temperature drop below 20°C. So, you get positively rewarded for turning the heating down and see your savings going up.
– Rules that encourage good habits
Or perhaps there’s another good habit in your life you want to instil? Why not use the ‘Fit Saver’ rule and save some money every time you achieve your calorie goals on Fitbit? Or perhaps setup the ‘Location Saver’ to save money every time you visit your gym (or even ‘tax’ yourself by saving when you visit the local takeaway!)
– Rules that are just for fun
Saving doesn’t need to be all about routines and predictability. Our savings rules can add an element of excitement. For example, “Rainy day funds” will save a pound each time it rains in London, so the drizzly days could save towards some time in the sun. Or ‘Save a tweet’ could save every time your fave celeb tweets.
To enable these rules we’ve partnered with IFTTT – a service that uses ‘applets’ to connect different areas of your life. For most of the rules you will need to create an IFTTT account (IFTTT have absolutely no access to your financial data). For Roundups and monthly/weekly savings no IFTTT account is required. Saving Rules can be found in the save section.
Yes, but you will first need to move the money into your current account.
Cash savings are a handy way to put money aside until you have enough for longer-term planning or investing. By keeping the funds there, the money is out of reach when spending day to day.
However, if your needs change you can transfer money your current account – and it will be moved immediately.
Yes, simply set up a regular boost (weekly or monthly) to transfer money from your current account to your cash savings. You can do this by going to the ‘Grow’ section and on ‘Your saving rules’ select ‘View details’.
It’s here that you can also turn on ‘Round-ups’. Every time you spend with your Dozens card, the round-up feature will round the transaction up to the nearest pound and put the change in your cash savings.
Plus with our fun saving rules it doesn’t need to be all about routines and predictability. Our savings rules can add an element of excitement. They make it easy to connect your cash savings to activities your day-to-day life. For example “For example, “Rainy day funds” will save a pound each time it rains near you, so the drizzly days could save towards a sunny holiday. Or perhaps setup the ‘Location Saver’ to save money every time you visit your gym. Or ‘Save a tweet’ could save every time your fave celeb tweets.
To find out more about our Saving rules check out this blog post
There is no interest paid on money that’s in your cash savings.
Round-ups help automate saving so it’s effortless. Every time you spend, we round up the amount spent, to the next pound, and automatically transfer the difference to your cash savings – which you can use to buy investments in the future.
For example, spend £2.58 on your favourite beverage and 42p will also go into your cash savings. The more you use your Dozens debit card for everyday spending, the sooner the pennies add up.
Want to try them out? Go to ‘Grow’, select ‘Your saving rules’ and switch them on.
At Dozens, we’re passionate about helping you manage your money. We offer products and tools that make it as easy (and rewarding) as possible for you to put money aside so that you can grow in the future.
Use our smart budgeting tool to help you keep track of your spending. A positive budget score at the end of the week means you’ve found savings, you can then transfer that money to your cash savings.
Boost your cash savings
Increase your savings with weekly or monthly boosts. With these, an amount that you set, will be moved from your current account to your cash savings on a regular basis.
Set up round-ups
Round-ups help automate saving so it’s effortless. Every time you spend, we round up the amount you spent to the next pound and automatically transfer the difference to your cash savings. Go to ‘Grow’ and select ‘Your saving rules’ to switch them on.
Use our fun saving rules
Our fun saving rules make it easy to put money into your cash savings as you go about your day-to-day life. For example “For example, “Rainy day funds” will save a pound each time it rains near you, so the drizzly days could save towards a sunny holiday. Or perhaps setup the ‘Location Saver’ to save money every time you visit your gym.
To set them up, simply go to ‘Grow’ and tap ‘Your saving rules’. For these you need to set up and sync an IFTTT account (IFTTT have absolutely no access to your financial data). IFTTT saving rules integrate with other apps on your phone, allowing you personalise your rules. Imagine how much you’d put away if you save £5 every time it rains near you?
The cash savings do not earn interest.
Multi-asset funds are funds that contain multiple assets. Where ETFs contain a collection of one type of asset, like shares, multi-asset funds contain a mixture of multiple assets, like shares and bonds, for example.
An investment provider, like us, offers customers the opportunity to purchase specific investment products or invest in certain strategies, and it’s up to the customer whether or not they want to invest in those products or strategies. The customer instructs the investment provider in every investment it makes.
An investment manager, in addition to being an investment provider, also offers its customers the opportunity to review and oversee their investments and (if authorised by a customer to do so) will make investment decisions on that customer’s behalf without the need to obtain further approval.
Dozens is an investment provider. We curate and provide access to certain investment products and strategies, but we don’t (and can’t) manage our customers’ investments. Instead, we aim to support and empower our customers to make their own investment decisions with information and guidance while providing access to a range of investment products and strategies.
Capital at risk. When you invest, your money is at risk, as the value of your investment may go up as well as down and you may not get back the amount you originally invested.
Investing can seem like a really daunting prospect. Amid complicated processes and overwhelming choice, the fact that it can be an effective way of growing your money in the long term can be easily forgotten.
From choosing your investment, to buying it, to keeping track of it over time – we’ve made the whole process simpler and easier. We offer a range of investment strategies from ethical or environmentally friendly investments, to emerging markets, or big trends like robotics and cyber security, so that you can choose to invest according to your interests or beliefs.
We also have a fairer fee structure, which is designed so that our fee is only applied on the days where your investment is equal to or higher than the amount you’ve contributed, so, just like the rest of our business, we do well when you do.
We don’t provide any investment advice, since we’re not licenced to do this. That means we won’t recommend a specific investment strategy for you, but we can give guidance. This means that we may tell you which investments are unsuitable for you based on the information you give us and then give you the tools to help you make the right decision. For instance, we ask questions that help you figure out your risk profile and whether or not you can afford to make the investment. And we show you how investments suitable for you have performed in the past and may perform in the future.
If you’re not sure how to proceed or you need specific financial advice, you should contact a financial advisor.
If you’re saving for a long-term goal or have money you won’t need to access for at least 3-5 years, investing could be worth considering. You’ll need at least £1,000 to make an initial investment, which you can add to with monthly amounts of £100 or more.
£1,000 might seem like a high threshold at first glance, but it’s our way of making sure that customers only commit to investing when they can really afford to. Investing isn’t suitable for all customers at all times, so this limit makes sure our customers don’t overextend themselves.
The £100 minimum is part of our goal-based investing. You set your target for your investment and adding a monthly contribution helps you get there.
If you think you’re ready to invest, here’s how you get started: go to ‘Invest’ within the app –
Remember, investing involves a degree of risk, meaning the value of your investment may fall so you may not get your money back. Dozens does not give financial advice; you should speak to an expert if you are unsure about investing.
You can choose from ethical or environmentally friendly investments, emerging markets, or big trends like robotics and cyber security. Our investments are mostly Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs) and all are suitable for longer term investing. For full details of our investment options, go to the Invest section of the app.
Exchange-traded funds (ETFs)
An ETF is a type of investment fund. An investment fund is a vehicle that can be used collectively by numerous customers to purchase investments. Customers may want to invest in an ETF to take advantage of the economies of scale by pooling their money, for the greater management and purchase expertise, and for the lower investment fees than a customer may otherwise be able to achieve on their own.
ETFs are a particularly efficient type of investment fund, so costs are normally low. They are very transparent (so you have a clear picture of what is being bought and sold within the fund), and they are liquid, meaning it’s easy to enter/exit and you’re not tied in for any amount of time. ETFs are also highly regulated and closely scrutinised, meaning they are generally suitable for members of the public to buy.
A synthetic exchange traded fund (ETF) tracks the index without owning any underlying physical securities. It is subject to greater scrutiny and tends to be better at tracking indices and provides a competitive offering for investors seeking access to remote reach markets, less liquid benchmarks, or other difficult to execute strategies that would be costly for traditional exchange traded fund to operate.
Exchange-traded commodities (ETCs)
An ETC is a debt instrument (a form of IOU) that allows you to indirectly invest in certain commodities (like gold, oil, or cotton) by taking part in how that commodity is doing in the stock markets. The ETC issuer guarantees your investment by using your invested money to buy either the commodity or government-issued treasuries (the ‘collateral’). This means if the ETC issuer failed to give you the performance of the commodity for any reason, there would be another way of getting money back to you, by selling the collateral. ETC issuers will buy physical commodities that are easily stored (like gold) but if the commodity is perishable, then the ETC issuer will buy treasuries instead.
ETCs aren’t regulated in the same way as funds, but they are approved by the FCA as they fall under the Prospectus Directive. This means the ETC documents must all be approved by the FCA before the ETCs can be sold to customers.
A fund is a pool of money that is used to invest in assets with the aim of earning a return. Individuals can put money into the fund and share in any return the fund makes. A fund manager decides how the pool of money should be invested according to the specified goals and risk level of the fund.
A fund is a good way for members of the public to make investments because you typically don’t need a lot of money to start, the costs are relatively low and you do not have to actively manage your investment.
All of our investments are either medium or long-term strategies, but it’s a good idea to check in on how they’re doing.
To check, go to ‘Invest’ in the app. You’ll see how your investments have performed so far and a projection of how they might perform in the future. Bear in mind that these figures are not reliable indicators of future performance and your investment could go down as well as up.
We’ll also let you know if you’re on track or off track to meet your investment goals. You can then decide whether to take any action, such as changing your monthly contribution, adding a lump sum or selling your investment.
You can see how different strategies have performed historically in the Invest section of the app, but please remember that any figures you see are not reliable indicators of future returns.
When you invest with us, you’ll select a particular investment strategy that will take the form of a single ETF or ETC. You’ll be able to view the details of this by opening the strategy details page of the product you’re interested in, tapping Documents and then opening the Factsheet or Key Investor Information Document.
The companies and assets included in each investment strategy are chosen by investment providers who create the strategy. This is third-party investment providers, such as BlackRock, Vanguard or Invesco. For many of the investment strategies we offer, the investment provider chooses investments to replicate a particular index, which has been created by an index provider, such as MSCI. Details will be on the Key Investor Information Document (KIID) relating to the strategy.
No, we don’t offer the option to invest in single companies (ie individual shares). Investing in individual companies is risky because the value of your investment is completely tied to the performance and individual circumstances of that one company. For most people, particularly new investors, it’s better to invest in a pool of companies or assets. This ensures that if one or more of the companies does badly but the rest do well, you’re protected from big losses.
Your investment can be held in either a Stocks & Shares Individual Savings Account (ISA) or a General Investment Account (GIA). Up to £20,000 can be invested in a tax-efficient ISA every year, so that any returns you make shouldn’t normally be subject to income or capital gains tax.
If you’ve already used up your ISA allowance for this tax year, or you have already opened and invested in a Stocks & Shares ISA this year, you’ll need to set up a GIA – which is subject to tax.
Note that we can’t provide you with tax advice, as everyone’s tax status is unique to them and depends upon your individual circumstances. Please also note that your tax status and tax treatment of products may change over time.
To invest with us, you’ll need an initial investment of at least £1,000 (if you wish to add to this on a monthly basis, you can do so with multiples of £100).
There are a couple of reasons for the £1,000 initial investment minimum. The first being because investments we buy on your behalf come in ‘units’ and have a price per unit which is often quite high. We want to ensure that we can buy several units for you so that your money actually gets invested rather than just sitting around.
Secondly, we want to ensure that you are ready to invest. It might be that you don’t yet have £1,000 saved up, which is why we have other options, too. We offer a few savings tools like automated round-ups, IFTTT, monthly saving boosts. Go to ‘Grow’, select ‘Your saving rules’ and switch them on to try them out.
No, although please bear in mind that ISAs currently have an annual limit of £20,000, so you may need to consider investing in a GIA once you have used up your ISA allowance.
Yes, you can. When setting up your investment, you’ll need an initial investment of at least £1,000 and if you wish to add to this on a monthly basis, you can do so with multiples of £100.
Any money you add to your investment is taken from your cash savings account, provided there are enough funds in your account. If there aren’t enough funds in your account for your monthly contribution, we’ll prompt you to add money a few days before it’s due.
On the Goal details page, under ‘Adjust this investment’, tap ‘Monthly amount’ and type in the amount.
Yes, you can. Just go to the Invest section of the app, tap on the relevant Goal, then tap ‘Add lump sum’.
Yes, we’ll need your National Insurance number when you invest with us.
Every investment has key information you’ll need to be aware of. This is found in either a Key Investor Information Document (KIID) or Key Investor Document (KID).
These short documents include details such as costs and risk – and can be found on the ‘Strategy details’ screen in the ‘Invest’ section of the app. You’ll need to confirm that you’ve read these documents before you invest.
Dozens Black subscribers do not pay Dozens fees on their investments (see Dozens Black benefits).
For other customers, Dozens will only charge our platform fee on the days the value of your portfolio does not close below the invested amount.
Before you invest, we show you details and estimates of fees and costs involved. Once your investment account has been set up, your annual cost and charges report will show the actual charges that were applied. There are three types of fees or costs:
|Dozens platform fee||This fee covers all costs associated with the daily maintenance of your strategy and includes VAT (where applicable), as well as custody and dealing fees our custodian charges. We try to keep this as low as possible, and we don’t charge any additional transaction fees. Fee taken monthly.||Our platform fee of 0.5% p.a will only be charged on the days where your investment is equal to or higher than the amount you’ve contributed. On days the value of your portfolio closes below the invested amount, you will not be charged the Dozens platform fee.|
|Strategy fee||Charged by the funds we invest in, and already taken into account in the investment value we show you.||Varies by investment, approximately 0.25-0.75% p.a. (last updated 1st September 2019)|
|Transaction spread||This is sometimes known as the ‘bid/offer’ spread, and it’s the difference between the price that the broker will buy your investments off you at and the price they will then sell those investments at.
This is how brokers are paid for their services.
To illustrate the fees, for an example investment of £1,000, the monthly fees on an investment with a 0.3% strategy fee (assuming the investment does not close below the invested amount on any day) would be:
Dozens platform fee: £0.42
Strategy fee: £0.25
Transaction spread: £0.06
Max total per month incl. VAT: £0.73
If either the Dozens platform fee or Strategy fees change, we will give you at least 60 days’ notice.
1 – Very cautious
Your priority is avoiding losses, so any return is a bonus
2 – Cautious
You’d prefer to avoid losses but are prepared to take a little risk to try to improve your return.
3 – Moderate
You’re looking for long-term growth and are prepared to take some risk to achieve this.
4 – Adventurous
You’d prefer stronger long-term growth and you accept the risk of significant losses.
5 – Very adventurous
Your priority is high returns and you’re willing to risk significant losses to try to achieve them.
The Dozens platform fee is taken on or before the 28th day of each following month. We will deduct this directly from the cash portion held in your investment account, so you won’t have to manually pay us. We will always ensure that your investment account has enough funds to pay our fees. If you sell your investment part way through a month, we’ll take any outstanding fees on sale of the investment.
No. We don’t charge any additional transaction fees, because transaction costs are included in the strategy and Dozens platform fees. We will show you the total transaction costs for each product in the form of a costs and charges report that will be available on a quarterly basis.
Yes, VAT is included in the fees.
Yes, just click on any strategy in the “Invest” section of the app to view details, including historical performance and what countries or sectors the fund is invested in. Please remember that historical performance is not a reliable indicator of future returns.
Your risk level reflects our assessment of how much investment risk you can take. It’s a measure of your willingness to risk losing your money for the possibility of making a higher return. It’s not a definitive guide to what you should invest in, but it does affect the range of investments we make available to you.
We work out your risk level based on your answers to a set of questions that we ask you about your personal circumstances and attitude to risk – this set of questions is prescribed by regulation, and often referred to as a “suitability assessment”.
Once you’ve taken the risk assessment, your risk level will hold for 12 months. You can’t change your risk level, so make sure your answers to the questions reflect your true circumstances. If you experience any major changes in your circumstances (like a change in employment, buying a house or starting a family, for example) , you’ll need to get in touch with us through the Help section of the app, on 0808 164 1020 (UK)/ +44 (0)1234 982424 if you’re abroad, or by emailing firstname.lastname@example.org.
Your risk level is set for a year, after which we’ll ask you to review the information you gave us to see if it’s still right.
Because investing involves an element of risk, we ask a few questions about your income and debt – and how long you could rely on your savings if there was a change in your circumstances.
Depending on the answers you give, we’ll let you know if the investment seems to be affordable for you.
We ask you to pick a goal, even if that’s just ‘Rainy day’, before investing.
Having a goal in mind helps you focus on your long-term needs. That’s why we suggest a few goals, like university fees or holidays – but you can pick your own too.
Remember that investing is for the long term. So, to stay on track, you may need to make adjustments to the amount you put in and the number of years you invest for.
Yes, you can have multiple investments with Dozens.
Investing should always be for the long term, so that you can weather any highs and lows. The minimum amount of time is about 3-5 years. If you’ll need the money sooner than that, you should consider putting it in a savings account instead. Details of our savings options can be found in the “Grow” section of the app.
At the moment, you can only select one strategy for each investment goal. If you wish to diversify your investments and select several strategies, you’ll need to set up new goals for each one.
The last step when setting up your investment is transferring funds into your investment account, which is either a tax-efficient Investment Savings Account (ISA) or a General Investment Account (GIA). We then use those funds to buy shares in your chosen investment strategy, on your behalf. It could take up to four days for the trade to settle and your investment to be displayed in the app, although it will most likely be less.
Your investments are held in a segregated account with our partner, Third Platform Services, in compliance with the Financial Conduct Authority’s rules on safe custody.
As with all investments, your capital is at risk, which means you could lose all the money you’ve invested.
When it comes to holding your investments, we think the safest way to look after your money is to appoint a custodian. Third Platform Services Limited is our custodian, and they hold client money in compliance with the FCA rules, which means that TPS holds your cash and investments separately from their own (ring fenced), so even if Dozens went into administration, our creditors would not have a claim to your investments. TPS is also responsible for receiving and claiming dividends and interest payments on your behalf.
Most of the money you transfer into your investment account will go into your chosen strategy. However, because you can only buy a whole number of shares or units, there may be a bit of surplus or unused money, which will be left as cash in your investment account until it becomes possible to invest this money.
We also need to keep a little cash aside in your account to cover the Dozens platform fees.
All costs and fees will be detailed in your annual cost and charges report, which can be found in the app.
We don’t show you the number of units or the price of individual units in app. Instead, we show the total value of your investment strategy. However, you’ll receive a contract note after investing which will give you this information should you need it.
Yes. Although investing should be for the long term, you can sell your investments at any time. It’s important to note that if you sell, the value that you see in the app for your investment could differ from the amount that you will receive once the sale has settled. This is due to the difference in the ETF price at the time of deciding to sell compared to the actual price the investment is sold for. Once you’ve instructed us to sell your investment, it takes 3-5 business days for the money to reach your account.
In the app, go to ‘Invest’, and select your specific goal or strategy. On the next screen, you’ll see an option to sell.
No. Our investments aren’t covered by FSCS protection, unless the customer is a victim of negligent management of investments, or fraud.
We do however hold investments in a segregated client account at a custodian bank. If Dozens were to go into administration, our creditors would have no claim to assets in segregated client accounts. Your cash and investments would be returned to you.
No. There are currently no limits on how much you can receive internationally beyond the normal Dozens account limits.
No. Dozens don’t charge fees for receiving money internationally.
The sender may be asked to pay a fee by the sending bank, in which case you may receive a lower amount than you may have been expecting. Please ask the sender to take this into account.
Although we don’t charge any fees for receiving international transfers, the sending bank may add charges. We can’t confirm these, so it may be worth checking with the sender beforehand.
International transfers are often complex and we may not always be able to find out the status of a particular payment.
If you haven’t received your international payment after 5 working days, there are a few things you can do:
If you have any further questions please do contact us and we will do our best to assist you, but please bear with us as these can take some time.
As a Dozens customer you can only receive funds in GBP. The sender should have the option to send in GBP, so do make them aware that we cannot receive any currency other than GBP.
We use Strong Customer Authentication to verify it’s really you, the Dozens cardholder, trying to make an online purchase. From March 2022, instead of receiving a code to verify your payment, you’ll be asked to approve the payment in app for certain transactions.
Yes! Just head over to Spend > Card Details > PIN and click the option to change your PIN. Once you’ve chosen your new PIN you’ll need to activate it.
Your Standing Order can be processed any day of the week, including weekends.
We’ll let you know via push notification the day before your payment is due if you don’t have enough funds in your account. You’ll need to top up your account for the payment to be taken.
Your standing order may fail if you don’t have enough money in your Spend account to cover the payment. If you have enough balance and your Standing Order has failed, please contact our team and we’ll take a look into this for you.
To cancel a Standing Order that you’ve set up in your Dozens account, just follow these steps:
You can find Standing Orders within the Spend section under Payments. When setting up a Standing Order, you’ll be asked to confirm the following:
A standing order is a regular payment that you can set up to pay other people, organisations or your other accounts. Once it’s set up, the payment will be taken automatically on a date of your choice.
We’ve taken a stand against crypto and have made the decision not to allow any crypto payments on Dozens accounts.
Crypto is a very volatile asset, meaning that its value can wildly increase and decrease depending on a huge amount of factors, sometimes even due to what’s trending on social media. Dozens is here to help you on your journey from spender to saver to investor, and to improve your financial wellness. Crypto products are not regulated by the FCA and they’ve warned that if customers choose to bet on crypto, then they should be prepared to lose all of their money. The volatility of these unregulated crypto payments can be high-risk for you on your savings journey.
At Dozens, we’ll continue to stay true to our mission of making saving more rewarding for all, and so where required we will put your interests over our profits.
As of October 2021, the new limit for a single transaction using a contactless card payment is £100.
If you’d prefer to keep your limit at £45 as it was before, please contact customer services and we’ll be happy to adjust this for you. Just to make you aware, we won’t be able to change your contactless limit to an amount other than £45 or £100.
Please note that Apple or Google pay contactless transactions are unaffected by this change.
We include this text on VAT receipts in order to lower the risk of expense fraud.
Yes you can. Every receipt contains a receipt ID which retailers can use, even if your receipt doesn’t contain a barcode.
We aim to get receipts in seconds however they can take up to 2 hours. If it still hasn’t arrived after this time do let us know and reach out to our Support team.
This feature is free to use for all Dozens customers.
Your receipts are available permanently in the Dozens app, so you don’t have to worry about holding on to paper copies.
Top brands use digital receipts, and more are being added all the time. You can find the full list of participating retailers on Flux’s site: https://app.tryflux.com/
Your data is safe and secure. If you’ve turned on digital receipts, you’ve agreed that we can share your transaction data with retailers but retailers will only ever see anonymised and aggregated transaction data that’s specific to them.
Tap on your profile in the top left of the screen, then choose Settings, and then deactivate digital receipts.
Tap on your profile in the top left of the screen, tap Settings, and then activate digital receipts.
Another way is to go to your transactions list within Spend, click on a transaction with a participating retailer, and tap on Receipt.
We’ve teamed up with Flux to provide digital receipts. These are the same as paper receipts you get when you go to the shops, just they’re on your phone so you can’t lose them. You can use them as proof of purchase and for returns.
If there is an error in your Direct Debit, and its not your fault, you will be entitled to a refund from us under the Direct Debit Guarantee. If you would like to make a claim, please contact our customer services team via the in-app function or email email@example.com and we’ll be able to help you. Please note that we’re entitled to investigate any claim further to be sure that an error has occurred. If accepted, we will immediately credit you with a full refund. If you receive a refund that you’re not entitled to, you must pay it back when we ask you to.
The Direct Debit Guarantee protects customers from payments taken in error. So, if either we, or the company you want to pay, make a mistake with your Direct Debit, you’re entitled to a full immediate refund. You can learn more about the Direct Debit Guarantee here.
To cancel a Direct Debit that you’ve set up in your Dozens account, just follow these steps:
– Go to the Spend section and tap Payments
– Tap Direct Debits
– Select the one you’d like to cancel and tap cancel
Please be sure to let the merchant know before you cancel as you could incur fees if you miss a payment.
Bear in mind that you’ll need to cancel a Direct Debit at least three days before its due to leave your account, otherwise it might still go through.
When you agree with a company to set up a Direct Debit payment to them, you provide them with your account number and sort code, as well as your permission for them to take an agreed amount of money at agreed intervals out of your account. This agreed payment can then be taken by the company automatically, without you having to manually transfer the payment to them at the agreed intervals.
To see the Direct Debits you have set up from your Dozens account, just follow these steps:
– Go to the ‘Spend‘ section
– Tap Payments, and then Direct Debits
If you’d like to set up a Direct Debit for paying an organisation regularly from your Dozens account, you’ll need your Dozens account details to hand (you can find these in the Profile section of the Dozens app) when setting up the instruction. After you’ve set up the Direct Debit instruction with the organisation you want to pay, it takes at least three days to show up as a scheduled payment in the Dozens app (if you can’t see it after a week we recommend you get in touch with the organisation you want to pay to check they have set up the Direct Debit).
Just like your physical one. When you’re shopping online, you just enter the card details (which will be shown on the card in the app) as you would if you were reading them off your physical card.
You can also add this virtual card to a digital wallet, such as Apple Pay and Google Pay, and use your phone to make contactless payments.
Yes! You don’t need a physical card for anything that we offer. You can use all of our features and products, and buy things online and in shops, with just a virtual one.
On or around 23 November 2020, we’ll be sending out new physical cards to the customers we know like to use them. If you’d like to ensure that you receive one, just contact our customer service team via the in-app chat.
Your virtual Dozens Visa debit card sits in the Spend section of the app, right at the top – you can’t miss it.
While we hope to in the future, we don’t currently offer business accounts. Dozens accounts are for personal use only. Using your Dozens account for business purposes is against our terms and could result in the suspension or termination of your account if used in this way. You can find our full terms here.
Being overdrawn and having an overdraft might sound like the same thing, but they’re actually very different.
An overdraft is a financial lending product that we don’t offer at Dozens. This is because we don’t have the regulatory permissions to do so and we purposely haven’t pursued these because our mission is to help our customers better manage their money so they don’t have to rely on credit or lending products.
Being overdrawn, on the other hand, is when more money comes out of your account that you have available in it, and so you subsequently owe the resulting negative amount to the account provider.
At Dozens, we won’t approve any payment that would make your account overdrawn, however there are payments that don’t come directly to us for approval – these are known as ‘offline transactions’ (like Transport for London payments). As we can’t directly control these there’s a chance that, if they’re for more than you have in your account, they could result in you having a negative balance and so make you overdrawn. If this happens, you’ll need to repay the overdrawn amount back into your Dozens account within 30 days, as this is money that you owe to us (in line with our T&Cs).
No, it is not possible to get ‘cashback’ at a Post Office counter. The Post Office offers banking services instead, but at this time your Dozens account is not yet connected to the Post Office network.
Yes, your Dozens card can be used to make regular purchases for products or services at any Post Office.
It is not currently possible to deposit cash or cheques into your Dozens account via the Post Office or any other counter service. You can only do so via a bank transfer.
No, it is not currently possible to withdraw money from your account via a Post Office counter. The Post Office have their own banking services and at this time Dozens is not available here. This is something that will hopefully be available in the near future.
The monthly cash withdrawal limit is £1500, with a daily limit of £250.
Your monthly cash withdrawal limit will renew 30 days from the day you’ve withdrawn a sum. It’s important to remember that the full £1500 limit will not renew all at once after 30 days, but instead you’ll get the withdrawn amount back in your limit 30 days after the withdrawal.
For example, if you withdraw £1000 on the 3rd of the month (leaving you with £500 left in your limit) and then you withdraw the remaining £500 on the 7th, your limit will then be at 0 and you will be unable to withdraw cash until the following month on the 3rd, when your limit will go back to £1000. Your limit will then increase again by £500 on the 7th.
3D Secure (3DS) is an additional security test that takes place during checkout for online purchases. It’s an extra layer of security on top of the normal authentication processes for online transactions.
Before the transaction can go through, 3DS needs confirmation from the account owner that it’s definitely them making the purchase.
When you make a purchase online, Dozens will send a unique passcode to your phone and you’ll use this to confirm the transaction when prompted, then the transaction will pass through the 3DS security check safely.
The extra security 3DS offers means that we can keep your account safe, check transactions, and notify you when we need to. Our systems do as much of the checking as possible, but also help you to keep an eye on your account.
Your payment may have been declined for a number of reasons. To understand why, first check if:
If there isn’t, transfer funds to your Dozens account to cover the payment you’re trying to make. And then try again.
There are daily and monthly limits on the card for certain transactions and you may have exceeded these. To check these limits go to the ‘Spend’ section, tap on ‘card’ and then ‘limits’.
If you’re within your limits and have sufficient funds and yet:
There may be a fault with the retailer’s card terminal or processor. Try repeating the payment and if it’s declined again, contact the retailer.
Go to ‘Spend’ and find the payment from your list of transactions. Tap on it and select the option to report this transaction, then choose ‘The retailer did not receive the payment’ and our team will investigate.
If a contactless payment has been declined, it could be because you haven’t used chip and PIN recently. In line with new regulations, we use Strong Customer Authentication (SCA) as a way of authenticating you as the user of the card on a more frequent basis. This means that you’ll need to enter your PIN when you’ve reached a cumulative contactless spend of £300. If you haven’t entered your PIN and you’ve reached this limit, your payment will decline. It’s easy to fix, though – just use chip and PIN and your payment will go through.
It isn’t currently possible to use your Dozens card to make payments over the phone. Any payments attempted over the phone will be declined as a ‘card not present’ payment. We understand this can be frustrating, but the reasons behind it are for your security.
‘Card not present’ payments can include both online and over the phone payments. The reason online payments where the card is not present are acceptable and will go through is because there are additional levels of security like 3DS (in the form of verification steps) provided for online payments that are not yet applicable for payments over the phone.
When you tap the Freeze button in the app, this now ONLY freezes your card transactions, not your account (as it did previously).
This will revoke the ability of the card to authorise transactions, whether contactless, chip & PIN and also in digital wallets. It will also mean recurring card payments and subscriptions will be rejected. It will not cancel your card.
Your account, and other virtual and physical cards on it, will continue to work as normal and you will be able to send and receive transfers.
The card will remain frozen, and inactive, until you unfreeze it in the app.
This isn’t necessary unless you’re not sure whether or not you still have the card, or unless you have a reason to want to temporarily block your card.
The Freeze option is intended for use to keep your account safe if you have misplaced or lost your card.
Yes. You will still have access to your account and other virtual and physical cards while you await a replacement, including direct debits and standing orders.
You will be issued with a new virtual card to use while you wait for a replacement physical card.
Money that is sent to your account while the card is frozen will still arrive in your account and appear in your balance and transaction list. Unless there is a reason for the card remaining frozen (e.g. it is lost) you will need to unfreeze your card to use this for card transactions but you can still do bank transfers, or internal transfers for investments.
Management of any other Dozens’ investment products into your account will not be affected by the card Freeze status.
Yes, you can. All Dozens customers now have an IBAN that will allow them to receive funds that are sent in £GBP into their account from abroad. There is no Dozens charge for this service.
To find your IBAN, go to Spend and under your card, tap on the ‘Card’ gear icon and you will find your account details at the top of the screen. Tap these to see full details
Yes, international payments will count in your budget in the same way as other transactions, except that we’ll first convert them into GBP.
For some currencies, it will be on the same day, but it can take up to three days.
The time it takes to process a payment from your account depends on whether it is a:
Up to 2 hours if the transfer is from a UK bank account
UK Bank transfer (BACS):
Up to 3 working days
Payment within the EU (SEPA):
Up to 2 working days
If your bank transfer hasn’t been processed, you should check that:
– Your recipient’s details are correct
– The amount does not exceed any of your payment limits
– You have sufficient funds in your account
If your payment hasn’t been processed, it may be due to security or regulatory reasons.
Regulated financial institutions, such as Dozens, aren’t allowed to provide payment services to certain countries, banks and entities. We are also unable to process payments or transactions that are seen as high-risk.
It’s important to double-check the amount and recipient’s details before confirming the transfer.
If you send a payment to an account using incorrect details, we will assist you in attempting to retrieve the funds but unfortunately there is no guarantee that the funds can be retrieved.
If you give us the wrong details for a payment, we won’t give you a refund but we’ll make reasonable efforts try and recover the funds for you and we may charge you a reasonable fee to cover our costs in doing this.
If we are unable to recover the funds we can provide you, on request, with all available relevant information in order for you to make your own repayment claim for the funds.
Unfortunately, once the funds have left your account in a bank-to-bank transfer, they can’t be recalled.
Yes. There’s a daily ATM withdrawal limit of £250 and a maximum daily card payment limit of £3,500
Other limits are:
Limits may be amended at Dozens’ discretion
Transfers made to a UK bank account are usually processed within 2 hours if the receiving bank accepts Faster Payments. If it doesn’t, the transfer could take up to 3 working days to be processed.
If you’re unable to take money out from a cash machine, it’s most likely due to one of these reasons:
Go to ‘Spend’ within the app and select the card in question. From there you can view your PIN, make sure your card hasn’t expired or been frozen, and also check your account balance.
If everything seems to be in order but you’re still unable to withdraw cash, give us a call:
0808 164 1020 (UK)
(Or if you’re abroad, please call: +44 (0)1234 982424)
Monday to Friday: 9.00am – 6.00pm
This depends whether the payment was made fraudulently or not.
● If you made the payment
Have you simply changed your mind? Contact the retailer and follow their returns and/or refund policy.
● If you did not make the payment
Go to ‘Spend’ and find the payment from your list of transactions. Tap on it and select the option to report the transaction, and then choose ‘I didn’t make this payment’.
Our team will take it from there and investigate. If something’s not right, the money will be automatically refunded to you within 7 days.
Don’t forget to freeze your card and report it lost or stolen
In ‘Spend’, beneath your card, you’ll see 3 symbols. Select the one on the right labelled ‘Card’ and then tap ‘Freeze’ on the next screen.
This immediately blocks all payments from that card – and they remain blocked until you follow the same steps to ‘unfreeze’ it.
Alternatively, you can call our helpline to report the card lost or stolen:
0808 164 1020 (UK)
(Or if you’re abroad, please call: +44 (0)1234 982424)
Monday to Friday: 8.30am – 6.30pm
Saturdays & Bank Holidays: 10am – 4pm
The return will have been made by the retailer, so unfortunately Dozens does not have access to further details. Please speak to the retailer to find out more.
Yes, you can.
It’s best to make the payment or withdrawal in the local currency (as opposed to letting the local bank convert to £GBP), this way you allow Dozens to use Visa foreign exchange rates for any cash you withdraw or payments you make, plus we do not add any fees or charges.
Please be aware that if you choose to let a local bank convert to £GBP we cannot control the exchange rate used and you may be charged a conversion fee by the local bank.
Go to ‘Spend’, tap ‘Payments’ beneath the card image and then ‘Requests’ on the next screen. Select ‘View pending requests’, followed by ‘Received’. You’ll see requests that have been sent to you – along with the sender’s name, their bank details and the amount you’ve been asked to pay.
Decide whether you’re going to accept the request and make the payment, or decline it. If you want to go ahead and have enough money in your account, enter your passcode or other verification – and then we’ll make the transfer.
It’s easy to request a payment to your Dozens account, using the app.
Go to ‘Spend’, tap ‘Payments’ beneath the card image and then ‘Request’ on the next screen. Select the Dozens contact you’re requesting money from. You can the type the amount you’re requesting and also add a reference or message to remind them what the payment’s for.
If you need to request money from someone who’s not a Dozens customer, simply tap ‘Share’ on the ‘Request’ screen to send your account details using one of your phone’s messaging apps.
In addition to using your physical (or virtual) debit card, you can also set up:
● Bank transfers
You’ll need the name, account number and sort code of the person or company you’re paying. Transfers are usually processed within 2 hours, using Faster Payments.
Sending money to another Dozens account holder? As long as they’re in your phone contacts, you can pay them directly within the app – with no need to get their bank details. If you have an Android phone, you can also send money to friends who are Dozens customers through your contact list without having to open the Dozens app. Just find them in your contact list, tap ‘Details’, ‘View more’ and then select the option to make a payment.
● Set up Direct Debits
Complete a Direct Debit mandate and provide your Dozens account details to pay from your account. You can view and cancel these from the app if required. Standing Orders coming soon.
Note: You can’t make payments over the phone using your Dozens card details.
That’s great news. Before your card can be used, you’ll need to:
1. Activate your card
Simply go to ‘Spend’ and tap on the card image. Next, enter the 3-digit CVV that’s on the back of your card, give your card a name to customise it and you’re all set.
2. Get your PIN
Go to ‘Spend’ and beneath the image of your card, you’ll see 3 symbols. Select the one on the right labelled ‘Card’ and then tap ‘PIN’ on the next screen. Enter your passcode to view your PIN.
3. Make a Chip & PIN payment
For security reasons, the first payment you make must be a Chip and PIN payment. This reduces the likelihood of an unauthorised person using your card.
Once you’ve done this, you’re all set to make contactless payments of up to £100. If you’d prefer to have a lower contactless limit of £45, please contact customer services and we’ll be able to adjust this for you.
The time it takes to process a payment into your account depends on whether you’re doing a:
● Faster Payment:
Up to 2 hours if the transfer is from a UK bank account
● UK Bank transfer (BACS):
Up to 3 working days
● Payment within the EU (SEPA):
Up to 2 working days
● International transfer
Up to 5 working days
If your payment is still showing as pending after the times stated, it’s best to contact the bank you’re transferring the funds from.
To transfer money into your current account, simply:
● Pay money in via a bank transfer from another account
You’ll need your account number and sort code, shown on the front of your Dozens card. Or you can find them in the app. Simply go to ‘Spend’ and select ‘Card’ beneath the image of your main card to see your account details. These are shown at the top of the screen, and you can click on them for more details.
Worried that your card may have fallen into the wrong hands? Go to ‘Spend’ and tap the card in question. Beneath the image of your card, you’ll see two symbols. Select the one on the right labelled ‘Card’ and then tap ‘Freeze’ on the next screen.
This immediately blocks all transactions on that card, including in digital wallets if you had added it, and they remain blocked until you follow the same steps to ‘unfreeze’ it.
Order a replacement
Follow the steps above to freeze your card. You will need to contact customer service to request a replacement.
You can also call our helpline to report your card lost or stolen and we can arrange to send you a replacement
Just go to ‘Spend’ and tap the card in question. Beneath the image of your card, you’ll see 3 symbols. Select the one on the right labelled ‘Card’ and then tap ‘PIN’ on the next screen.
Once you’ve entered your passcode, your PIN will be displayed.
Yes, splitting bills is easy to do with Dozens. You can share the cost of dinner, gig tickets or even household bills in just a few taps.
Simply go to ‘Spend’ and select the transaction you’d like to split. Tap ‘Split cost using Dozens’ and a pop-up window will appear. You can split the cost evenly with up to 4 people or enter specific amounts.
Next, select a messaging app, and we will generate a message with your bank details and the amount due so you can easily send it to friends.
First, go to ‘Spend’. On the right of the word ‘Dozens’ (beneath the image of your card) are four symbols. Tap the icon on the far right (the ‘box with the arrow’) to go to your statements.
You can download the statement for any month, or you can search for transactions within a specific date range, and view or download custom statements as PDFs or CSV files.
Let us know right away if you’ve been charged more than once for a payment.
Go to ‘Spend’ and find the payment from your list of transactions. Tap on it, select the option to report the transaction and then choose ‘I’ve been charged twice’. Our team will take it from there and investigate.
Go to ‘Spend’ and find the payment from your list of transactions. Tap on it, select the option to report the transaction and then choose ‘I didn’t make this payment’. Our team will take it from there and investigate.
Worried that your card has fallen into the wrong hands? Simple freeze your card. In ‘Spend’, beneath your card, you’ll see 3 symbols. Select the one on the right labelled ‘Card’ and then tap ‘Freeze’ on the next screen. This immediately blocks all payments from that card – and they remain blocked until you follow the same steps to ‘unfreeze’ it.
Alternatively, just call our helpline to report your card lost or stolen:
0808 164 1020 (UK)
(Or if you’re abroad, please call: +44 (0)1234 982424)
Monday to Friday: 8.30am – 6.30pm
Saturdays & Bank Holidays: 10am – 4pm
Of course! We’ve designed our Track with everyone in mind. If you’re paid weekly, for example, you can put this information into Track and it will automatically calculate what your income would be if it were paid monthly, and will create your budget based on that.
You can also add additional sources of income, so that your budget incorporates all of your earnings.
If your track shows a higher amount than your current account, this is because the budget is based on the weekly/monthly income you input when setting your budget, not what has actually come into your account. If, for example, you’re paid less this month, this won’t automatically be reflected in Track, you’ll have to update your budget to reflect this change in income.
If you update your income in Track, your budget will automatically readjust retrospectively.
We’ve recently redesigned track – the way that it works hasn’t changed, but the way that it looks, has. We’ve tidied it up and made it visually cleaner so that it’s even easier to keep an eye on your spending.
There are two main changes that you’ll notice (besides the slick new design). The first is that your remaining budget for the day, week and month, is right at the top where it’s easy to see at a glance. If you want more details, you can then scroll down to get a deeper understanding of what you’ve spent and what you have left.
The second is that your daily spending can now adjust upwards as well as downwards, so if you spent less than you budgeted yesterday, this will be reflected in your budget today.
Perhaps the best part of the Track redesign, though, is that you can customise your view. You can choose if you’d rather prioritise your weekly or monthly budget and make this one more prominent in the app by using the swap button to change which is shown at the top.
The heat map plots your spending according to date and time. The darker the colour, the more you’re spending at that time.
It’s great for giving you an insight into your spending habits and helps you identify times when you could be saving. For example, if your heatmap is usually darkest around midday, perhaps you’re spending a lot on lunches – and could save money by bringing food in.
Your budget score is the total amount you’ve overspent or underspent on your weekly budget. If it’s green, you’re clearly living within your means. However, if it’s red you’ll need to consider cutting back on your daily spending until you’re back on track.
This should encourage you to avoid overspending and build up your savings instead.
The budget works on a monthly, weekly, and daily level.
The monthly budget is based on your regular income, such as your salary, minus your expenses. This is then divided by 4.3 to give you a weekly budget, and then by 7 to give you a daily budget.
By breaking down your budget to a daily level, the app helps you to stay on top of your money, even when you break the rules. A big night out sent you over your daily budget? Don’t worry. The app will help you to make up for it elsewhere, so you stay on track.
With Dozens, you can quickly create a budget that’s tailored to your needs. Simply go to ‘Track’ to get started.
We’ll ask for details about your income and expenses, including regular bills. The more the figures reflect your actual circumstances, the smarter your budget will be.
If your goal is to increase your savings, the best way to include them in your budget is to set up regular weekly or monthly boosts.
Tracking your spending makes you less likely to overspend.
Our smart budget takes all your regular expenses into account and tells you how much is available to spend daily and weekly. If you overspend on one day, it adapts your recommended limit for the next day – so you stay within your weekly allowance.
No, not at all.
Although you’ll get more out of our smart budgeting tools by using your Dozens account for all your income and expenses, it’s completely up to you.
You can transfer however much you want to and, provided the expenses from your Dozens account are less than your income, you’ll be able to set a budget.
In line Common Reporting Standard (CRS) obligations, we’re legally required to share some of our customer information with HMRC. This is a standard, regulatory obligation fulfilled by all financial institutions.
If you’re a non-UK tax resident, we’ll need to let HMRC know your name, address, date of birth and tax jurisdiction, tax identification number and certain other account information. Please note that, if required, this information may be transferred to the government of another territory.
All financial institutions (including banks, fintechs and insurers) in participating countries are required to report their customer information under the CRS regulations.
You can find a list of participating countries on the OECD portal. The OECD (Organisation for Economic Cooperation and Development) is an international organisation who approved the CRS in 2014.
The Common Reporting standard (CRS) is a reporting requirement for financial institutions. It states that these institutions must gather customer information and exchange it with one another on an annual basis, as a means of combating tax fraud.
Give us a call or send us a message in-chat (we’ll need to verify it’s you), and we can help you change your address. If you have only signed up recently, or have already recently changed your address, we may require some additional information from you.
Let us know and we’ll work with you to update our records and issue you with a new card.
After you’ve entered your passcode, your PIN will be displayed.
Yes, you can. If your account is no longer suitable for you, get in touch. We’ll cancel any cards you have and close the account for you.
If you don’t have any of the ID documents we ask for, you won’t be able to open a Dozens account until you do.
Perhaps you have ID, but it failed verification? Let us know and we’ll check why. Email us at firstname.lastname@example.org.
On the login screen, simply select the ‘Forgotten your passcode?’ link and follow the steps shown to reset it.
Keep your details up-to-date whenever there’s a change in your circumstances. You can update your:
Give us a call or send us a message in-chat (we’ll need to verify it’s you), and we can help you change your address. If you have only signed up recently, or have already recently changed your address, we may require some additional information from you.
Name, email address or mobile number
Let us know if you want to change your name or the email and phone number that’s linked to your account by calling us or using in-app chat.
We are required to know if you are a UK taxpayer, or whether you pay taxes in other countries. Please keep this information updated. You can update this directly in your profile, or contact us to update the information we hold.
We don’t have any insurance products at the moment.
The monthly card payment limits (in store and online) were changed on 4 August 2021. They now are:
Yes! We offer all the same features you’d find with the current account of any high street bank, so you can definitely get your salary paid into your Dozens account and set up any direct debits/standing orders from it.
It isn’t something that we can do at the moment. So for this change you will need to manually update all of your subscriptions.
We’re very happy with our partnerships with Visa, ClearBank and Marqeta and are really excited about the new services they enable us to deliver.
While as a business it’s only prudent to always be evaluating our partners, systems and infrastructure to ensure we’re set up to effectively deliver our vision and provide the best service to our customers, we currently have no intention to change our partners from this setup.
For help with issues like this, please contact our customer service team via the app.
As you’ll be getting new card details and a new account number and sort code, you’ll need to update any recurring payments you have going into or out of your account (i.e. subscriptions to things like Netflix or Spotify). You’ll also need to make sure that anyone that has your old account details saved deletes them, as any payments made to this account will not go through.
You’ll also need to activate your new card (virtual or physical) once you have it, and safely and securely dispose of your old physical one.
We’re not just welcoming Visa as a new partner, we’re also welcoming Clearbank and Marqeta, as part of our full technical migration. These partnerships will collectively allow us to have a whole host of new features that we weren’t able to have before. Here are just some of the ones we’ll have in the near future:
And there’s plenty more to come, too.
Yes. We’ll still be the entity maintaining your account, so your money will be as safe as before.
Yes! Everything in your account (your balance, your investments etc.) will be exactly the same.
As part of our move to Visa, we’re issuing all customers virtual cards. Virtual cards are a safer way to buy things online, and if you tend to use your Dozens account just for our investment products, the virtual card is all you need to access these.
If you’d like a physical card, so you can withdraw cash from an ATM, for example, then you can request one by contacting customer services.
A virtual card is a payment card that only exists digitally. In our case, it’s the Dozens Visa debit card. It’s exactly like your physical one, except you can’t hold it in your hands, because it’s held in your phone.
Yes, your new card will be a Dozens Visa debit card. It used to be a Dozens MasterCard debit card, so that part hasn’t changed.
The new card will look the same as your old one (whether it’s virtual or physical), just with your new details on it and the Visa logo. It’ll still be a debit card and will still work in exactly the same way.
Customers who invested in our 2019 crowdfunding round, or invested over £1000 in our 2020 crowdfunding round will automatically become Dozens Black members, and so will be issued a matte black version of the Dozens Visa debit card.
We need to give you new account details – a new account number and sort code – due to our new partnership with ClearBank. By partnering with ClearBank we can add more services to Dozens accounts, like Direct Debits and tokenisation (needed for digital payments like Apple Pay).
We also have to give you new card details because our partnership with Visa means that we have our very own Bank Identification Number (BIN) that we didn’t have when we issued your old card. The BIN is the first six digits of the long number on the front of your card, and it’s what allows merchants to match transactions from your account to the issuer of the card (in this case Dozens via Visa), in order to successfully process them.
Getting your own BIN is a big step for a small company, so even though it might be a bit fiddly to have new account details to begin with, we definitely consider it an upgrade. It’s all part of how we’re going to be able to better serve you as time goes on.
Yes, all customers will get a new virtual card which can be found in the Spend section of the app. Virtual cards are a safer way to buy things online, and if you tend to use your Dozens account just for our investment products, the virtual card is all you need to access these.
We won’t be sending a new physical card to everyone automatically, as we know people use their Dozens accounts for different things. And even though our new cards are made from degradable plastic, we want to avoid producing them unnecessarily. If you’d like one, contact our customer service team and we can send you a new physical mango Dozens Visa debit card.
Yes, you’ll get a new account number and sort code. The new account number and sort code means that if you have any regular incoming payments, these will need to be updated to your new account details.
It’s really important for us to work with people that share our ambitions and will support us as we grow. Partnering directly with Visa allowed us to rely less on other third parties that were involved in some of our processes at launch. Third party involvement is standard practice with small start-ups, but as we grew we wanted to reduce our reliance on these so that we had more accountability and control over our services.
Yes, your personal information is just as important as your money, and we make it a priority to keep both safe.
The best way to raise a complaint is by emailing email@example.com. By including the reasons for your complaint in the email, the team will be able to swiftly deal with your complaint.
If contacting customer service via phone please contact us on: 0808 164 1020 and if abroad call +44 (0)1234 982424
The customer service team will be able to take down the details of the complaint and pass this on to the complaints team.
The process for investigating complaints can vary and the team aim to get complaint decisions to you within 3 to 15 business days. Sometimes complaints can be more complex and can take up to 35 business days. If this is the case, we’ll inform you via email.
If you’re unhappy with outcome of your complaint, you can turn to the Financial Ombudsman Service. You can find all their contact details on this page.
Your money is held by the Bank of Scotland, which is part of the Lloyds Banking Group.
That’s exactly what we’ll never be. We’ll never just be a showcase for other firms’ products. We create our own financial products, and if we work together with partners, we will add our own features to these products so you will only ever have to deal with Dozens.
Dozens is a trading name of Project Imagine Ltd, a UK-based company that is predominantly backed by a Hong Kong investment firm.
Yes, we have a fantastic team of friendly customer service agents, ready to help. Chat to them in-app, send them an email or give them a call.
In-app chat: Click on the ‘?’ button at the top right of the app.
Phone: 0808 164 1020 (UK)
(Or if you’re abroad, please call: +44 (0)1234 982424)
Monday to Friday: 8.30am – 6.30pm
Saturdays & Bank Holidays: 10am – 4pm
We feel that there’s been a real shift in the way people manage their money nowadays. So we choose to keep our costs down by not having branches – and offering a digital-only service.
We’re still easy to reach however. If you’d like to chat to one of our team or send us a message, just get in touch:
Chat: Tap on the ‘?’ button in the top right of the app
Call us: 0808 164 1020 (UK)
(Or if you’re abroad, please call: +44 (0)1234 982424)
Monday to Friday: 8.30am – 6.30pm
Saturdays & Bank Holidays: 10am – 4pm
Our headquarters are in London. Our customer service team is in-house, so they’re based in London, too.
Dozens is a trading name of Project Imagine Ltd.
Project Imagine Ltd has an e-money licence and an investments licence from the UK’s financial regulator, the Financial Conduct Authority (FCA). Our FCA firm reference numbers are 900894 and 814281. You can find out about our regulatory permissions by visiting www.fca.org.uk or https://register.fca.org.uk/.
Dozens is 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 visible in the Spend section of the app will be securely held in a segregated client account at a UK bank in accordance with the FCA requirements and the Electronic Money Regulations 2011. FSCS protection does not apply to your current account, however the money in your current account (which is an electronic money account) is required to be held in a different way to money in bank accounts. It must be held in a completely segregated manner, which means that Dozens has no access to your money for its own purposes. If Dozens (or any of its service providers) become insolvent, your money cannot be touched, and would continue to be kept safe within the bank for you.
Separately your cash savings of up to £85,000 visible in the Grow section of the app are covered by the Financial Services Compensation Scheme (FSCS).
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.
No, Dozens is not a bank.
We’re authorised by the Financial Conduct Authority (FCA) as an e-money institution (FRN 900894) and also as an investment firm (FRN 814281).
The e-money licence allows us to offer debit cards and current accounts. And the investment licence allows us to arrange and offer unique investment products.