What should I expect with the upcoming changes to Dozens accounts?
We recently announced some big, exciting changes coming to Dozens. As part of this, we’re moving to Visa and cards are changing. Here’s what to expect over the next few weeks:
Virtual cards are now available in the app. Your new virtual Visa card replaces your previous Mastercard, which has been deactivated. Virtual cards are a safer way to buy things online, they’re more environmentally friendly, and they’re all you need to access our unique financial products. Once mobile payments are set up (these are coming very soon), you’ll be able to add your virtual card to your digital wallet on your device, which will allow you to make purchases in physical shops with your virtual card. Once eWallets have been added next month, the only thing you won’t be able to do with your virtual card is withdraw cash from an ATM. So, if that’s not something you use your Dozens account for, then you may find you don’t miss it.
Towards the end of November we’ll be sending out new physical cards to the customers we know like to use them. If you don’t receive a new physical card, but you require one, just contact our customer service team and they’ll be able to get one to you as soon as possible.
All Dozens customers will be moved to new accounts on Monday 30 November. We’ll let you know via email and push notification when this is about to happen. This means, you’ll be getting a new account number and sort code. We know this might be a bit of a pain, because you’ll need to update your details wherever they may be being used. Please know we wouldn’t go through the upheaval (on our side and yours!) of this move if we weren’t confident it’ll be better for your money in the long run, with all the features and financial products we’re going to be adding over the next few months.
Over the next few weeks, we’ll be reconnecting the full set of features you’re used to, such as IFTTT rules and international payments and adding some new ones too. Before you know it, everything will be up and running and better than ever. We’ll be sure to let you know when that’s the case. Please note that our financial products, including bonds and investments, will not be affected and will continue to work as usual.
Then things really start to take shape…
At the start of December, direct debits will be available. You’ll be able to pay your bills, subscriptions and other monthly recurring payments directly from your Dozens account. This means you’ll be able to really get the best out of our smart budgeter, and it’ll make managing your money with Dozens even easier.
Soon after, Google Pay will be available so Android users will be able to add their Dozens Visa debit card to their Google wallet.
Our eligible crowdfunding investors, and those that hold an investment with Dozens on the 31 December 2020, will be enrolled onto Dozens Black for free for all of 2021 (find out more here). The brand new subscription service that gives members an exclusive matte black debit card, investing with no platform fees, commision-free FX and fee-free withdrawals abroad.
Incoming ISA transfers – Soon you’ll be able to apply to transfer your ISA onto the Dozens platform.
Multi-asset funds will be added to the invest section created and managed by a global manager, containing a mixture of equities and bonds in a single fund (capital at risk).
And in the new year:
We’ll be rolling out Apple Pay in January so iPhone users can add their Dozens Visa debit card to their Apple Wallet.
Standing orders will also be available, so you can set up regular payments.
We’ll be introducing new financial products, where the principal sum you invest will be protected but you can still benefit from stock market gains over the next few years (and this product will be FSCS protected, and your capital is not at risk). This is a very exciting development and part of Dozens mission of financial innovation for our customers.
And, for our high net worth (HNW) customers, we’re working on a hedge fund-type product together with our institutional backers - that will look to give absolute return exposure to Asian credit markets (capital very much at risk, and aimed at HNW individuals only).
And, among all of this, there’ll be another bumper £1m issuance of our Dozens Savings plc listed 5% p.a. Fixed Interest Bonds.
Phew, there are a lot of changes going on, but the net result will be a bigger, better, faster Dozens. Be sure to keep an eye out for emails and notifications from us in the coming weeks. Or, in the meantime, head on over to our community to discuss the plans!
If you have any questions, just head over to our FAQs.
Dozens is a trading name of Project Imagine Ltd, a company registered in England and Wales (No. 11153882). We are authorised by the Financial Conduct Authority as an e-money institution (FRN 900894) and also as an investment firm (FRN 814281). We are not a bank. Our registered office is at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
Bonds are not FCA regulated products, and FSCS protection does not cover the bonds. Dozens’ Fixed Interest Bonds are allocated, issued and administered by Dozens Savings Plc. The interest offered by Dozens’ fixed interest bonds will not fluctuate even in different market conditions. All of your money to be invested, plus the full 12-months interest, will be placed in a separate trustee-controlled account on your behalf. This would be used to pay you in the event of any default. The bond programme currently has a maximum limit of £7m, with expected issuance volumes of between £100k-£1m a month.