Talking of ‘digital and financial innovation’, Dozens
provides a current account alongside investment opportunities. It claims to
help you ‘maximise your money’s potential’, but is Dozens the current account
to build your bank balance?
Dozens is a free UK current account, complete with a yellow
debit card. The account also offers savings with no minimum balance, and a
range of investment portfolios.
Dozens operates as the flagship brand of Project Imagine – a
parent organisation with plans to create other innovative financial products.
Will Project Imagination get off to a great start with Dozens, or are they
falling at the first hurdle?
Here’s our guide, at a glance, to Dozens. Read further for
additional detail, and an extended review.
A free-to-use current account for UK and international spending
Budgeting tools for money management
Options to buy bonds or invest in a range of portfolios
Monthly prize draws with entries given for day-to-day activities
Freeze your account completely if your card is lost
Operating without a UK banking license
Investments come with risks that must be considered
No cash or cheque deposit options
Accounts can only be accessed and managed through a smartphone app
Successful applications are followed by a waiting list
What is Dozens?
Currently, Dozens operates as an e-money institution without a UK banking license.
Your money is managed in-app, where you can see your current
account balance and investment and savings options.
Customers receive a debit card, used for offline and online
spending, alongside their current account. They also have access to a wide
range of budgeting tools, including various spending reports.
The new home for your money
All money management is done through the Dozens app,
available on Android and iOS devices. You won’t be able to use your Dozens
account unless you have a fairly modern smartphone.
Once you’ve successfully signed up for a Dozens account, you
can use it for all UK transactions. Dozens can also be used for overseas
spending and cash withdrawals, with no additional charges.
Who is Dozens for?
Though the Dozens app is intended to make investment more
accessible, you’ll still need to know a thing or two to really make use of this
Dozens is not as straight-forward as other modern current
Typically, those stepping away from legacy banks are the
younger generations. They’re the ones that feel more confident depending on
their smartphones for their banking. Yet, they’re also amongst the most
confused about interest rates, investments and savings. As a result, whilst
Dozens attempts to bridge the gap, it can still be hard to get your head
As a Dozens account holder, you can choose to put your money
into 5% p.a. fixed interest bonds. This money isn’t locked in for any specific
length of time, though you’ll need to store at least £100. Alternatively, you
can choose from various investment portfolios, with themes like ‘clean energy’
and ‘robotics’, for a bit of control over where your money can be used.
Whilst it’s wise to invest money and earn interest on your
savings, it’s important to be aware that there will be risks involved. Dozens
can’t offer investment advice, so you should only invest your money if you feel
knowledgeable enough. You’ll also need to be completely comfortable with the
fact that you’re risking your money.
If you’re keen to take advantage of savings opportunities,
then Dozens might provide a great solution. It’s an easy way to get started,
investing your money through an intuitive and user-friendly app. But savings
and investments, really, are the focus of the Dozens account.
If investments aren’t your thing, then there are many other
challenger banks that do more with their basic accounts. And, you always have
the option to invest your money elsewhere.
Dozens branches don’t exist, and you can’t make deposits
with cheques or cash. It’s important to have an additional bank account
elsewhere, if you intend to make cash or cheque deposits.
How does Dozens work?
To get started with Dozens, all you’ll need to do is
download the smartphone app. It’s available on Android and iOS devices.
The application process itself will be relatively simple,
but there could be a delay once it’s complete. Dozens sends successful
applicants through to a virtual queue, where they’ll get their place at the end
of the waiting list. Bit by bit, Dozens works through this queue and sends
codes to activate accounts. You’ll be unable to progress further until you’ve
reached the top of the list.
Once you’ve received your code, and entered it in-app,
you’ll receive a card in the mail. Your debit card should take roughly 5
working days to arrive.
Once your card has arrived, you’ll have full access to your
Dozens current account. Your account number and sort code can be used for bank
transfers in and out, including receiving your salary, whilst your card can be
used for online and offline spending. You can also use your current account for
Direct Debits and Standing Orders.
What features do you get with Dozens?
Your Dozens account is managed in-app, with the following
If you have more than £1,000 waiting to earn interest, then
you can invest through the Dozens app. Investment requires you to set money
aside, ideally for between 3 and 5 years, with the potential to earn interest
on your savings.
Investing through Dozens is not risk-free. You’ll select
your portfolio and attitude to risk, but must be prepared to lose money. You
can add additional money to your investment, in multiples of £100 per month.
Fixed Interest Bonds
Use £100 or more to purchase a fixed-interest bond, earning a savings interest rate of 5% per annum. Your savings will not be locked in.
Every month, ten
Dozens customers receive a £100 prize. All customers have the opportunity to
collect Nominations that count as individual prize draw entries. Nominations
can be collected for debit card spending, staying within your budget, keeping
bonds that you’ve purchased or investing money.
With your Dozens account, access a range of budgeting tools
that should help you to monitor your spending. See how much is available to
spend each day, and work towards long-term goals.
If you’ve lost your card, you can temporarily freeze it within the Dozens app. Freezing your card ensures that it cannot be used for spending until you unfreeze it or cancel it completely.
With Dozens, freezing your card will also lock your account.
You will not be able to receive or send any payments.
Spend internationally, and make overseas ATM withdrawals,
with no fees from Dozens.
Through the Dozens app, you can split your bills when you’re
sharing expenses with friends. Splitting your bill allows you to share a
transaction between multiple responsible people, receiving notifications when
they’ve paid off their share of the debt.
The Dozens app is compatible with IFTTT, which is also known
as ‘If This, Then That’. You can use IFTTT to create triggers that lead to
actions, with each connection known as an applet. Many apps and products are
IFTTT compatible, which means that you can automate important processes or
create applets for fun.
Use IFTTT to automatically set aside £1 every time it rains,
or to change the colour of your household lights when your investments do
particularly well. You can also use IFTTT to move money around when bills are
due, or alert you when your salary is paid.
What packages does Dozens offer?
The only offering is a free UK current account. There are no
charges for using Dozens day to day.
You can use Dozens for a range of different investments and
savings opportunities, but won’t specifically have a Dozens savings account.
Instead, you choose a category for your investments from choices like ‘China’
Are there any additional charges?
Investments include a platform fee of 0.5% per annum, only
charged on days when your investments are down.
How safe is Dozens?
Dozens does not offer UK bank accounts. Instead, you’ll hold
a current account operated by an e-money institution that is regulated by the
Financial Conduct Authority (FCA).
Funds in current accounts must be stored by a different
bank, and cannot be accessed by Dozens.
Cash savings are protected up to a value of £85,000 by the
Financial Services Compensation Scheme (FSCS). These are stored in a separate
part of the app, but do not earn interest.
Investments and bonds come with risks, and should be used
To keep your money safe, you can choose to freeze your account. This stops incoming and outgoing transactions, as well as payments by card.
What about customer service?
There are no Dozens branches. The Dozens customer service
team are available between 7am and 10pm on weekdays, and between 10am and 4pm
on other days.
You can contact Dozens customer support by phone (0808 164
1020) or through live chat in-app.
Can Dozens replace your everyday bank account?
Whilst Dozens is not a full bank account, it does offer
everything that you might need for day-to-day banking. You’ll receive a debit
card, account number and sort code, for incoming and outgoing transactions.
Your salary can be paid into your Dozens account, and you
can set up Direct Debits to pay your bills. But, your account can only be
accessed through a fairly modern iOS or Android smartphone.
There are no Dozens branches. You can’t pay in cheques, or
deposit cash. If you don’t currently live cash-free, then you will need an
account with another bank that will accept your cash and cheque deposits.
It’s also worth noting that Dozens cards are not compatible
with pay-at-pump fuel. Transactions cannot be authorised in advance, which
means that you’ll need to go in-store to make a payment after filling up. For
some people, this won’t be a problem. For others, it’s very inconvenient and
may make another bank a better choice.
Dozens: The Verdict
If you want a current account that’s easy to manage and
comes with a wide range of features, then Dozens may not be your first choice.
It’s certainly not lagging too far behind, but with Dozens the focus is
elsewhere. Instead, this may be a leading account for those with spare money in
As well as storing money in a savings account where it won’t
earn any interest, with Dozens you have the option of buying bonds and
investing your funds. You can choose from a range of investment options, managing
your investments in-app, and even receive prize draw entries for everyday
Dozens is designed for people that want to make more from
their money. But, there are some risks involved. Whilst the risks are made
clear, it does help to have investment know-how before you dive in headfirst.
If you feel comfortable with some financial risk, and want a
relatively stress-free investment option whilst maintaining some control, then
Dozens could be what you’re looking for. Having everything in one place makes
it easy to manage your accounts, sending funds to where they’re best used.
The budgeting tools offered by Dozens are not the most detailed
or advanced. However, automated calculations will give you some idea how much
you should have left to spend. Other tools, like bill splitting and IFTTT
integration, will give you more control of your money. In fact, with a variety
of applets you can even make budgeting fun!
Like many app-based bank accounts, Dozens comes with no
alternative to managing your money on your smartphone. You can’t visit a
branch, use a web-based online banking service or make any cash or cheque
deposits. If your smartphone is lost, or the battery runs out, then your money
will be locked out of view. Fortunately, customer service advisors are
available by phone to help every day of the week.
Dozens is a current account that’s perhaps best suited to
those that aren’t living month-to-month. If you have spare money that you’re
not using, Dozens can help your savings grow. But, don’t expect to have your
account up and running by the end of the week. The post-application waiting
list can be very inconvenient, followed by a five-day wait for your card to arrive
through the mail.
Are there any Dozens branches?
No. All of your money management will be done through the smartphone app, available on iOS and Android. You can’t deposit cheques or cash into your Dozens account.
Can my employer pay my salary into Dozens?
Yes. You’ll receive an account number and sort code to be
used for incoming payments.
Does my account earn interest?
No. You won’t earn interest on your current account balance,
or on funds that you’ve siphoned into savings. But, you do have the option to
buy savings bonds or invest your money to earn interest.
Can I borrow from Dozens?
Your Dozens account will not include any loan or overdraft
Where are Dozens cards accepted?
Dozens cards are contactless debit cards that can be used
in-store and online. You can also use your Dozens card for overseas spending.
What is the minimum age to open a Dozens account?
Dozens accounts are only open to customers 18 or over.
Is it free to put money into Dozens?
Yes. You can put money into your account using a bank transfer, or top-up using Apple Pay.
How much can I withdraw from an ATM?
You can withdraw up to £250 per day.
Are joint accounts available?
Currently, Dozens does not offer any form of joint account.
More About Dozens
Dozens isn’t strictly a bank, but they are authorised by the Financial Conduct Authority (FCA) as an e-money institution (FRN 900894) and also as an investment firm (FRN 814281). Based in London, the Dozens team has launched an app that is available to download from the app stores in the UK.
Dozens was founded by Aritra Chakravarty, formerly global head of digital FX and investment products at HSBC.
Dozens Products and Services
Dozens plans to offer a digital current account plus savings and investment services, helping people to save and grow their money. The app is designed to help customers understand where, why and how they spend so that they can then stay on the savings track with customised budgeting functionality that adapts to daily spending.
The Dozens app will also help facilitate customer savings by allowing them to add their own rules, such as ‘save £5 every Wednesday’ or similar. Customers are also rewarded for hitting their financial targets by being entered into the monthly Savers Awards, where they can win cash prizes.
Dozens also plans to offer investment functionality in-app. The planned bond account will pay 5% interest per annum.
Current account monies will be held in named accounts at a to-be-announced high street bank. These monies are held in accordance with the Electronic Money Regulations 2011 and the requirements of the Financial Conduct Authority (FCA).