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?

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Matt Crabtree
Senior Editor
Matt Crabtree
Matt Crabtree is a senior editor at CompareBanks. He has over 10 years experience in writing about all aspects of finance and is passionate about helping consumers make informed decisions about their money.
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First Glance

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?


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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?

First Glance

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 product.

Dozens is not as straight-forward as other modern current accounts.

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 around.

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 features:


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.

Savers’ Awards

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.

Budgeting Tools

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.

Card Freezing

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.

International Spending

Spend internationally, and make overseas ATM withdrawals, with no fees from Dozens.

Bill Splitting

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.

IFTTT Functionality

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’ and ‘biotech’.

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 with care.

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 the bank.

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 financial transactions.

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 facilities.

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.

Dozens Security

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).

Dozens Contact Details

1 St Katharine’s Way


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Dozens Reviews

Bank Customer
August 29, 2021

“They’re not a true bank so your money is NOT protected”

They’re not a true bank so your money is NOT protected.

March 19, 2019

“Really interesting offering. App is solid!”

Really interesting offering. App is solid!

3 persons found this helpful
March 3, 2019

“Looks great, especially the savings and investment part”

Looks great, especially the savings and investment part. Hope they become a good competition to Monzo and Starling before they implement the same things!

3 persons found this helpful

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