dozens review February 2019

New challenger bank, dozens, is about to launch as a more comprehensive finance app. Here’s how things are looking so far.

dozens is all about saving money and making it profitable. And yes it is a lower-case “D”.

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It’s still in the development phase, but we’ve looked at what dozens is planning to offer and whether it seems to be worth your while compared to the competitors.

What is dozens?

dozens plans on offering its customers a whole lot of financial services, among which it says there will be:

  • A current account. dozens does not hold a full banking licence yet, so it won’t be a full UK account, at least for now. But it will have an account number and sort code.
  • A card. dozens says it has started printing off the first test-cards for its employees. They’re Mastercard and a very bright yellow.
  • An app. It looks bright and clean and will have a personalised dashboard.
  • Spending report features. It will visually show your spending according to location (showing it on a map), category and size.
  • Budgeting features. You’ll be able to save automatically by setting your own personal rules (such as “save £2 every time this person tweets” or “every time it rains”) and dozens will occasionally encourage you with cash prizes.
  • A bond product. dozens says that it’s already listed on the NEX stock exchange, that the bonds will be £100 each and promises a 5% annual interest rate, paid monthly.

dozens says it has a comparatively unconventional team, at least as far as banking startups usually go, with women comprising 75% of the team and all coming from very different backgrounds.

How does dozens work?

If you’re interested in dozens, what you can do for now is download the app, which is available both for Android and iOS, sign up and register for the waiting list. Until dozens officially launches or you make it to the top of the waiting list, you won’t be able to actually use it.

At the end of 2018, dozens had almost 2,000 people on its waiting list. People who joined the waiting list and then go on to open an account with dozens will receive £10 in their account as a thank you for their interest and support early on.

dozens pricing and fees

There isn’t much information on this right now.

The idea behind dozens is that it’ll make money only when you make money, by keeping “a smaller share” of the returns and passing on “the majority to you”.

So there should be no fee for using the app or opening an account, at least in theory.

Also, a member of the dozens team has confirmed to a Monzo user that “there will not be any fees for using the card”.

Is dozens safe?

dozens isn’t really a bank, for now, but it does have a licence issued by the Financial Conduct Authority: actually, it has two licences, one as an electronic money issuer and the other as an investment firm.

Customers’ current account money will be held in a segregated account, so that if things were to go wrong, it wouldn’t be allowed to be used to repay dozens’ creditors.

However, your deposits will not be protected by the Financial Services Compensation Scheme.

dozens pros and cons


  • Free (or so it seems)
  • Brings together day-to-day banking, saving and investing
  • Competitive interest rate on the bond
  • Cash prizes when you save money
  • App looks smart and clean


  • Hasn’t launched yet so a lot of information is still missing
  • Will it deliver?

The verdict

So far, so good. For now, dozens looks quite good, especially when it comes to saving: if you know the market a bit, you’ll have quickly realised that a 5% annual interest rate is pretty much unheard of. Also, the idea of bringing together so many different features sounds definitely interesting.

However, the big challenge lies ahead. Will dozens deliver? Will it be able to make enough money to be sustainable and at the same time keep offering the same favourable conditions to its customers? Much remains to be seen, but for now it’s probably worth giving it a try and subscribing to the waiting list.

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