The Top Easy Access Savings Discussion Area

NameWithheld

One advantage of the 95 day ladder system is that it will keep your rate higher for longer when EA start going down

refluxer

NameWithheld said:

One advantage of the 95 day ladder system is that it will keep your rate higher for longer when EA start going down

Aren't all their Smart Saver rates (including boosted pots) variable though ? I'm pretty sure they've increased the rates mid-boost before which means they could also lower them.

Edit - ah, looks like you'd get 14 days plus the notice period for any decrease, so you were right...

Smart Saver

• If you have a Smart Saver account, the interest rate is variable, which means it can change over time
• If your interest rate increases, we’ll apply the new rate immediately and let you know about the change via email.
• If your interest rate decreases, we’ll let you know by email 14 days before it’s implemented. For Boosted pots, we'll send you an email 14 days plus the Boost notice period before applying the new rate. You can find more information in the Terms & Conditions for your account.

Mr._H_2

NameWithheld said:

One advantage of the 95 day ladder system is that it will keep your rate higher for longer when EA start going down

Not necessarily. The interest rate is variable. They could reduce it and waive the access restriction.

Mr._H_2

Rudyson said:

SeriousHoax said:

CheekyMikey said:

Mr_blibby said:

Band7 said:

wiseonesomeofthetime said:

Bridlington1 said:

Zaul22 said:

Come on guys, a few more posts about Zopa and they will go up. Money nerd power!

Alternatively we could empty all our Zopa accounts (mine's been at £1 for months) then give them the silent treatment.

My Primary account has sat at £0.00 for months. 

Mainly because I set up the ladder system months ago, so have been getting their top rate since December. Should I need to use the emergency fund, I can access it to pay any credit card, used for said emergency, IN FULL 😁

Zopa are very clever. Seems they have satisfied their borrowing requirements for now with the notice accounts people have. As and if they have a borrowing requirement again, they will react with appropriate interest rate offers. No different, really, to any other lender. They aren't in some sort of a best rate parade, they just aim to attract as much money as they need to fund their borrowing needs.

Clever or not, they have until COB on Monday other our 2 Zopas will be departing for Chase's 3%...

Beats me why anyone who uses Zopa doesn’t set up a ladder in some shape or form…unless you really do absolutely need instant access at anytime in the next month, you could set up a ladder today at 3.06% which could be giving you a virtually 3.06% instant access account in 31 days time. You could put some into the 7 day pots at 2.95% and run a little ladder in the next month and then move it over.

I quite like the Idea of a ladder system Hmmmm might try that.🙂

A ladder system at the 95 day rate using the maximum number of pots gives you, not instant access, but access in 5 days maximum at 3.26%

In that situation the rate is actually a teeny tiny weeny bit more than 3.26% because they give you the accrued interest every time you close a pot, so it compounds every 5 days instead of every month.

Zaul22

Zopas blog says they raised £75m so they might not need need any more and be content with lower rates now. 

Ifts

Expotter said:

fourmarks said:

fourmarks said:

Qyburn said:

I used their online secure message to get our account upgraded each time. It was done within 24 hours.

Sainsbury's is a pain, you need to open a new account to get each new rate, and manually transfer the balance.

This may be a world record. I sent a secure message to Shawbrook this morning asking them to 'upgrade' my account from 32 to 33.  Before I logged out I got a message in return saying that the account had been changed as requested. Can't fault them for speed! Other institutions may have left it in the in tray until Monday.

I have just made the identical request to Paragon asking for Issue 10 to become Issue 11.  I await their response.

There's no need to message Paragon. I just logged in, opened Issue 11and funded it with a full transfer from previous Issue account. All done instantly, previous Issue closed, new one opened and funded.

Yes agree as an existing customer it is easy to open a new account when logged in but...

I do prefer it if like some providers, they just let you re-designate the older issue to the new one - that way you don't have to change the account details in the linked account you pay money in from.

Or even better still, when they raise the rate for existing customers automatically in line with their latest offer. 

tg99

Has anyone tried funding Chip via online bank transfer rather than by open banking and if so is it pretty much instantaneous? 

Band7

tg99 said:

Has anyone tried funding Chip via online bank transfer rather than by open banking and if so is it pretty much instantaneous? 

You can't, because you don't even have a sort code and account number to send anything to, and even if you had, CHIP wouldn't be able to accept Faster Payments. The alternative to OB deposits is debit card deposits but those won't start earning interest  for 2 or 3 days, and you probably couldn't withdraw any money from the deposit until the debit card deposit has cleared.

The OB deposits are literally instant, as are withdrawals.

tg99

Band7 said:

tg99 said:

Has anyone tried funding Chip via online bank transfer rather than by open banking and if so is it pretty much instantaneous? 

You can't, because you don't even have a sort code and account number to send anything to, and even if you had, CHIP wouldn't be able to accept Faster Payments. The alternative to OB deposits is debit card deposits but those won't start earning interest  for 2 or 3 days, and you probably couldn't withdraw any money from the deposit until the debit card deposit has cleared.

The OB deposits are literally instant, as are withdrawals.

Yep mine have all been instant by OB. Would just be quicker (in terms of time spent doing them) via bank transfer if that option was available if wanting to do a number of consecutive transfers given the £15k Chip max deposit limit per transaction (in part due to my internet connection being a bit slow today!). What prompted me to ask was that in my bank app it showed the Clearbank sort code and account number I was transferring to when asking for approval.

PloughmansLunch

tg99 said:

Band7 said:

tg99 said:

Has anyone tried funding Chip via online bank transfer rather than by open banking and if so is it pretty much instantaneous? 

You can't, because you don't even have a sort code and account number to send anything to, and even if you had, CHIP wouldn't be able to accept Faster Payments. The alternative to OB deposits is debit card deposits but those won't start earning interest  for 2 or 3 days, and you probably couldn't withdraw any money from the deposit until the debit card deposit has cleared.

The OB deposits are literally instant, as are withdrawals.

Yep mine have all been instant by OB. Would just be quicker (in terms of time spent doing them) via bank transfer if that option was available if wanting to do a number of consecutive transfers given the £15k Chip max deposit limit per transaction (in part due to my internet connection being a bit slow today!). What prompted me to ask was that in my bank app it showed the Clearbank sort code and account number I was transferring to when asking for approval.

With Chip payments the Clearbank account info is static, but the reference hash is always unique. If you cancel the OB payment from the other bank’s app, then try again you’ll have a different generated reference.