The Top Easy Access Savings Discussion Area

CheekyMikey

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.

SeriousHoax

I decided to move some money from Zopa > Paragon.

Does anyone know how long it takes over the weekend.🙂

Band7

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 aBeatim 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.

Beats me why you'd bother with a 3.06% ladder that locks your money up for the next 31 days and needs constant nursing after the initial 31 days are up when you can easily get 3.05% with zero restrictions on up to £85k, or even 3.1% if you had kept your ears to the ground. 

SeriousHoax

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.🙂

RG2015

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.

Possibly not worth the bother. Consider someone with £1,000.

The monthly interest for a 31 day pot is 3.01% gross p.a., ie £2.56

The monthly interest for the instant pot is 2.82% gross p.a., ie £2.40

A difference of 16p.

jak22

When Chase increase their rate on Monday it's hard to see any reason to keep EA funds with anyone under 3% - and those Zopa "pots" aren't EA. It's maybe not worth worrying too much about 0.1% differences when rates are still 1% below BoE and available fixes.

refluxer

SeriousHoax said:

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

As mentioned above, you can get between 3 and 3.1% easy access elsewhere without the unnecessary hassle / admin of setting up a Zopa 'ladder system' which, in the current climate of steadily rising easy access interest rates and while Zopa are lagging behind, runs the risk of becoming redundant by the time you start to benefit, as far as I can see.

While Zopa's rates often take them to the top of the easy access table, there are also times (weeks to months) where they lag behind and you could potentially end up with money locked away in boosted pots that could be earning the same (or possibly more) in easy access accounts elsewhere, without continually having to keep on top of the situation and move it around.

Don't get me wrong - I actually think it's ingenious and love the 'out of the box' thinking, but I'm surprised that Zopa haven't cottoned on to what people are doing and changed their terms to prevent it (ie. being able to pay into boosted pots at any point during the notice period), as I'm fairly sure it's not how they intended boosted pots to be used when they came up with the idea !

Rudyson

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%

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.