The Top Easy Access Savings Discussion Area

GPK10

flaneurs_lobster said:

Total guess - have you linked a bank account to Chip?

Good question, yes I have although I only did it yesterday. 

janusdesign

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…

I should have copyrighted that Zopa ladder idea when I first posted the suggestion - i'd be sunbathing on a beach somewhere now if I had.

S_uk

I'm not going to hold out much hope on Zopa so I plan to move money to Tandem. I'm planning to move money from Natwest to Tandem but as they're not part of COP I'm assuming that like with Chase last year I'm going to have issues with payments being blocked.

Can I ask, if I use Open Banking to pull money from NW to Tandem, is it still possible that payments will get blocked temporarily for security reasons (or less likely at least?).

SeriousHoax

S_uk said:

I'm not going to hold out much hope on Zopa so I plan to move money to Tandem. I'm planning to move money from Natwest to Tandem but as they're not part of COP I'm assuming that like with Chase last year I'm going to have issues with payments being blocked.

Can I ask, if I use Open Banking to pull money from NW to Tandem, is it still possible that payments will get blocked temporarily for security reasons (or less likely at least?).

Hi what's COP?

10_66

SeriousHoax said:

S_uk said:

I'm not going to hold out much hope on Zopa so I plan to move money to Tandem. I'm planning to move money from Natwest to Tandem but as they're not part of COP I'm assuming that like with Chase last year I'm going to have issues with payments being blocked.

Can I ask, if I use Open Banking to pull money from NW to Tandem, is it still possible that payments will get blocked temporarily for security reasons (or less likely at least?).

Hi what's COP?

Confirmation Of Payee.

Band7

S_uk said:

I'm not going to hold out much hope on Zopa so I plan to move money to Tandem. I'm planning to move money from Natwest to Tandem but as they're not part of COP I'm assuming that like with Chase last year I'm going to have issues with payments being blocked.

Can I ask, if I use Open Banking to pull money from NW to Tandem, is it still possible that payments will get blocked temporarily for security reasons (or less likely at least?).

Yes, unfortunately your payments through OB can still be blocked. In my experience, though, it happens much less frequently. Only this morning, I was unable to get money out of Starling by Faster Payment but it worked like a dream with OB (into Tandem, as it happens). It's a matter of trying. Good luck.

AmityNeon

refluxer said:

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.

Rate increases are applied immediately, which is why it’s still beneficial to maintain the stepmill even if the 95-day rate is uncompetitive. Boosted pots need only 1p for notice to be given. If you only bother to start the process when rates increase, but then stop if rates comparatively stagnate, but then start again… you’ll never have a stepmill that’s ready to use immediately.

If the 95-rate day is beaten by an easy access account, it’s only a five day difference at most before the money is available for transfer, assuming a maximum pot setup.

S_uk

Band7 said:

S_uk said:

I'm not going to hold out much hope on Zopa so I plan to move money to Tandem. I'm planning to move money from Natwest to Tandem but as they're not part of COP I'm assuming that like with Chase last year I'm going to have issues with payments being blocked.

Can I ask, if I use Open Banking to pull money from NW to Tandem, is it still possible that payments will get blocked temporarily for security reasons (or less likely at least?).

Yes, unfortunately your payments through OB can still be blocked. In my experience, though, it happens much less frequently. Only this morning, I was unable to get money out of Starling by Faster Payment but it worked like a dream with OB (into Tandem, as it happens). It's a matter of trying. Good luck.

Can I ask, how long did payments into Tandem take to show? (I mean the ones that weren't held up for any reason). I noticed on their website it says that most payments arrive and show within 2 hours but can take up to 24 hours, so hearing anyone's typical experience would be helpful. Thanks

dgpur

S_uk said:

Band7 said:

S_uk said:

I'm not going to hold out much hope on Zopa so I plan to move money to Tandem. I'm planning to move money from Natwest to Tandem but as they're not part of COP I'm assuming that like with Chase last year I'm going to have issues with payments being blocked.

Can I ask, if I use Open Banking to pull money from NW to Tandem, is it still possible that payments will get blocked temporarily for security reasons (or less likely at least?).

Yes, unfortunately your payments through OB can still be blocked. In my experience, though, it happens much less frequently. Only this morning, I was unable to get money out of Starling by Faster Payment but it worked like a dream with OB (into Tandem, as it happens). It's a matter of trying. Good luck.

Can I ask, how long did payments into Tandem take to show? (I mean the ones that weren't held up for any reason). I noticed on their website it says that most payments arrive and show within 2 hours but can take up to 24 hours, so hearing anyone's typical experience would be helpful. Thanks

I’ve never known it to take more than 20 minutes - comparable to Zopa.

Zaul22

Tandem takes 10-20 mins for me too.