The Top Easy Access Savings Discussion Area

ChewyyBacca

PloughmansLunch said:

ChewyyBacca said:

razord said:

jaypers said:

Hahaha…..everyone who has moved their money out of Zopa will be posting on here about moving back and setting up ladders again :-)

Except not! Looks like today’s update (on iOS at least) has disabled moving money to pots where you’ve given notice. The laddering appears to be over!

Hi All,
Can someone please explain the process of laddering here? New to Zopa, im thinking of opening account, 3.47% is mighty lucrative
reading posts here, I gather that laddering was allowed before but not anymore.

I found the clearest explanation by @AmityNeon here

Thank you PL
@AmityNeon Great explanation
so this creation of multiple pots & timing the notice period to absolute minimum of 7 days is called laddering?

And now laddering is not allowed, since credit in Boost pot not allowed until notice period is over? is my understanding correct?
in that case, any idea how to best use this account?
If Zopa Boost 95 d is now effectively just 95 d notice account, Investec offers  3.55 vs  Zopa 3.47

Band7

ChewyyBacca said:

PloughmansLunch said:

ChewyyBacca said:

razord said:

jaypers said:

Hahaha…..everyone who has moved their money out of Zopa will be posting on here about moving back and setting up ladders again :-)

Except not! Looks like today’s update (on iOS at least) has disabled moving money to pots where you’ve given notice. The laddering appears to be over!

Hi All,
Can someone please explain the process of laddering here? New to Zopa, im thinking of opening account, 3.47% is mighty lucrative
reading posts here, I gather that laddering was allowed before but not anymore.

I found the clearest explanation by @AmityNeon here

Thank you PL
@AmityNeon Great explanation
so this creation of multiple pots & timing the notice period to absolute minimum of 7 days is called laddering?

And now laddering is not allowed, since credit in Boost pot not allowed until notice period is over? is my understanding correct?
in that case, any idea how to best use this account?
If Zopa Boost 95 d is now effectively just 95 d notice account, Investec offers  3.55 vs  Zopa 3.47

Not much point now trying to understand laddering, as - like you said - it's not allowed any longer.

You can still use Zopa boosted pots like any other Notice account, i.e. no easy access, and I would agree, the Investec 90 days could be a better choice if you have £5k+. There is a dedicated Notice Account thread to discuss this further.

ircE

Newbury update, changes wef 15 Mar

https://www.newbury.co.uk/news-knowledge/news/bank-of-england-base-rate-change-2-february-2023/

EMA up to 3.5%, Welcome up to 3.3%.

pecunianonolet

Right, looks like Zopa has only changed permissions in the app. Out of curiosity, I tried and moved some funds over (Zopa sat at £0). I had some pots already set up and put £1 into Pot 1, gave notice straight away and was able to move another £1 staright after without problem. Tried again an hour later and was able to move another £1 in. 

On Android and auto update disabled, not a fan of having things pushed at me, I like to pull when it suits me.
Zopa App v1.58.0.1675686135 (can be found at bottom of your profile page)

pecunianonolet

ircE said:

Newbury update, changes wef from 15 Mar

 https://www.newbury.co.uk/news-knowledge/news/bank-of-england-base-rate-change-2-february-2023/

EMA up to 3.5%, Welcome up to 3.3%.

1. How long do you have to hold an account with them to fulfil the requirement as EMA?
2. They have a max deposit limit. If you pay in 3k for Welcome and a month later take 1k out, can you replenish the 1k at a later point or is it non flexible?

--> "For new savers the account holder must be resident in England or Wales." Looks like they don't like savers from Scotland 

ForumUser7

pecunianonolet said:

ircE said:

Newbury update, changes wef from 15 Mar

 https://www.newbury.co.uk/news-knowledge/news/bank-of-england-base-rate-change-2-february-2023/

EMA up to 3.5%, Welcome up to 3.3%.

1. How long do you have to hold an account with them to fulfil the requirement as EMA?
2. They have a max deposit limit. If you pay in 3k for Welcome and a month later take 1k out, can you replenish the 1k at a later point or is it non flexible?

--> "For new savers the account holder must be resident in England or Wales." Looks like they don't like savers from Scotland 

1. 'There is no minimum age to open this account (subject to one year’s membership), however to open and operate this account online the minimum age is 18 years.'
2. 'If you withdraw funds from the account, they can be replaced, subject to a maximum account balance of £3,000 (please see important notes for example).' 'Example: Total deposit made of £3,000 and interest earned of £22.50. The total balance is £3,022.50. A withdrawal of £500 is made meaning the balance would be £2,522.50. You can then deposit £477.50 to take the balance back to a maximum of £3,000 (we will continue to allow the addition of interest to exceed the £3,000 limit'

https://www.newbury.co.uk/savings/accounts/welcome-newbury/

https://www.newbury.co.uk/savings/accounts/existing-member-account/

refluxer

pecunianonolet said:

On Android and auto update disabled, not a fan of having things pushed at me, I like to pull when it suits me.
Zopa App v1.58.0.1675686135 (can be found at bottom of your profile page)

Normally I would agree on this, but this is a banking app so it's important to be running the latest version for security reasons. They've obviously cottoned on to what people were doing with the boosted pots so I can't see you being able to continue to do so in the old version of the app for long. I expect the only reason the old version currently still works is that they're allowing a grace period to give everyone time to update.

Frogletina

Frogletina said:

I'm on an android phone, but have little accessible money to move as most of what I have is in Chase waiting for 1st March when it feeds into my regular savers. 

I did transfer £4.50 into Zopa and have transferred that into 2 boosted pots without a problem. 

I wonder how long that will last though. My plans have begun to unravel.

I tried again this morning and was unable to transfer into a pot that already had notice on it.

However I have subsequently found out that I have got auto updates set up on my apps which must have updated on my mobile by the time I tried this morning.

However, I have another android phone so have just checked that and I hadn't set up auto updates on that one. I have successfully moved some money into one of my pots which has notice on it.

pecunianonolet

ForumUser7 said:

pecunianonolet said:

ircE said:

Newbury update, changes wef from 15 Mar

 https://www.newbury.co.uk/news-knowledge/news/bank-of-england-base-rate-change-2-february-2023/

EMA up to 3.5%, Welcome up to 3.3%.

1. How long do you have to hold an account with them to fulfil the requirement as EMA?
2. They have a max deposit limit. If you pay in 3k for Welcome and a month later take 1k out, can you replenish the 1k at a later point or is it non flexible?

--> "For new savers the account holder must be resident in England or Wales." Looks like they don't like savers from Scotland 

1. 'There is no minimum age to open this account (subject to one year’s membership), however to open and operate this account online the minimum age is 18 years.'
2. 'If you withdraw funds from the account, they can be replaced, subject to a maximum account balance of £3,000 (please see important notes for example).' 'Example: Total deposit made of £3,000 and interest earned of £22.50. The total balance is £3,022.50. A withdrawal of £500 is made meaning the balance would be £2,522.50. You can then deposit £477.50 to take the balance back to a maximum of £3,000 (we will continue to allow the addition of interest to exceed the £3,000 limit'

https://www.newbury.co.uk/savings/accounts/welcome-newbury/

https://www.newbury.co.uk/savings/accounts/existing-member-account/

Was aware of the age requirement but having to hold an account for 12 months previously was what I was interested in. My geographical location means they don't want my cash anyway so unless they change this I won't bother but will keep an eye out. Maybe they remove this in the future but find it a bit discriminatory anyway.... maybe others follow.

refluxer said:

pecunianonolet said:

On Android and auto update disabled, not a fan of having things pushed at me, I like to pull when it suits me.
Zopa App v1.58.0.1675686135 (can be found at bottom of your profile page)

Normally I would agree on this, but this is a banking app so it's important to be running the latest version for security reasons. They've obviously cottoned on to what people were doing with the boosted pots so I can't see you being able to continue to do so in the old version of the app for long. I expect the only reason the old version currently still works is that they're allowing a grace period to give everyone time to update.

All banking runs on a separate Android phone and that's the sole purpose of that phone and nothing else is done with it. Phone is fully encrypted too. Only holds a basic SIM to receive text messages. I can work with an older app version and update when I deem it right or I am forced to do so e.g. old app becomes inoperable. 

Bridlington1

pecunianonolet said:

ForumUser7 said:

pecunianonolet said:

ircE said:

Newbury update, changes wef from 15 Mar

 https://www.newbury.co.uk/news-knowledge/news/bank-of-england-base-rate-change-2-february-2023/

EMA up to 3.5%, Welcome up to 3.3%.

1. How long do you have to hold an account with them to fulfil the requirement as EMA?
2. They have a max deposit limit. If you pay in 3k for Welcome and a month later take 1k out, can you replenish the 1k at a later point or is it non flexible?

--> "For new savers the account holder must be resident in England or Wales." Looks like they don't like savers from Scotland 

1. 'There is no minimum age to open this account (subject to one year’s membership), however to open and operate this account online the minimum age is 18 years.'
2. 'If you withdraw funds from the account, they can be replaced, subject to a maximum account balance of £3,000 (please see important notes for example).' 'Example: Total deposit made of £3,000 and interest earned of £22.50. The total balance is £3,022.50. A withdrawal of £500 is made meaning the balance would be £2,522.50. You can then deposit £477.50 to take the balance back to a maximum of £3,000 (we will continue to allow the addition of interest to exceed the £3,000 limit'

https://www.newbury.co.uk/savings/accounts/welcome-newbury/

https://www.newbury.co.uk/savings/accounts/existing-member-account/

Was aware of the age requirement but having to hold an account for 12 months previously was what I was interested in. My geographical location means they don't want my cash anyway so unless they change this I won't bother but will keep an eye out. Maybe they remove this in the future but find it a bit discriminatory anyway.... 

I'm pretty sure the account had a far stricter geographical location criteria until recently so you've a fighting chance of being able to get the account in the future.

I think they include the location criteria to avoid being overwhelmed by applications (yes I'm looking at you Monmouthshire BS) when they launch a competitive savings product.