The Top Easy Access Savings Discussion Area

allegro120

Bridlington1 said:

May I take the liberty of taking us back to easy access accounts.

The moneybox simple saver is now at 3% (up from 2.32%). It's not got a market leading rate by any stretch of the imagination but it does let you deposit by DD so it's nice to know my £2 weekly DD is earning an extra 0.68% whilst sat in an EA account. By my calculations that leaves me around 3p better off each year.

I've been using it on and off since sept 2021 for DD purposes.  Never had a balance exceeding £10.  Apart from the benefit of DD I'm now 1p better off.

Steve_xx

allegro120 said:

Bridlington1 said:

May I take the liberty of taking us back to easy access accounts.

The moneybox simple saver is now at 3% (up from 2.32%). It's not got a market leading rate by any stretch of the imagination but it does let you deposit by DD so it's nice to know my £2 weekly DD is earning an extra 0.68% whilst sat in an EA account. By my calculations that leaves me around 3p better off each year.

I've been using it on and off since sept 2021 for DD purposes.  Never had a balance exceeding £10.  Apart from the benefit of DD I'm now 1p better off.

Does this account allow the setting up of multiple DD mandates?

ForumUser7

Steve_xx said:

allegro120 said:

Bridlington1 said:

May I take the liberty of taking us back to easy access accounts.

The moneybox simple saver is now at 3% (up from 2.32%). It's not got a market leading rate by any stretch of the imagination but it does let you deposit by DD so it's nice to know my £2 weekly DD is earning an extra 0.68% whilst sat in an EA account. By my calculations that leaves me around 3p better off each year.

I've been using it on and off since sept 2021 for DD purposes.  Never had a balance exceeding £10.  Apart from the benefit of DD I'm now 1p better off.

Does this account allow the setting up of multiple DD mandates?

You can only link 1 account for DDs to be taken from. They tot up how much to collect each Wednesday, and then usually take it the following Monday (unless BH etc.)

Sparky95

Does anyone know whether Zopa tend to increase their rates before or after the BoE base rate announcement?

ForumUser7

Sparky95 said:

Does anyone know whether Zopa tend to increase their rates before or after the BoE base rate announcement?

After the previous one, before the next one.

This list may help https://www.zopa.com/smart-saver-history

Sparky95

ForumUser7 said:

Sparky95 said:

Does anyone know whether Zopa tend to increase their rates before or after the BoE base rate announcement?

After the previous one, before the next one.

I guess I set myself up for that, but of course I meant to ask whether it's normally just before or just after?

ForumUser7

Sparky95 said:

ForumUser7 said:

Sparky95 said:

Does anyone know whether Zopa tend to increase their rates before or after the BoE base rate announcement?

After the previous one, before the next one.

I guess I set myself up for that, but of course I meant to ask whether it's normally just before or just after?

My apologies ~ couldn't resist.
 
The list above, in conjunction with the BoE MPC meeting list should help clear it up: https://www.bankofengland.co.uk/monetary-policy/upcoming-mpc-dates

Zopa changes their rates in response to market conditions too (not just rate increases), but there doesn't seem to really be a clear cut answer.

MPC meeting | Date it appears they acted, albeit not necessarily in response to the BoE

23rd March | 31st March
2nd February | 27th February
15th December | 15th December
3rd November | Not at all (or alternatively that could be what their 15th December rise was in response to).
22nd September | 11th October

It really seems to vary, but on balance I would say it's mainly after - just not always right after

fwdrew

If everyone withdrawals a large chunk this weekend maybe they will

ForumUser7

fwdrew said:

If everyone withdrawals a large chunk this weekend maybe they will

Zopa is currently behind in the rates leagues at the moment, I imagine many forumites (especially those on this thread) will have moved onto greener pastures already, until Zopa improves their offering.

OceanSound

Bridlington1 said:

May I take the liberty of taking us back to easy access accounts.

The moneybox simple saver is now at 3% (up from 2.32%). It's not got a market leading rate by any stretch of the imagination but it does let you deposit by DD so it's nice to know my £2 weekly DD is earning an extra 0.68% whilst sat in an EA account. By my calculations that leaves me around 3p better off each year.

You may (now that we've answered the rhetorical questions on how to ignore a member).

Although, if I may take the privilege to add that it makes sense to move the money accumulated in the moneybox simplesaver account ever so often to a higher interest paying account (and not leave it there for an extended period). My moneybox simplesaver allows one withdrawal per calendar month. 

I did the last withdrawal in March (about £44 had accumulated before I realized). Today, I did another withdrawal to nominated account. Today's withdrawal amounted to around £12. i.e. money accumulated through DD's from March until now.

After money arrives in nominated account, moving it even somewhere like Zopa (paying  3.29% Gross, 3.34% AER) would yield higher returns than 3.00% AER at moneybox.