The Top Easy Access Savings Discussion Area

Malchester

Just for information - my Zopa smart saver account shows and increase in interest rate -

instant access now 1.4%,
7 day notice 1.45%,
31 day notice 1.6% and
95 day notice 1.8%. 

Not showing as of now on Moneyfacts or Savings Champion

Still showing the previous rates on the website as of now.

Thumbs_Up

Re Zopa, if you have your money in the booster account  Say 85K for 95 day notice the monthly interest is held in the account and you can’t access it until 95 days have passed. Shame they can’t pay the interest to the access account.

soulsaver

Malchester said:

Just for information - my Zopa smart saver account shows and increase in interest rate -

instant access now 1.4%,
7 day notice 1.45%,
31 day notice 1.6% and
95 day notice 1.8%. 

Not showing as of now on Moneyfacts or Savings Champion

Still showing the previous rates on the website as of now.

Yep, and also not in the app rates list..(which is hard to find) but on the boosts I've got I can see the 1.4 and the 1.6.. That'll cause me some £££ shuffling if confirmed.
 

Thirty9

Regarding Zopa: I see they've increased the interest on my 90 day boosted pot. I've already requested access to it and few weeks ago, but might cancel that. That got me thinking: it's better to continually request access, and then cancel that request if you're happy with their rates. That way you have access to your money sooner if required.
I believe interest is still paid during the notification period, so I can't see a downside to this.

Patr100

Thumbs_Up said:

Re Zopa, if you have your money in the booster account  Say 85K for 95 day notice the monthly interest is held in the account and you can’t access it until 95 days have passed. Shame they can’t pay the interest to the access account.

Well that's the point. It's a notice account, hence the higher rate.

BigBlueSky

Is Zopa an instant transfer account ? - Money in/out appearing almost instantly with Faster Payments ?

soulsaver

Thirty9 said:

Regarding Zopa: I see they've increased the interest on my 90 day boosted pot. I've already requested access to it and few weeks ago, but might cancel that. That got me thinking: it's better to continually request access, and then cancel that request if you're happy with their rates. That way you have access to your money sooner if required.
I believe interest is still paid during the notification period, so I can't see a downside to this.

You can't cancel the notice; you just re-boost it at the end of the notice period.

See below.

Thirty9

soulsaver said:

You can't cancel the notice; you just re-boost it at the end of the notice period.

I just checked: there's a 'Cancel notice' button in my boosted pot, so I think it can be cancelled. Anyway, as you mentioned, it may be preferable to let just reboost at the end of the notice period.
The point stands: it's best to continually give notice.

Malchester

BigBlueSky said:

Is Zopa an instant transfer account ? - Money in/out appearing almost instantly with Faster Payments ?

To the best of my knowledge it is instant access. I haven't transferred money out yet but have made a few transfers in and they have been within 20 minutes. I assume transfers out will be the same

Malchester

As soon as the money was in my 31 day and 95 day boost pots I gave notice with the intention of renewing them when the notice period is up maybe with a little tinkering around with the money in them. Cancelling the notice would mean having to start again with the notice period. Nothing lost with giving notice and then renewing at the end of the notice period, ifthat's what you want to do.