The Top Easy Access Savings Discussion Area

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.

soulsaver

Thirty9 said:

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.

That's a fairly recent feature, then. I asked about it early on and got the answer I gave you. But still, as you say, my plan is  for leaving it in place and watching what happens to rates - is prob the best game for me. If it's still up there, renew and issue notice immediately again...

Thumbs_Up

Patr100 said:

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

Looks like Zopa are going to be competitive so holding 85k long term in the 95 days notice account means I have to cancel as soon as I open it, so then I can skim off the interest money.

Would have been easier for both parties if just the interest was transferred automatically to the easy access pot.  

 

changearound1

Malchester said:

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

Transfers out happen the same day including weekends. They're a tad slower than a regular bank faster payment - minutes rather than seconds - but I can live with that.

changearound1

Patr100 said:

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.

I believe Patr100 was suggesting that just the interest be paid into the access account with the balance staying in the notice booster pot.

It would be nice if they gave us the choice where we wanted our interest paid then everybody's happy.

soulsaver

Zopa 1.6% 31 day - I think death knell  to a whole bunch of regular savers for me, unless they get their fingers out.

Thumbs_Up

changearound1 said:

I believe Patr100 was suggesting that just the interest be paid into the access account with the balance staying in the notice booster pot.

No, It doesn’t work like that. (unless I have set my account up incorrectly)

The interest is held in the booster pot inaccessible until the 95 days are up.

Thumbs_Up

soulsaver said:

Zopa 1.6% 31 day - I think death knell  to a whole bunch of regular savers for me, unless they get their fingers out.

Talking about "get their fingers out" Tandem bank, get with the program will you, my switching finger is getting twitchy.

janusd

Thumbs_Up said:

changearound1 said:

I believe Patr100 was suggesting that just the interest be paid into the access account with the balance staying in the notice booster pot.

No, It doesn’t work like that. (unless I have set my account up incorrectly)

The interest is held in the booster pot inaccessible until the 95 days are up.

yep - it's in the Smart Saver T&C @ 4.1...

"Interest is calculated daily on your current balance in each of your Pots (including interest paid) and is credited to each of the relevant Pots once per month".

nothing in there about having the interest paid to other pots - might be worth having a chat with them... if only to plant the idea with them that it might be a good idea to offer it.