The Top Easy Access Savings Discussion Area

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.

janusdesign

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.

Rollinghome

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.

Seem to remember that the FSCS covers up to £85K plus any outstanding interest, if that's the concern. You'd need to check that, but otherwise, can you not just put in £85k less the expected interest? A month's interest is only going to be a bit over £100 so not enough to lose much sleep over.

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Rollinghome said:

Seem to remember that the FSCS covers up to £85K plus any outstanding interest, if that's the concern. You'd need to check that, but otherwise, can you not just put in £85k less the expected interest? A month's interest is only going to be a bit over £100 so not enough to lose much sleep over.

3 months in my case, but you are correct not much to lose sleep over. But the thing is it’s variable saving rate so I want to leave the main source of my money in the account and forget about it. Interest will quickly build up and I would like to spend it. Hence my previous comments.