The Top Easy Access Savings Discussion Area

Expotter

Can anyone tell me whether Zopa limit of £50K savings applies to each individual pot or to the total maximum savings in the account? 

zxspeccy

Expotter said:

Can anyone tell me whether Zopa limit of £50K savings applies to each individual pot or to the total maximum savings in the account? 

I believe it is now £85,000 across all pots in their smart saver, although the website still shows £50,000. What I have not found out is what happens if you hold the maximum of £85,000 and interest is applied, which will take you over their limit.

You can put more in their fixed term savers, up to £250,000 in one account and £500,000 across all fixed term savers... although I can't see why anyone would put in more than £85,000 in total.

refluxer

zxspeccy said:

What I have not found out is what happens if you hold the maximum of £85,000 and interest is applied, which will take you over their limit.

MSE's recommendation has always been to hold less than the full £85k to allow for any interest, so just stick with slightly less than the full amount if you want to be safe (the difference in interest between £84.8k and £85k, for example, is only £3/year !) or, if you're determined to max it out, then just skim off the excess regularly.

zxspeccy

refluxer said:

zxspeccy said:

What I have not found out is what happens if you hold the maximum of £85,000 and interest is applied, which will take you over their limit.

MSE's recommendation has always been to hold less than the full £85k to allow for any interest, so just stick with slightly less than the full amount if you want to be safe (the difference in interest between £84.8k and £85k, for example, is only £3/year !) or, if you're determined to max it out, then just skim off the excess regularly.

Thanks, this is what I am going to start doing, however my funds are in the 31 day Smart Saver at the moment so I guess I will find out when that matures. With Chase I move the interest into the current account for spending, using the 1% cashback and 5% top-ups, which is easy to manage and I never go over the £85,000 as there is always just enough room left for the next months interest.

MichaelAP

Reference Atom & Zopa; do they pay monthly on interest earned? I can’t find a link that explains interest periods.

zxspeccy

MichaelAP said:

Reference Atom & Zopa; do they pay monthly on interest earned? I can’t find a link that explains interest periods.

I believe Zopa pay monthly interest on all their Smart Saver accounts.

typistretired

Atom pay monthly on the day of month you opened the account 

janusd

MichaelAP said:

Reference Atom & Zopa; do they pay monthly on interest earned? I can’t find a link that explains interest periods.

Re: Zopa...

https://www.zopa.com/help/article/when-is-interest-paid

"We apply it to your savings account each month, on the calendar day your account was opened.

However, if your account was opened on the 29th, 30th or 31st of a month, we'll pay interest on the 28th of every month. Should you close your Smart Saver, a final payment will be made on the day the account is closed."

typistretired

Same as Atom then

Bobblehat

soulsaver said:

Zopa's 31 day notice is 1.6%... not long to wait if you issue notice immediately... if nowt better comes along you can cancel the notice on the 30th day or let it run and re-boost it and issue another notice; rinse and repeat as necessary.

And they add their new increased rates to existing notice accounts...  

It is 'tops' for me, personally.

eta 'their'..

Am I right in thinking that this 31 day notice account can only be opened via an App? It seems that the MSE page says "online" but I cant find a way to open it online ... maybe I'm having a senior moment?