The Top Easy Access Savings Discussion Area

janusdesign

Mr._H_2 said:

Regarding Zopa "boosted" pots: is the interest rate variable? Let's say I make a deposit and "boost" it with the 95-day boosted pot on 24th June (today). Then hypothetically, Zopa raise the interest rate on boosted pots on 1st August. Will my boosted pot get that new higher interest rate from 1st August? Or would that only apply to "new" boosted money? So I'd have to "withdraw" the amount I boosted on 24th June and "re-boost" it to get the new, higher rate?

the rate increase will get applied automatically and apply to the whole balance.

StayinAlive

I've been mulling over the Zopa Smart Saver for a while now and find the comments all positive in this thread. I've been with Marcus for some time - mainly because they're so quick in transferring. Can someone share their experience of time taken for transfer out of the Zopa access pot (presumably to my linked bank acount).

Bobblehat

janusdesign said:

it's app only.

you can view your other Zopa savings accounts from the App, but you can't open/view or manage a Smart Saver via their site.

Thanks. I've sent MSE a message  ..... would it be appropriate to say "app only" in the lists in this topic too?

janusdesign

Bobblehat said:

janusdesign said:

it's app only.

you can view your other Zopa savings accounts from the App, but you can't open/view or manage a Smart Saver via their site.

Thanks. I've sent MSE a message  ..... would it be appropriate to say "app only" in the lists in this topic too?

weirdly I see that it does say "App" for the listing in the Easy Access section, but not in the notice listings section - probably just a typo / oversight on someones part... also, it says the limit is £50k (which is what it says on the Zopa site), but the App itself says £85k limit.

MichaelAP

I have noticed that none of these Open Banking savings banks are not registered with COP (Confirmation Of Payment).
The only reason I say this is that each and every time I wish to make a transfer from NatWest to Marcus I am repeatedly warned the bank is not confirmed and tries to stop each transaction with warnings “You could be at risk of being scammed. Variations in account details could signal criminal activity” 

Although I trust Marcus it always throws up a worry and leaves you hesitant each time.

masonic

MichaelAP said:

I have noticed that none of these Open Banking savings banks are not registered with COP (Confirmation Of Payment).
The only reason I say this is that each and every time I wish to make a transfer from NatWest to Marcus I am repeatedly warned the bank is not confirmed and tries to stop each transaction with warnings “You could be at risk of being scammed. Variations in account details could signal criminal activity” 

Although I trust Marcus it always throws up a worry and leaves you hesitant each time.

The initial rollout of COP was only to the big banks. Once a payee is saved, then it is not normal for there to be further warnings for subsequent transactions. Perhaps Natwest does things differently, but most banks only check when the payee is first set up.

Arguably, warning people about every transfer to an account they have previously verified is genuine is counterproductive and will lead to people not paying attention in a situation where there may actually be a risk.

andyhicks88

Atom is in COP scheme.

Mr._H_2

janusdesign said:

Mr._H_2 said:

Regarding Zopa "boosted" pots: is the interest rate variable? Let's say I make a deposit and "boost" it with the 95-day boosted pot on 24th June (today). Then hypothetically, Zopa raise the interest rate on boosted pots on 1st August. Will my boosted pot get that new higher interest rate from 1st August? Or would that only apply to "new" boosted money? So I'd have to "withdraw" the amount I boosted on 24th June and "re-boost" it to get the new, higher rate?

the rate increase will get applied automatically and apply to the whole balance.

Thanks. Do you have first-hand experience of this? Because I got in touch with them and they said I would have to "re-boost" to get the new interest rate.

10_66

Mr._H_2 said:

Thanks. Do you have first-hand experience of this? Because I got in touch with them and they said I would have to "re-boost" to get the new interest rate.

When you log on to the app, the new rate is shown.

Malchester

Mr._H_2 said:

janusdesign said:

Mr._H_2 said:

Regarding Zopa "boosted" pots: is the interest rate variable? Let's say I make a deposit and "boost" it with the 95-day boosted pot on 24th June (today). Then hypothetically, Zopa raise the interest rate on boosted pots on 1st August. Will my boosted pot get that new higher interest rate from 1st August? Or would that only apply to "new" boosted money? So I'd have to "withdraw" the amount I boosted on 24th June and "re-boost" it to get the new, higher rate?

the rate increase will get applied automatically and apply to the whole balance.

Thanks. Do you have first-hand experience of this? Because I got in touch with them and they said I would have to "re-boost" to get the new interest rate.

I have 31 day and 95 day boosted pots and the increase was applied automatically.

I have found transferring money in takes no more than 20 minutes. Not transferred any out yet so don't know the time but would expect it to be the same