The Top Easy Access Savings Discussion Area

Mr._H_2

Malchester said:

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

What is it with companies not knowing how their own products work?

This really makes the boosted pots an extremely attractive option, IMHO.

BigBlueSky

I've sent two payment to the Zopa account.  One via a regular Bank Transfer which took 25 minutes to show, and the other via their 'Instant bank transfer' open banking system, which is still not showing after over 2 hours.

Expotter

I have just opened a smart saver account and my account information says limit is £50k, not £85k

BigBlueSky

Expotter said:

I have just opened a smart saver account and my account information says limit is £50k, not £85k

Yes, the limit is £50K.

I double checked with them and they told me it used to be £85K, but has been reduced to £50K.

Thumbs_Up

Ha, wished I read last few post 45 minutes ago, just taken out 25K from Tandem to put in to Zopa and it bounced straight back to my account. Scratching my head why – answer, I already have 85k in the 31 day booster account.

This will be interesting, this 85k with a bit of interest on top is due to be transferred to the easy access pot, when that’s done in a few days time I’ll transfer the 85k (with a bit of interest on top) to the 1.80% 95 days access pot.

Nice..

soulsaver

Thumbs_Up said:

Ha, wished I read last few post 45 minutes ago, just taken out 25K from Tandem to put in to Zopa and it bounced straight back to my account. Scratching my head why – answer, I already have 85k in the 31 day booster account.

This will be interesting, this 85k with a bit of interest on top is due to be transferred to the easy access pot, when that’s done in a few days time I’ll transfer the 85k (with a bit of interest on top) to the 1.80% 95 days access pot.

Nice..

You likely wont be able to include the interest, as they'll apply the £85 max - assuming they're not applying a different max re immediately prior posts indicating £50k max being applied. 

If they do, this'll be a new category: A variable deposit limit.
And their apparent competence starts to unravel...

BigBlueSky

The message I got on Facebook Messenger from them about the £50K limit:

"We first offered a higher max savings balance to early adopters of our Smart Saver, but have now reduced this to 50k max for new applications. This will allow more people to save and take advantage of our industry leading rates. Sorry for the confusion caused."

Thumbs_Up

Just check my account and my limit is 85k, will be interesting to see what they do with the £92 interest. I will report back and let you know..Just 3 days to transfer now.

Thumbs_Up

I never did checked what the limit was when I first put the money in, just wanted, like a lot of people to keep it within the 85k safety margin.. Also note, with my linked bank account because 25k was technically taken out (which bounce straight back) I have to wait past 12:01 to move the money back into Tandem.

Sea_Shell

Surely an account limit is an absolute limit, like with premium bonds.

Not a "limit+".