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  • AndyTh_2
    AndyTh_2 Posts: 334 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    where do you find your zopa balance limit? I assume mine has gone up to £85k as well, but I can't see an obvious way to see the limt
  • fwdrew
    fwdrew Posts: 48 Forumite
    Second Anniversary 10 Posts
    AndyTh_2 said:
    where do you find your zopa balance limit? I assume mine has gone up to £85k as well, but I can't see an obvious way to see the limt
    Open smart saver, manage, account information.
  • AndyTh_2
    AndyTh_2 Posts: 334 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 8 August 2022 at 7:43PM
    Oasis1 said:
    How does it work with Zopa notice accounts? Is it the same as any withdrawal - you withdraw the money but just takes 31 days?
    you click a button to give notice to a boosted account, and it changes to an instant access account once the notice term is up. Then you can transfer.

    You can also cancel a notice once it's made, so is useful for timing a boosted account to be accessible a few weeks after the next base rate rise for potential movement to a better rate.

    In my case, mine was going to become instant on 14th August, but I can cancel and start the process again now it's gone up.
  • Oasis1
    Oasis1 Posts: 738 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    AndyTh_2 said:
    Oasis1 said:
    How does it work with Zopa notice accounts? Is it the same as any withdrawal - you withdraw the money but just takes 31 days?
    you click a button to give notice to a boosted account, and it changes to an instant access account once the notice term is up. Then you can transfer.

    You can also cancel a notice once it's made, so is useful for timing a boosted account to be accessible a few weeks after then next base rate rise for potential movement to a better rate.

    In my case, mine was going to become instant on 14th August, but I can cancel and start the process again it now it's gone up.

    Ah I like that. After all the faff of opening a Shawbrook account, I may change to Zopa 31 day now. Already knew this might be the case with rising rates elsewhere, so happy to do so.

    One more question - I assume it's fine to make further deposits into a fixed account and interest is calculated daily? But how is it paid?
  • jimexbox
    jimexbox Posts: 12,481 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 8 August 2022 at 7:52PM
    Oasis1 said:
    AndyTh_2 said:
    Oasis1 said:
    How does it work with Zopa notice accounts? Is it the same as any withdrawal - you withdraw the money but just takes 31 days?
    you click a button to give notice to a boosted account, and it changes to an instant access account once the notice term is up. Then you can transfer.

    You can also cancel a notice once it's made, so is useful for timing a boosted account to be accessible a few weeks after then next base rate rise for potential movement to a better rate.

    In my case, mine was going to become instant on 14th August, but I can cancel and start the process again it now it's gone up.

    Ah I like that. After all the faff of opening a Shawbrook account, I may change to Zopa 31 day now. Already knew this might be the case with rising rates elsewhere, so happy to do so.

    One more question - I assume it's fine to make further deposits into a fixed account and interest is calculated daily? But how is it paid?
    It's the pot you give notice on, not the amount, so you can keep adding to a pot you've give notice on. 

    Zopa increase the rates to existing notice accounts, so there is no need to run down to benefit from the better rate. Although I give notice immediately, just in case I need the money. I've split cash over instant, 31 and 95 day.

    Interest is calculated daily and paid a month after opening the account. 
  • AndyTh_2
    AndyTh_2 Posts: 334 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 8 August 2022 at 8:02PM
    Oasis1 said:
    AndyTh_2 said:
    Oasis1 said:
    How does it work with Zopa notice accounts? Is it the same as any withdrawal - you withdraw the money but just takes 31 days?
    you click a button to give notice to a boosted account, and it changes to an instant access account once the notice term is up. Then you can transfer.

    You can also cancel a notice once it's made, so is useful for timing a boosted account to be accessible a few weeks after then next base rate rise for potential movement to a better rate.

    In my case, mine was going to become instant on 14th August, but I can cancel and start the process again it now it's gone up.

    Ah I like that. After all the faff of opening a Shawbrook account, I may change to Zopa 31 day now. Already knew this might be the case with rising rates elsewhere, so happy to do so.

    One more question - I assume it's fine to make further deposits into a fixed account and interest is calculated daily? But how is it paid?
    it's monthly usually the day that you opened your account https://www.zopa.com/help/article/when-is-interest-paid

    I'm not sure if you can make further deposits into a fixed interest rate account, as that would in a decreasing base rate/ supply/demand be a problem for them, but boosted notice pots (variable rate interest) you can keep adding money to while not on notice.

    Since the accounts are called "pots" they are quite flexible in how many you can open, so new money can go into a new pot if either during notice or using a fixed interest rate account.
  • AndyTh_2
    AndyTh_2 Posts: 334 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    jimexbox said:
    Oasis1 said:
    AndyTh_2 said:
    Oasis1 said:
    How does it work with Zopa notice accounts? Is it the same as any withdrawal - you withdraw the money but just takes 31 days?
    you click a button to give notice to a boosted account, and it changes to an instant access account once the notice term is up. Then you can transfer.

    You can also cancel a notice once it's made, so is useful for timing a boosted account to be accessible a few weeks after then next base rate rise for potential movement to a better rate.

    In my case, mine was going to become instant on 14th August, but I can cancel and start the process again it now it's gone up.

    Ah I like that. After all the faff of opening a Shawbrook account, I may change to Zopa 31 day now. Already knew this might be the case with rising rates elsewhere, so happy to do so.

    One more question - I assume it's fine to make further deposits into a fixed account and interest is calculated daily? But how is it paid?
    It's the pot you give notice on, not the amount, so you can keep adding to a pot you've give notice on. 

    Zopa increase the rates to existing notice accounts, so there is no need to run down to benefit from the better rate. Although I give notice immediately, just in case I need the money. I've split cash over instant, 31 and 95 day.

    Interest is calculated daily and paid a month after opening the account. 
    yep sorry I meant more about if another provider offers better interest rates. Zopa is quite good at it's rates at the moment it seems, but wont necessarily always last.
  • Malchester
    Malchester Posts: 999 Forumite
    Eighth Anniversary 500 Posts Photogenic Name Dropper
    AndyTh_2 said:
    Oasis1 said:
    AndyTh_2 said:
    Oasis1 said:
    How does it work with Zopa notice accounts? Is it the same as any withdrawal - you withdraw the money but just takes 31 days?
    you click a button to give notice to a boosted account, and it changes to an instant access account once the notice term is up. Then you can transfer.

    You can also cancel a notice once it's made, so is useful for timing a boosted account to be accessible a few weeks after then next base rate rise for potential movement to a better rate.

    In my case, mine was going to become instant on 14th August, but I can cancel and start the process again it now it's gone up.

    Ah I like that. After all the faff of opening a Shawbrook account, I may change to Zopa 31 day now. Already knew this might be the case with rising rates elsewhere, so happy to do so.

    One more question - I assume it's fine to make further deposits into a fixed account and interest is calculated daily? But how is it paid?
    it's monthly usually the day that you opened your account https://www.zopa.com/help/article/when-is-interest-paid

    I'm not sure if you can make further deposits into a fixed interest rate account, as that would in a decreasing base rate/ supply/demand be a problem for them, but boosted notice pots (variable rate interest) you can keep adding money to while not on notice.

    Since the accounts are called "pots" they are quite flexible in how many you can open, so new money can go into a new pot if either during notice or using a fixed interest rate account.
    You can keep adding to notice pots after giving notice and the whole amount becomes available when the original notice period ends.
  • Malchester
    Malchester Posts: 999 Forumite
    Eighth Anniversary 500 Posts Photogenic Name Dropper
    AndyTh_2 said:
    Oasis1 said:
    AndyTh_2 said:
    Oasis1 said:
    How does it work with Zopa notice accounts? Is it the same as any withdrawal - you withdraw the money but just takes 31 days?
    you click a button to give notice to a boosted account, and it changes to an instant access account once the notice term is up. Then you can transfer.

    You can also cancel a notice once it's made, so is useful for timing a boosted account to be accessible a few weeks after then next base rate rise for potential movement to a better rate.

    In my case, mine was going to become instant on 14th August, but I can cancel and start the process again it now it's gone up.

    Ah I like that. After all the faff of opening a Shawbrook account, I may change to Zopa 31 day now. Already knew this might be the case with rising rates elsewhere, so happy to do so.

    One more question - I assume it's fine to make further deposits into a fixed account and interest is calculated daily? But how is it paid?
    it's monthly usually the day that you opened your account https://www.zopa.com/help/article/when-is-interest-paid

    I'm not sure if you can make further deposits into a fixed interest rate account, as that would in a decreasing base rate/ supply/demand be a problem for them, but boosted notice pots (variable rate interest) you can keep adding money to while not on notice.

    Since the accounts are called "pots" they are quite flexible in how many you can open, so new money can go into a new pot if either during notice or using a fixed interest rate account.
    You can keep adding to notice pots after giving notice and the whole amount becomes available when the original notice period ends.
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