The Top Easy Access Savings Discussion Area

GalacticaActual

Skipton Building Society will be publishing their new interest rates on Wednesday 10th August 2022, taking effect on Monday 15th August 2022, where applicable.

None of their new variable savings rates will pay less than 1.00%.

https://www.skipton.co.uk/base-rate-change

What’s going to happen to the rate on my variable rate savings account?
We will be making rate increases to most of our variable savings products and none of the new variable savings rates will pay less than 1.00%. This will take effect on 15 August and full details of the increases for individual savings products will be published by 10 August.

where_are_we

Skipton have not been near the top of the interest savings tree for a while, except for the online members RS @3.5% which matures soon. "None of the new variable savings rates will pay less than 1%", is a low bar to surmount. However we will see in a couple of days how competitive they wish to be.

fwdrew

Yes my Zopa balance limit has been updated to 85,000 too. Got to give Zopa credit they are generally quick to update rates. Atom on the other hand extremely slow,as if they are just following others. 

Oasis1

How does it work with Zopa notice accounts? Is it the same as any withdrawal - you withdraw the money but just takes 31 days?

AndyTh_2

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

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

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

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

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

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.