The Top Easy Access Savings Discussion Area

AndyTh_2

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

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

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.

soulsaver

ToTP  Something for the week-end sir? (11/08) New Number 1 .... Al Rayan grabs top spot.. for now..

OK rate trappers.. Easy(ish) Access, Top (10ish) Of The Pots.. BoE base rate +0.5 =1.75% (04/08)

Updated at 12/08/2022.. c.10.00hrs - Starter for 10; not comprehensive, DYOR.

Latest/recent changes in bold. Links added for all accounts. TIA for all contributions.
Bracketed dates = date rate added/amended here.

1 Al Rayan Everyday Saver iss 3. £5k min 1.90% (11/08) App onlyish. Everyday Saver (Issue 3) | Islamic banking | Sharia compliant & ethical (alrayanbank.co.uk) Thnx @Expotter

2 Zopa Smart Saver(App only) - £85k max. Improved rates(08/08) Access 1.81%. Boosted 7day notice 1.85%.  31day 1.95%; 95day 2.05%  Smarter Savings built for real life  Thnx @The_Fat_Controller

3 Gatehouse EA 1.80% EPR (10/08) Min £1k Easy access account | Gatehouse Bank | Gatehouse Bank plc Thnx (Ed)

4 Shawbrook EA Iss29 1.75% (05/08) Min £1k Easy Access Savings Accounts | Shawbrook BankKazza242

5 Virgin Money 1.71% (27/07)c/w M plus c.a. £25k max EASY ACCESS SAVINGS | Virgin Money UK

6 RCI Bank  1.67%(12/08) Savings Accounts | RCI Bank thnx @Bridlington1  

7 Tandem 1.65% App only 05/08  A greener way to save for the future (tandem.co.uk)MrFrugalFever 

8 Cynergy EA; 1.60% inc 1st yr bonus (05/08) Cynergy Bank thnx @10_66

9 Tesco Internet Saver 1.58% inc bonus. (11/08) Internet Saver Account Application - Savings Accounts - Tesco Bank thnx @SonOfPearl

10 Skipton Double Access 1.56%(04/08) £10kMin   https://www.skipton.co.uk/savings/easy-access/online-double-access-saverSonOfPearl

11= Ford Money 1.55% (04/08) Flexible Savings Account - Easy access savings | Ford Money  Thnx @Kazza242

11= Yorkshire BS*Tiered* Internet Svr Plus iss 12 1.55% (27/07)(1.25%<£10k 1.60%>£50k) (27/07). View our Easy Access Savings Accounts | Savings | YBS ; Also note their 1.5% <£10k with restrictions Savings Account - More Information | YBS 

11= Sainsbury Defined Access iss 13 1.55% (26/07) limited to 3 w/d; £1k min Defined Access Saver with Sainsbury's Bank (sainsburysbank.co.uk)

See prior ToTPs for detail on recent 'drop offs...'. Last posts, pages 651/644/633/627  

Recent/Upcoming Drop offs:  Ford Money, YBS, Sainsbury, (Today);

Secure Trust Bank, Charter Bank, Chase, Newcastle BS, Family BS, Nationwide BS.

Check terms for yourself - DYOR.
Note: These rates may, or may not be applied to existing accounts, plse check.

Also small balance, high rate: VM 2.0% £1k limit, Nationwide FlexDirect 5% on £1.5k (1st year only) Others  of note?

Also see Regular Savings Accounts: The Best Currently Available List! — MoneySavingExpert Forum

And Cash ISAs: The Best Currently Available List — MoneySavingExpert Forum

jimexbox

@ soulsaver. My 50k zopa cap has been removed. The full 85k is now available. 

Mr._H_2

jimexbox said:

@ soulsaver. My 50k zopa cap has been removed. The full 85k is now available. 

Me too. However, the page at https://www.zopa.com/smart-saver still states that there is a £50k limit. So is that page out of date? Or only some customers get an £85k cap? A bug in their software that if you save £50k, then as soon as you get your first interest payment the limit goes up to £85k?

BigBlueSky

Mr._H_2 said:

jimexbox said:

@ soulsaver. My 50k zopa cap has been removed. The full 85k is now available. 

Me too. However, the page at https://www.zopa.com/smart-saver still states that there is a £50k limit. So is that page out of date?

The page is out of date with regards to the interest rates too, so might update when they get around to changing those too.

soulsaver

jimexbox said:

@ soulsaver. My 50k zopa cap has been removed. The full 85k is now available. 

 I understand that - the '?' is there because it isn't clear the £85k is for every one - I've had £85k since launch + 2days IIRC.
In fact the link I posted doesn't show the new rates but I can see them in my app... so I'm hoping they're clear and in the link tomorrow.
 

jimexbox

Mr._H_2 said:

jimexbox said:

@ soulsaver. My 50k zopa cap has been removed. The full 85k is now available. 

Me too. However, the page at https://www.zopa.com/smart-saver still states that there is a £50k limit. So is that page out of date? Or only some customers get an £85k cap? A bug in their software that if you save £50k, then as soon as you get your first interest payment the limit goes up to £85k?

The new rates are not on their website either. The 50k limit is also still in the app faq. Take a day or so to catch up.

Unless the 85k lift is for existing 50k cap holders. We need a new account holder to confirm. 

soulsaver

jimexbox said:

Mr._H_2 said:

jimexbox said:

@ soulsaver. My 50k zopa cap has been removed. The full 85k is now available. 

Me too. However, the page at https://www.zopa.com/smart-saver still states that there is a £50k limit. So is that page out of date? Or only some customers get an £85k cap? A bug in their software that if you save £50k, then as soon as you get your first interest payment the limit goes up to £85k?

The new rates are not on their website either. The 50k limit is also still in the app faq. Take a day or so to catch up.

Unless the 85k lift is for existing 50k cap holders. We need a new account holder to confirm. 

If the cap is lifted for everyone, the webby will(?) state the £85k limit.