The Top Easy Access Savings Discussion Area

Keltosh

Opened a new ZOPA account last night. Once opened, revised interest rates & £85000 showing in the account.

soulsaver

soulsaver said:

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.
 

New rates now in the link... but £50k limit still showing.  eta Now £85k
I doubt whether a £50k limit would stop anyone opening an account, so they should do so and then check what limit they are given. 

murphydavid

Rollinghome said:

Oasis1 said:

I've screwed up on that front. Should have picked monthly so have messaged to ask if I can change.

Ah, but you will get 1.75% instead of 1.74% (1.75% AER) if you move somewhere else after a month or so - which isn't too implausible at the moment.  Maybe enough to buy a few bubbles on your latte. (Pity about any extra tax of course. Could always close and re-open.)

You don't get less or more interest. They just working the math backwards so to speak. The interest is actually calculated daily on a daily rate. The real rate that's used but not stated. That rate is worked out backwards so that you would get the quoted APR if it was in for 365 days.
So if you work backwards from the APR to the monthly rate (or forwards from the daily rate) that will give you a percentage you can quote. Its just meaningless math. You always get the same APR both ways. If you chose monthly you just get more updates and a way to move interest from one tax year to the next.
As I understand it.

intalex

andyhicks88 said:

I wonder what's going on with Atom?

Seems they've reacted on their fixed rates but nothing else, maybe too many people have held on their funds with Atom hoping for an increase, which in turn led to lack of incentive for Atom to increase easy access rates. No reaction = No action

t1redmonkey

Is a zopa account quick and easy to open?

jimexbox

t1redmonkey said:

Is a zopa account quick and easy to open?

Very quick and easy, for myself anyway. 

Masetw

Only moved savings into a chase account 3 days ago. Would it be worth opening a Zopa account now and moving again or just leaving for the time being?

wiseonesomeofthetime

No one knows tbh.

I have moved my Chase funds to Zopa, but Chase could just as well increase their rate next week to 2%. 

Or they may not move it at all. Anyone's guess.

Small numbers difference on small balances, however, does make a significant difference for larger deposits.

noh

t1redmonkey said:

Is a zopa account quick and easy to open?

It should be but they need to verify your nominated bank account before you can make a deposit. Despite me uploading the required documents immediately they did not verify the linked account until 10 days later and then only after prompting.

jimexbox

Masetw said:

Only moved savings into a chase account 3 days ago. Would it be worth opening a Zopa account now and moving again or just leaving for the time being?

It's a personal choice as to whether you think its worth it. I spread my cash across the zopa instant and boosted pots. So 31 day notice is 1.95%. You can given notice immediately and keep renewing it.

I'll continue to use Chase for their 1% cashback and foreign travel. Chase may come back with a great rate. If so, I'll jump straight back. As interest is calculated daily, you don't lose anything.