The Top Easy Access Savings Discussion Area

S_uk

janusdesign said:

S_uk said:

Apologies if this has been mentioned before, but what happens if you have 85k in a zopa account with regard to interest added if the maximum allowed in the account is 85k? Does it just add the interest but you then have to withdraw it to your linked account to keep it at no more than £85k?

you'll just continue to receive interest in the Zopa account as normal - but as you're over £85k, you won't be able to make any further manual deposits into the account.

Thanks to those who replied. It's good to know, I just wasn't sure if you literally couldn't have a balance of more than 85k in the account in any circumstances.

I plan to move interest out when paid anyway as it can't attract compound interest otherwise.

Sg28

10_66 said:

Sg28 said:

I think Ill give Chase until the end of the week before moving to Zopa. 

Shame they've been slow to adjust.

I rang them yesterday to see if they had any imminent plans on increasing, and the person I spoke to said not.  It wasn't even the "interest rates are always under review".  They said their rates aren't linked to the BoE base rate.  No idea if this is correct or not.

That doesnt sound promising. Its a shame I like the app. 

10_66

Yes, I know a lot of people had issues with it but, thankfully, I wasn't one of them.

refluxer

S_uk said:

Apologies if this has been mentioned before, but what happens if you have 85k in a zopa account with regard to interest added if the maximum allowed in the account is 85k? Does it just add the interest but you then have to withdraw it to your linked account to keep it at no more than £85k?

You could just put £84,850 in and scoop off the previous month's interest the day before the next interest payment is due each month.

Edit - I see going over £85k with interest isn't an issue from previous replies so I guess saving the full £85k is fine

razord

Sg28 said:

I think Ill give Chase until the end of the week before moving to Zopa. 

Shame they've been slow to adjust.

I'm doing the same... but I've already opened the Zopa account as I'm currently awaiting review of the docs to prove I own the account I'm sending money from (and to) which seems to take up to 48 hours in usual times, so presumably could be longer at the mo... might be worth opening the account now so you start that process.

jimexbox

10_66 said:

Sg28 said:

I think Ill give Chase until the end of the week before moving to Zopa. 

Shame they've been slow to adjust.

I rang them yesterday to see if they had any imminent plans on increasing, and the person I spoke to said not.  It wasn't even the "interest rates are always under review".  They said their rates aren't linked to the BoE base rate.  No idea if this is correct or not.

By Chase's own rational. If you have a loan with them, you're golden. Never heard such a daft excuse for not passing on at least a partial rate rise.

refluxer

razord said:

I'm doing the same... but I've already opened the Zopa account as I'm currently awaiting review of the docs to prove I own the account I'm sending money from (and to) which seems to take up to 48 hours in usual times

That's odd - the Barclays current account I linked my Zopa Smart Saver to seemed to be accepted instantly. I have had it for decades and not moved house in a long time though, which might help. Is your account with a bank not part of the CoP scheme, out of interest ?

razord

refluxer said:

razord said:

I'm doing the same... but I've already opened the Zopa account as I'm currently awaiting review of the docs to prove I own the account I'm sending money from (and to) which seems to take up to 48 hours in usual times

That's odd - the Barclays current account I linked my Zopa Smart Saver to seemed to be accepted instantly. I have had it for decades and not moved house in a long time though, which might help. Is your account with a bank not part of the CoP scheme, out of interest ?

I'm with Starling which is part of CoP I think - but this seems normal. Vanguard weren't able to automatically verify my account either earlier this year, so could be something specific to Starling?

Daliah

jimexbox said:

10_66 said:

Sg28 said:

I think Ill give Chase until the end of the week before moving to Zopa. 

Shame they've been slow to adjust.

I rang them yesterday to see if they had any imminent plans on increasing, and the person I spoke to said not.  It wasn't even the "interest rates are always under review".  They said their rates aren't linked to the BoE base rate.  No idea if this is correct or not.

By Chase's own rational. If you have a loan with them, you're golden. Never heard such a daft excuse for not passing on at least a partial rate rise.

Loans are really off-topic for the easy access savings thread. Perhaps start a different thread for Chase loans (as soon as they are offering them).

Not raising savings rates when the BoE rate changes is not unusual. If we're unhappy, we just move our money elsewhere. This either encourages a provider to raise their rates, or they are glad to see our backs as their need to borrow from us might not be as high as it used to be.

If you want to be certain that your savings interest is linked to the BoE rate, you need to get an account that explicitly is linked to BoE rates. AFAIK, savings accounts that are linked to the BoE rate are as rare as hens' teeth.

Sg28

razord said:

Sg28 said:

I think Ill give Chase until the end of the week before moving to Zopa. 

Shame they've been slow to adjust.

I'm doing the same... but I've already opened the Zopa account as I'm currently awaiting review of the docs to prove I own the account I'm sending money from (and to) which seems to take up to 48 hours in usual times, so presumably could be longer at the mo... might be worth opening the account now so you start that process.

Thanks Ill open mine tonight!