The Top Easy Access Savings Discussion Area

BigBlueSky

Expotter said:

You'd struggle with Shawbrook then, if you request a withdrawal on a Friday after 2:30, your money won't appear in your account until the following Tuesday! 

and losing 4 days interest - That's what has put me off opening an account with them.

garyelder

I transferred 20k from Nat west to Zopa in account in less than 20 minutes 

S_uk

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?

Sg28

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

Shame they've been slow to adjust.

RobfromCornwall

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 have have in excess of 85k if that comes from interest.  I THINK interest is paid on the whole balance.  

janusdesign

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.

soulsaver

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?

Interest accrued taking you over the 'max' is allowed. I am at the moment.

10_66

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.

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.