The Top Easy Access Savings Discussion Area

Black_Cat2

Yay @ Zopa!  Me camping outside their offices worked! 😹

Wheres_My_Cashback

Expecting Al Rayan to respond in 1-2 weeks at 3.26% 

Mevlock

Well that was easy.

Earned a couple of hundred from the Santander account but just opened both a Coventry Limited Access Saver, with monthly interest to my current account and a First Home Saver account. Moved most over, the rest I'll do in 24 hours to keep Santander throwing a fit

This is the first time I've ever had a decent ammount of savings in my life. Was considering buying property but the market isn't exactly in a great place so this forum is invaluable right now. Thanks to everyone.

Vortigern

Zaul22 said:

They have also added autosave, cool. Now if they just give us the ability to delete old nominated current accounts that would be great. 

Who has added autosave?

AmityNeon

@ZeroSum said:

AmityNeon said:

Zopa Smart Saver is now 2.86% AER.

A bit of pedantry, but it's actually 2.9% AER, and 2.86% is what's received monthly before compounding

Are you absolutely certain? Zopa is very conspicuous in their advertising of AER figures in the app, and 2.86% AER is currently displayed; where did you find 2.90% AER? Their website hasn't been updated yet, but the gross interest rate is lower than the AER, and there is nothing to suggest 2.86% AER is incorrect.

The last time they increased the interest rate, to 2.40% AER on 31 Oct 2022, the figure was immediately visible in the app. I received an email (the next day) stating the following:

• The new rate for your Access pots will be: 2.40% AER* variable (2.37% gross**). This was applied to your account on 31/10/22. The old rate was: 2.15% AER* variable (2.12% gross**).

Note that the prior increase, to 2.15% AER, was also immediately visible in the app.

What I have noticed with Zopa though is they do not use the stated gross rate (two decimal places) when calculating interest to approximate the AER (also rounded to two decimal places); rather, they use the exact gross rate that compounds to the stated AER (with minimal rounding).

ZeroSum

AmityNeon said:

@ZeroSum said:

AmityNeon said:

Zopa Smart Saver is now 2.86% AER.

A bit of pedantry, but it's actually 2.9% AER, and 2.86% is what's received monthly before compounding

Are you absolutely certain? Zopa is very conspicuous in their advertising of AER figures in the app, and 2.86% AER is currently displayed; where did you find 2.90% AER? Their website hasn't been updated yet, but the gross interest rate is lower than the AER, and there is nothing to suggest 2.86% AER is incorrect.

The last time they increased the interest rate, to 2.40% AER on 31 Oct 2022, the figure was immediately visible in the app. I received an email (the next day) stating the following:

• The new rate for your Access pots will be: 2.40% AER* variable (2.37% gross**). This was applied to your account on 31/10/22. The old rate was: 2.15% AER* variable (2.12% gross**).

Note that the prior increase, to 2.15% AER, was also immediately visible in the app.

What I have noticed with Zopa though is they do not use the stated gross rate (two decimal places) when calculating interest to approximate an AER (also rounded to two decimal places); rather, they use the exact gross rate that compounds to the stated AER (with minimal rounding).

In the app its showing as 2.86  prior to today that was 2.37 in the app

So it's stands to reason the 2.4 aer rate has gone up the full 0.5%

AmityNeon

ZeroSum said:

In the app its showing as 2.86  prior to today that was 2.37 in the app

So it's stands to reason the 2.4 aer rate has gone up the full 0.5%

Why does the app say 2.86% AER now? Has Zopa make a mistake?

What did your app say before?
2.37 [what] ?

jimexbox

My zopa instant access was showing as 2.40 AER before today's increase. 

fwdrew

https://www.zopa.com/smart-saver-history

ZeroSum

AmityNeon said:

ZeroSum said:

In the app its showing as 2.86  prior to today that was 2.37 in the app

So it's stands to reason the 2.4 aer rate has gone up the full 0.5%

Why does the app say 2.86% AER now? Has Zopa make a mistake?

What did your app say before?
2.37 [what] ?

Mine said 2.37% before today which is 2.4 aer
Just like 2.86% is 2.9% aer