The Top Easy Access Savings Discussion Area

razord

I got 90% out of Santander last night but the last 10% triggered the security. Took 20 minutes this morning on the phone to get it unblocked - but I appreciate them checking given how many people are caught out by scams.

t1redmonkey

Zerforax said:

Moved my money from Santander 2.75% to Zopa. Debating if I do the 7 day pot but there may be some more rate increases soon?

It's only 7 days. you may as well.  You can open one, put some money in and give notice straight away and just keep doing that depending on whether or not something better comes along.

isasmurf

ColdIron said:

Msrajjc2 said:

probably crystal ball gazing... but anyone got any idea whether Santander will increase the rate on its (now withdrawn) 'e-saver'? and if not, whether it's worth moving to Zopa?

The eSaver hasn't been withdrawn but the rate has decreased from 2.75% to 1.50% so I would manage my expectations

https://www.santander.co.uk/personal/savings-and-investments/savings/esaver

The way that you phrase that will get some people worried their interest rate has gone down to 1.5%. 

I think it is worth clarifying that the esaver available now is a different product to the one that offered 2.75%.

The 2.75% was the esaver Limited Edition (Issue 1) and remains at that rate. 
The 1.50% currently available is esaver (Issue 21)

CheekyMikey

Mr._H_2 said:

Msrajjc2 said:

probably crystal ball gazing... but anyone got any idea whether Santander will increase the rate on its (now withdrawn) 'e-saver'? and if not, whether it's worth moving to Zopa?

Judging by past behaviour, one would not expect the Santander eSaver rate to increase. But as it's an easy access account there's no problem just keeping a quid in it just in case.

If you are clever with the Zopa notice pots, it's actually possible to earn slightly above their stated AER %. I'm wondering how many people do what I do and how long it's going to last though, as it can't have been their intended use case.

yes…I have a number of 95 day pots all maturing at 2-3 week intervals so like you I’m essentially getting a continuous stream of highest rate interest every few weeks, albeit not strictly easy access it’s close enough.

Nova1307

Quick question on Zopa. Is the maximum balance £85k across all accounts and pots combined (included boosted pots) or is it per account/pot?

jimexbox

Zerforax said:

Moved my money from Santander 2.75% to Zopa. Debating if I do the 7 day pot but there may be some more rate increases soon?

I'm going to open a 95 day pot every few weeks. Obviously giving notice as soon as they are open. 

Mr._H_2

Nova1307 said:

Quick question on Zopa. Is the maximum balance £85k across all accounts and pots combined (included boosted pots) or is it per account/pot?

Across all pots. All pots are actually contained within one account - i.e. you only have one sort code and account number, regardless of how many "pots" you create (maximum 19 pots in addition to the Primary, so 20 in total).

To get money to a boosted pot from outside Zopa, you deposit it to your "Primary" pot, then you can move it within the Zopa app to the pot of your choice.

Band7

Mr._H_2 said:

Nova1307 said:

Quick question on Zopa. Is the maximum balance £85k across all accounts and pots combined (included boosted pots) or is it per account/pot?

Across all pots. All pots are actually contained within one account - i.e. you only have one sort code and account number, regardless of how many "pots" you create (maximum 19 pots in addition to the Primary, so 20 in total).

To get money to a boosted pot from outside Zopa, you deposit it to your "Primary" pot, then you can move it within the Zopa app to the pot of your choice.

It's not just across all pots. It's across all Zopa accounts you have. Though most people probably only have the Zopa SmartSaver.

Rudyson

CheekyMikey said:

Mr._H_2 said:

Msrajjc2 said:

probably crystal ball gazing... but anyone got any idea whether Santander will increase the rate on its (now withdrawn) 'e-saver'? and if not, whether it's worth moving to Zopa?

Judging by past behaviour, one would not expect the Santander eSaver rate to increase. But as it's an easy access account there's no problem just keeping a quid in it just in case.

If you are clever with the Zopa notice pots, it's actually possible to earn slightly above their stated AER %. I'm wondering how many people do what I do and how long it's going to last though, as it can't have been their intended use case.

yes…I have a number of 95 day pots all maturing at 2-3 week intervals so like you I’m essentially getting a continuous stream of highest rate interest every few weeks, albeit not strictly easy access it’s close enough.

I'm halfway through setting that up as well. As you say, close enough to instant access

janusdesign

Band7 said:

Mr._H_2 said:

Nova1307 said:

Quick question on Zopa. Is the maximum balance £85k across all accounts and pots combined (included boosted pots) or is it per account/pot?

Across all pots. All pots are actually contained within one account - i.e. you only have one sort code and account number, regardless of how many "pots" you create (maximum 19 pots in addition to the Primary, so 20 in total).

To get money to a boosted pot from outside Zopa, you deposit it to your "Primary" pot, then you can move it within the Zopa app to the pot of your choice.

It's not just across all pots. It's across all Zopa accounts you have. Though most people probably only have the Zopa SmartSaver.

technically, I think it's £500k across all accounts now - though I think the limit for Smart Saver is still set at £85k (also the FSCS limit).