The Top Easy Access Savings Discussion Area

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 but anyone got any idea whether Santander will increase the rate on its (now withdrawn) 'e-saver'?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

janusd

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).

Band7

janusdesign said:

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).

It's the FSCS limit I was talking about, sorry.

alternate

SeriousHoax said:

Hopefully cynergy will increase interest rates over the next few days. 🙏 

Good on Zopa for the increase as I like there App.

Cynergy has been quiet for a while but I guess it will depend on if people start withdrawing their money.  If people are staying put and they have covered their targets - there is no real incentive to increase rates.

Tom_Hendo

So reading through, the best 'instant access' account is now Coventry First Home, moving to 5% in Jan means whatever account you have that is second best drip feeding £1k on 1st of every month to that account until all your money is in there. I'm not seeing a single downside?

Took 1 min to open an account too, and although 2.95% until Jan still competitive 

subjecttocontract

Cynergy are paying 2.75%. I wouldn't be persuaded to move my £85K for such a very small extra amount.

[Deleted User]

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?

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.

You can send it directly to a boosted pot if you use their quick transfer method (Trulayer?) Did it earlier today.

patpalloon

I didn't like the Zopa app at all so won't be switching to them for a small % increase. I'll see what happens. I reckon Atom, Tandem and Marcus will all increase their rates - Atom are normally really quick to respond.

where_are_we

Patpalloon - I respect your views but I find the Zopa app OK. Small % increases are the way to maximise your interest payments and gradually accumulate your advantage by compounding over the years. I don`t play the "waiting game" - use the best account available on the day.

Mr._H_2

Deleted_User 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?

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.

You can send it directly to a boosted pot if you use their quick transfer method (Trulayer?) Did it earlier today.

So a "pull" from within Zopa rather than a "push" from outside? Does the money transfer instantly if you do it that ("quick transfer") way?