The Top Easy Access Savings Discussion Area

Band7

Mr._H_2 said:

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?

Yes it does. Try it out with £1 to get a feel for it.

noh

Band7 said:

Mr._H_2 said:

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?

Yes it does. Try it out with £1 to get a feel for it.

No it doesn't transfer instantly. I just tried it and it took the same amount of time as a push from my linked bank account. 
Twenty three minutes.

flaneurs_lobster

noh said:

Band7 said:

Mr._H_2 said:

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?

Yes it does. Try it out with £1 to get a feel for it.

No it doesn't transfer instantly. I just tried it and it took the same amount of time as a push from my linked bank account. 
Twenty three minutes.

Related question, I have a brand new Zopa account, just tried to fund it by "pushing" from my linked current account and my bank warned me that the sort code/account id didn't match the name on the destination Zopa account (it did). Funded OK by "pulling" from Zopa. 

Any reason why this might be?

EDIT: Transfer took about 15 minutes.

razord

flaneurs_lobster said:

noh said:

Band7 said:

Mr._H_2 said:

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?

Yes it does. Try it out with £1 to get a feel for it.

No it doesn't transfer instantly. I just tried it and it took the same amount of time as a push from my linked bank account. 
Twenty three minutes.

Related question, I have a brand new Zopa account, just tried to fund it by "pushing" from my linked current account and my bank warned me that the sort code/account id didn't match the name on the destination Zopa account (it did). Funded OK by "pulling" from Zopa. 

Any reason why this might be?

EDIT: Transfer took about 15 minutes.

Did you use your name as the payee name? If so, it can take up to 24 hours after a new account has setup for confirmation of payee to show correctly. Next time it should be fine.

Details here: https://www.zopa.com/help/article/why-is-my-bank-not-recognising-zopa-when-i-try-to-pay-into-my-savings

flaneurs_lobster

razord said:

flaneurs_lobster said:

noh said:

Band7 said:

Mr._H_2 said:

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?

Yes it does. Try it out with £1 to get a feel for it.

No it doesn't transfer instantly. I just tried it and it took the same amount of time as a push from my linked bank account. 
Twenty three minutes.

Related question, I have a brand new Zopa account, just tried to fund it by "pushing" from my linked current account and my bank warned me that the sort code/account id didn't match the name on the destination Zopa account (it did). Funded OK by "pulling" from Zopa. 

Any reason why this might be?

EDIT: Transfer took about 15 minutes.

Did you use your name as the payee name? If so, it can take up to 24 hours after a new account has setup for confirmation of payee to show correctly. Next time it should be fine.

Details here: https://www.zopa.com/help/article/why-is-my-bank-not-recognising-zopa-when-i-try-to-pay-into-my-savings

Ah, thank-you, that makes perfect sense. Although I set up Zopa last week it's only today I set up the initial Primary pot.

CheekyMikey

patpalloon said:

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.

It might be useful for others who are thinking of Zopa to explain what you didn’t like about it…personally I find it incredibly easy to use

patpalloon

where_are_we said:

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.

But we've only just had the rise in interest rates. I bet others will match Zopa shortly - particularly the ones I mentioned.

patpalloon

CheekyMikey said:

patpalloon said:

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.

It might be useful for others who are thinking of Zopa to explain what you didn’t like about it…personally I find it incredibly easy to use

It was a while back - I found the android app a bit clunky and it didn't close with the back button. There was something else now I can't remember and I had to call them and their customer service were useless so I just closed it. Atom are the best imo and I bet they will match or improve on zopa's rate very soon.

phillw

isasmurf said:
The 2.75% was the esaver Limited Edition (Issue 1) and remains at that rate. 

The 1.50% currently available is esaver (Issue 21)

And there was an esaver issue available at the same time as the esaver limited edition issue 1 was available. Though I have no idea why you would have opted for it.

They are different accounts, the limited edition esaver has been withdrawn.

jak22

The only one that's good at keeping up each time is Coventry with the 4 / limited access that again will be only 0.25% below BoE.

There's no guarantee an EA account will follow every BoE rise, but the point of them is to be able to move easily - none of the other EA rates are that good right now.

Atom jumped from 1.9% to 2.55% at the start of November, Ford Money increased mid October and is 1% below BoE, Kent Reliance existing accounts increased last month to 2.75%, Santander seem to be sticking at 2.75%, Chase have increased twice in 8 months, Marcus last increased at the start of November but after dropping the bonus are 1.25% below BoE,