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Zopa launches fixed-term savings accounts

colsten
Posts: 17,597 Forumite

Proper FSCS-protected savings accounts, middle-of-the-road interest rates
https://www.zopa.com/savings-accounts

https://www.zopa.com/savings-accounts

6
Comments
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Given you can get 1.16% from NS&I easy access, is their any point to these?3
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DireEmblem said:Given you can get 1.16% from NS&I easy access, is their any point to these?0
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Well, they are fixed term so if, or realistically when, NS&I reduce their rates you will have secured a rate that won't change for a known period
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ColdIron said:Well, they are fixed term so if, or realistically when, NS&I reduce their rates you will have secured a rate that won't change for a known period2
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Shankers said:ColdIron said:Well, they are fixed term so if, or realistically when, NS&I reduce their rates you will have secured a rate that won't change for a known period
However the point remains that there is a point to these fixed rate savings accounts when judged against the the original criticism: "Given you can get 1.16% from NS&I easy access". Clearly colsten was not claiming that they were table topping rates, she said they were middle-of-the-road. MSE is an information sharing site and what may not be useful to some may be of interest to others, that's why I thanked the OP
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ColdIron said:Shankers said:ColdIron said:Well, they are fixed term so if, or realistically when, NS&I reduce their rates you will have secured a rate that won't change for a known period
However the point remains that there is a point to these fixed rate savings accounts when judged against the the original criticism: "Given you can get 1.16% from NS&I easy access". Clearly colsten was not claiming that they were table topping rates, she said they were middle-of-the-road. MSE is an information sharing site and what may not be useful to some may be of interest to others, that's why I thanked the OP
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Just to be sure: I didn't post this to suggest these Zopa products are desirable, or the best. They're not - that's why I said they're middle of the road.
I just thought it was interesting to see Zopa branching out into FSCS-protected savings, thus changing their business model for sourcing the money they are lending out.1 -
Who'd want to fix rates at less than inflation anyway? You are paying someone to use your money.0
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Will be interesting to see if being formerly an exclusively P2P platform will help or hamper them. Those who used them for P2P might be expected to be looking for top rates and those who haven't used them may be more wary of the name, despite the FSCS cover.
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EdGasketTheSecond said:Who'd want to fix rates at less than inflation anyway? You are paying someone to use your money.
(As opposed to your finger in the air offerings of inflation rate)2
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