Zopa savings?

Emma_brown96

Hi guys I don’t know if anyone can help here. I’m looking to open a Zopa savings account because the interest rate is better than my current bank account. Has anyone used this before and how do you get along with it? I’m a bit skeptical of opening a savings account with somewhere that’s not a high street bank.  Also, I’m currently in the process of getting a mortgage and buying a house. We’ve had our mortgage offer but not yet bought the house, so I don’t want to do anything that will affect my credit score as I’ve already recently opened a new bank account. Will opening a Zopa savings account affect my credit score in anyway? 

cymruchris

I opened the Zopa account - put the maximum allowed into the 30 odd day notice pot - received my first interest payment - but have now given notice to withdraw the money as Chase offers a better interest rate with instant access. (I would look at that if I were you instead). Opening a Zopa savings account (or any savings account) won't result in a hard search and so won't affect anything to do with a mortgage. 

Emma_brown96

cymruchris said:

I opened the Zopa account - put the maximum allowed into the 30 odd day notice pot - received my first interest payment - but have now given notice to withdraw the money as Chase offers a better interest rate with instant access. (I would look at that if I were you instead). Opening a Zopa savings account (or any savings account) won't result in a hard search and so won't affect anything to do with a mortgage. 

Thank you so much. I did look at the chase account but saw I have to open a current account for that one and I’ve just had a hard search done to switch my bank account to a different one, so didn’t want to risk another one for opening yet another current account 

Sensory

Chase does not perform a hard search (no overdraft facility).

cymruchris

Yes.. Opening a Chase account won't affect your mortgage application... 

VKE

Emma_brown96 said:

cymruchris said:

I opened the Zopa account - put the maximum allowed into the 30 odd day notice pot - received my first interest payment - but have now given notice to withdraw the money as Chase offers a better interest rate with instant access. (I would look at that if I were you instead). Opening a Zopa savings account (or any savings account) won't result in a hard search and so won't affect anything to do with a mortgage. 

Thank you so much. I did look at the chase account but saw I have to open a current account for that one and I’ve just had a hard search done to switch my bank account to a different one, so didn’t want to risk another one for opening yet another current account 

We both have accounts with Chase, Cynergy, Atom, Tandem and Zopa; £ total  in each account is based on interest %, we really didnt want more current account but with Chase you get 1% cashback for 12 months so it makes sense to use Chase current for spending.
With regards to Zopa you have a £15,000 limit and whilst Chase have a £250,000 limit we have both stuck to £85,000.