Zopa?

ivormonee

I've been having a look around for an instant access account on and off for a while. I've seen that rates have been steadily increasing regularly. I wanted to know if I pick a top paying interest account would the rate keep pace with rates for new customers when they increase.

I telephoned Zopa today. They told me that the rate on the instant access account does not correlate with the rate when it changes for new customers. If I open an account today at 1.5% and the rate for new accounts becomes 1.7% in two weeks, for example, then Zopa tell me my rate would still be 1.5%.

What's really needed is a top interest paying account now with a provider that maintains rate increases on existing accounts compared to their new rates. Otherwise we end up in a lower rate within no more than a few weeks with better rates on offer elsewhere.

So with Zopa out of the question, there's not much else worth looking at as things stand today that don't also require you to have a current account or a restriction on withdrawals etc. Unless anyone has any further thoughts on this.

soulsaver

ivormonee said:

I've been having a look around for an instant access account on and off for a while. I've seen that rates have been steadily increasing regularly. I wanted to know if I pick a top paying interest account would the rate keep pace with rates for new customers when they increase.

I telephoned Zopa today. They told me that the rate on the instant access account does not correlate with the rate when it changes for new customers. If I open an account today at 1.5% and the rate for new accounts becomes 1.7% in two weeks, for example, then Zopa tell me my rate would still be 1.5%.

What's really needed is a top interest paying account now with a provider that maintains rate increases on existing accounts compared to their new rates. Otherwise we end up in a lower rate within no more than a few weeks with better rates on offer elsewhere.

So with Zopa out of the question, there's not much else worth looking at as things stand today that don't also require you to have a current account or a restriction on withdrawals etc. Unless anyone has any further thoughts on this.

Zopa to date has always increased rates for existing customers, even in your existing notice boosted pots.

You've found a CS numpty, or you misunderstood.

Malchester

Have recently moved to ZOPA. Find them excellent and have always increased rates for all accounts, new and existing.

itm2

How long does it take to transfer money out of a Zopa instant access account? Does it compare with the speed of the Chase account?

jimexbox

itm2 said:

How long does it take to transfer money out of a Zopa instant access account? Does it compare with the speed of the Chase account?

I tested a quid when I opened my account. Exactly the same as deposits, 20 minutes.. 

itm2

jimexbox said:

itm2 said:

How long does it take to transfer money out of a Zopa instant access account? Does it compare with the speed of the Chase account?

I tested a quid when I opened my account. Exactly the same as deposits, 20 minutes.. 

Thanks. That's about the same as Tandem, by the sound of it. Maybe they use the same system for payments?

gwapenut

How much can you transfer out of Zopa per day using faster paymens, is there a £10k limit per transfer or can it be £85k? I can't see any mention of limits

AskAsk

gwapenut said:

How much can you transfer out of Zopa per day using faster paymens, is there a £10k limit per transfer or can it be £85k? I can't see any mention of limits

i had a nationwide account that only allowed 10k daily limit.  it was an account where interest rate dropped to nothing if you took out more than two withdrawals a year.  they didn't tell you this when you open the account as i put 200k into it and took me ages to get the money out when i closed the account!

gwapenut

I've done a few £10k transfers from Nationwide to my new Zopa account today, but now the trickle of acceptance messages has dried up. Anything to be concerned about, or maybe just an internal referral at Nationwide for an anti-fraud check?

Bigwheels1111

AskAsk said:

gwapenut said:

How much can you transfer out of Zopa per day using faster paymens, is there a £10k limit per transfer or can it be £85k? I can't see any mention of limits

i had a nationwide account that only allowed 10k daily limit.  it was an account where interest rate dropped to nothing if you took out more than two withdrawals a year.  they didn't tell you this when you open the account as i put 200k into it and took me ages to get the money out when i closed the account!

You were given the wrong info.
I moved 85k out of my Nationwide account on the same day.
I went online and moved £9999.99p over and over again.
Max 10k per transaction.
Until the 85k was transferred into new savings account.