ZOPA Savings - Fixed rate to Smart Saver?

howryoo

Hopefully someone here has been in a similar situation.

I understand the smart saver account is only available to apply for via their app.  With a fixed rate coming to an end, I'm considering this as an option.

I've never thought of needing the app for a fixed rate account so haven't signed up.  If I sign up now, I assume it's as simple as logging in via a web browser on a desktop?  Once in, I assume it's also easier to open a smart saver ready for the matured funds to go into?

Is there anything else to setup?

iazcac

I signed up a few weeks ago on the app. Straight forward enough. Don't know whether you can log on via website as app easier for me. 

Seems good so far. Within a single account /log on you can set up different pots with instant, 7, 30 and 90 day access and get the better rates. 

You have to link to a single bank account to transfer funds in or out but you shouldn't have any issues , may just need to move your  savings into current account first to move them into zopa

MrFrugalFever

It is a straightforward process to open. Can only be accessed via mobile app and NOT online.

Daliah

You don’t need to wait for your fixed term savings to mature. You can open the app straight away and have a play with it, e.g. by depositing a few pounds. You need to verify your current account with Zopa but this will all be obvious in the app. All very easy. The Smart Savet app is one of the easiest and most userfriendly savings apps I have come across.

You will have to transfer your matured funds to your current account, then from there to the Smart Saver.

wiseonesomeofthetime

You can have more than one source account to Zopa. It does not need to be one single account. 

Each account needs to be verified though, before Zopa will accept deposits from it. Easy enough to do. I have four linked to mine. 

howryoo

Thank you everyone for your replies.  I'll be taking a look soon.

SAC2334

Setting this Zopa account up is absolutely simple. Much easier than Chase Bank, no photo or passport needed but its not for a laptop or desktop as far as i m aware .6 number security number to log in .

Once you have opened the account and transferred what you want up to £85 k then you can easily move it to higher interest pots. I went for the 31 day 1.95 % .
I m a fan of banking apps now after trying Chase and Zopa 

howryoo

With my fixed rate account maturing soon, I can't see any maturity options when I log in to online banking.

Is this normal? 

Does it always mature into holding account, then you could decide whether you withdraw the funds to your nominated account or apply for another fixed saver?

If so, that's strange, as many other banks present you with maturity options a couple of weeks beforehand.

refluxer

howryoo said:

With my fixed rate account maturing soon, I can't see any maturity options when I log in to online banking.

Is this normal? 

Does it always mature into holding account, then you could decide whether you withdraw the funds to your nominated account or apply for another fixed saver?

If so, that's strange, as many other banks present you with maturity options a couple of weeks beforehand.

Yes, it looks like Zopa do things a little differently. From the T&Cs...

7. Maturity
1. Your Fixed Term Savings account reaches maturity once the fixed term expires.
2. At maturity, the full balance will automatically move into your Savings Holding account awaiting your instruction (further details on the Savings Holding account can be found in section 8).
3. We’ll email you ahead of maturity to outline your options and give you time to decide what to do.

and...

Once your matured funds are transferred to your Savings Holding account you will be able to instruct us either to transfer the funds to your bank account, or where available, to transfer the funds to a new Zopa product. If we are unable to make the transfer as instructed, we will contact you to request alternative account details for the transfer.

howryoo

Thanks refluxer; I should have checked their T&Cs, but the notification suggests maturity options will be available.

howryoo

Can I check with those who've had their Zopa fixed rate account mature?

If it's assigned a maturity / end date of say 19th September, I assume funds will be available the next day - 20th Sept?