Open new savings account [ Zopa ]

Hlkns

Hi guys, 

I have £120k which I'd like to put into instant access savings account.

I am wondering to open Zopa savings account. I know max deposit they accept is £85k. Remaining amount I'll leave with Marcus.

But before I do that I'd like to make sure:
1. They do just a soft search when opening account.
2. Account doesn't appear on credit files.

Why? Because we are in proccess of buying a house and cannot risk any new hard searches etc.

So please can someone who has Zopa confirm?

Thank you in advance

wiseonesomeofthetime

You won't get a hard credit search for a savings account as no credit is involved.

You may get an AML soft search.I did.

Hlkns

wiseonesomeofthetime said:

You won't get a hard credit search for a savings account as no credit is involved.

You may get an AML soft search.I did.

Thanks for reply. 
What about appearance on credit files? Does it appear at all?

wiseonesomeofthetime

That screen shot is from my Transunion (Credit Karma) credit report, under soft search.

Also appears on my Equifax (Clearscore) under soft search, same day.

No trace at all though on my Experian record (MSE Credit Club access).

Hlkns

wiseonesomeofthetime said:

That screen shot is from my Transunion credit report, under soft search.

I do understand it appears as a soft search. 

But does it appear as a account in credit files? Like bank account, credit cards etc. 

Because if it does it will impact my  'average age of accounts'.

wiseonesomeofthetime

No. None of my savings accounts appear on my credit reports as they are not credit accounts.

Hlkns

wiseonesomeofthetime said:

No. None of my savings accounts appear on my credit reports as they are not credit accounts.

Thank you! Opened account. I'll leave £85k in it.

Remaining £35k right now stays in Marcus @ 1.5%. 

Is there better place for that money which opens with soft search + don't appear as account on credit files? (FSCS protected ofc)

Daliah

Hlkns said:

Remaining £35k right now stays in Marcus @ 1.5%. 

Is there better place for that money which opens with soft search + don't appear as account on credit files? (FSCS protected ofc)

Absolutely there is. 1.5% is now rank 28 in the instant access league. https://moneyfacts.co.uk/savings-accounts/

No savings account requires a hard credit file search. But essentially all of them will require a soft search. They also aren't reported to the CRAs as they are not credit accounts.

Hlkns

Can anyone suggest another savings account similar to Zopa? Reached max deposit amount in Zopa.

Most important thing is saving pots and that it doesn't appear as account in credit files. Thanks

Hlkns

Anyone?? Thanks

RobfromCornwall

I'm not aware of any savings accounts quite like Zopa, at least not with savings pots and the ability to boost for certain lengths of time.

Savings accounts do not appear on credit reports since they don't provide credit.

You will find the best savings rates on the relevant pages of this site and on MoneyFacts.