Zopa boosted pot question

RG2015

I recently opened a Zopa Smart Saver and split my money between Primary, 7 day and 31 day pots. I gave notice on the 7 and 31 day pots and after 7 days moved the 7 day money into the 31 day pot.

The 31 day pot appears to say that I can access the new balance on the original date. Does this mean that any money I transfer into the 31 day pot can be accessed on the original date?

This does seem a bit strange as I am used to notice accounts requiring notice on a specific amount rather than whatever is there on the notice date.

jimexbox

Yes, it's the pot you give notice on, not the cash that's in it.

RG2015

jimexbox said:

Yes, it's the pot you give notice on, not the cash that's in it.

Thanks.

If only OakNorth was like that. At least for the interest if nothing else.

k_man

As a result of this feature, with a little bit of effort, over time, you can get the 95 day rates without tying up funds for 95 days.

Last time it was discussed, many deemed this too much effort (possibly the same users who move funds regularly for lower, easy access rates).

Frogletina

k_man said:

As a result of this feature, with a little bit of effort, over time, you can get the 95 day rates without tying up funds for 95 days.

Last time it was discussed, many deemed this too much effort (possibly the same users who move funds regularly for lower, easy access rates).

I have regular savers that require funding on the first of each month. I have Zopa monthly pots for November and December set up to hold this money, notice to be given a month before I need the money. They are not yet fully funded, but I have a monthly pot with notice on for 2nd October and those will fully fill the November and December pots.

I will give notice on my November pot in a few days time. 

I intend to set up a 95 day pot to fund my January regular savers and every month from then on for which I will give notice when I set them up so that I have a 95 day pot accessible each month.

As my regular savers mature, I will transfer the proceeds into the shortest 95 day pot until it holds the required amount needed, as well as any surplus income I have, although I am not keeping regular savers less than 2.50% any more.

RG2015

I have a further question on boosted pots.

I have a matured 7 day pot which is now an access pot. Can I boost this again or do I need to open a new boosted pot?

wiseonesomeofthetime

You can simply boost it again

RG2015

wiseonesomeofthetime said:

You can simply boost it again

Thanks.

It is currently empty and Zopa is currently having transaction problems so I cannot transfer any money in.

When I have transferred some money in I will see if a boosting option appears.

AndyTh_2

k_man said:

As a result of this feature, with a little bit of effort, over time, you can get the 95 day rates without tying up funds for 95 days.

Last time it was discussed, many deemed this too much effort (possibly the same users who move funds regularly for lower, easy access rates).

Yes, its pretty easy once you’ve got it set up. At that point you get automatic reminders when your cash is able to be moved to the next pot, and would take 1 minute per period you set up duplicate pots.

RG2015

AndyTh_2 said:

k_man said:

As a result of this feature, with a little bit of effort, over time, you can get the 95 day rates without tying up funds for 95 days.

Last time it was discussed, many deemed this too much effort (possibly the same users who move funds regularly for lower, easy access rates).

Yes, its pretty easy once you’ve got it set up. At that point you get automatic reminders when your cash is able to be moved to the next pot, and would take 1 minute per period you set up duplicate pots.

I don't want to set up a duplicate pot. I want to boost an empty matured pot from an access pot to a boosted pot.

Is this possible?

AndyTh_2

RG2015 said:

AndyTh_2 said:

k_man said:

As a result of this feature, with a little bit of effort, over time, you can get the 95 day rates without tying up funds for 95 days.

Last time it was discussed, many deemed this too much effort (possibly the same users who move funds regularly for lower, easy access rates).

Yes, its pretty easy once you’ve got it set up. At that point you get automatic reminders when your cash is able to be moved to the next pot, and would take 1 minute per period you set up duplicate pots.

I don't want to set up a duplicate pot. I want to boost an empty matured pot from an access pot to a boosted pot.

Is this possible?

Yes, any access pot can be boosted. A boosted pot becomes an access pot on maturity.