Zopa boosted pot question

RG2015

I have now boosted a pot as required.

The main issue was not having money in the 7 day pot and not being able to move any in because of Zopa's transactional issues this morning which have now been fixed.

Many thanks for your help. 

bolo

So everyone sets up a 95 day pot, then straight away give notice? The money sits there for 95 days earning the higher interest. You then boost again after 95 days? It's this what you are doing? Sorry a bit slow today

AndyTh_2

bolo said:

So everyone sets up a 95 day pot, then straight away give notice? The money sits there for 95 days earning the higher interest. You then boost again after 95 days? It's this what you are doing? Sorry a bit slow today

Some of us may set up for example 3 of them with £1 in, giving notice immediately to 1, 31 days later to the 2nd, and so on.

Then put money in the shortest notice of them, and once matured, moving the money to the next, and boosting the matured one again.

This gives about 31 days notice at 2.25%.

However I have a YBS loyalty 6 access esaver now at 2.5% so I wont do this unless Zopa rates increase.

I really like Zopa’s app though, so I hope they raise their rates.

refluxer

bolo said:

So everyone sets up a 95 day pot, then straight away give notice? The money sits there for 95 days earning the higher interest. You then boost again after 95 days? It's this what you are doing? Sorry a bit slow today

Yes - as far as I can see, you've literally nothing to lose by doing this. If you don't, you'll always be 95 days away from being able to access your money which isn't ideal if you want the flexibility of being able to move your money around, especially considering how interest rates have been rising.

One plus point for Zopa though is that they seem to apply interest rate rises to existing accounts, including those on which notice has been given. This is presumably because, unlike other providers, the 'pots' are all essentially part of the same account so rate rises have to be applied to all customers (there are no separate account or issue numbers for these 'boosted pots')

bolo

Ok I get what you mean.... Technically if I created 9 pots I could get this rate for 10 days notice then, by continually recycling the matured pots.... Seems a lot of effort I think 30 days is a good middle ground...

wiseonesomeofthetime

I have created 7 boosted 95 pots which will, in 2023, allow access every 14 days, or there abouts, however, as their 95 rate is below my YBS, these accounts carry literal pence each atm.

refluxer

I've got a boosted pot that has just reverted back to an access pot now that the notice I gave is up.

If I transfer the money back to the Primary access pot and delete the empty access pot, presumably any interest due from that boosted pot will just get paid into the Primary pot ?

wiseonesomeofthetime

Yes, indeed

Bushhillparkn21

Zopa Growth Pot. What is it? Zopa don’t know. 

flaneurs_lobster

Bushhillparkn21 said:

Zopa Growth Pot. What is it? Zopa don’t know. 

Maybe that's because it doesn't exist? 

Are you quoting something?