Quick question. In the ZOPA notice savings pots, can they reduce the rate once open or would they have to give you the full 7, 31 or 95 days notice? I know they increase them instantly.
Thanks so much for posting and explaining how to do this. Once the penny dropped it seems like a no brainer to get great interest on a very short notice period and I’ll be doing it.
Just one question if I may? If I have say £10k I know I won’t need over the next 3 months (my stooze pot actually) would it make sense to open my Boost 95 Pot 1 today with that, give notice then open Pot 2 onwards every 5-7 days with £1. I know I can add to the £10k in Pot 1 as I continue to use my 0% CC for everyday shopping and put the cash I’d have spent away to stooze. Then once all the £1 pots are in place I start rolling the £10k (which will be more by then) forward.
Hoping that makes sense?
Saving for Christmas 2023 #49 🎄 £2ish a day £708/720 PADing in 2023 ___________________________________________________________________________________________
RIP Mum & Dad - thanks for helping me on my journey to be Debt and Mortgage free from 2018
Thanks so much for posting and explaining how to do this. Once the penny dropped it seems like a no brainer to get great interest on a very short notice period and I’ll be doing it.
Just one question if I may? If I have say £10k I know I won’t need over the next 3 months (my stooze pot actually) would it make sense to open my Boost 95 Pot 1 today with that, give notice then open Pot 2 onwards every 5-7 days with £1. I know I can add to the £10k in Pot 1 as I continue to use my 0% CC for everyday shopping and put the cash I’d have spent away to stooze. Then once all the £1 pots are in place I start rolling the £10k (which will be more by then) forward.
Hoping that makes sense?
If that was me Sally, I'd open 19 pots today, put £500 in each and give notice on the first. Then in 5-7 days time give notice on the second (and so on). All of your £10,000 will be earning the top rate immediately and you'll have no need to open any more pots, just keep growing them as you wish..
Quick question. In the ZOPA notice savings pots, can they reduce the rate once open or would they have to give you the full 7, 31 or 95 days notice? I know they increase them instantly.
They have to give reasonable notice taking into account the notice period before applying a reduction in rate. Which is generally taken to mean a minimum of 14 days plus the notice period.
Thanks so much for posting and explaining how to do this. Once the penny dropped it seems like a no brainer to get great interest on a very short notice period and I’ll be doing it.
Just one question if I may? If I have say £10k I know I won’t need over the next 3 months (my stooze pot actually) would it make sense to open my Boost 95 Pot 1 today with that, give notice then open Pot 2 onwards every 5-7 days with £1. I know I can add to the £10k in Pot 1 as I continue to use my 0% CC for everyday shopping and put the cash I’d have spent away to stooze. Then once all the £1 pots are in place I start rolling the £10k (which will be more by then) forward.
Hoping that makes sense?
If that was me Sally, I'd open 19 pots today, put £500 in each and give notice on the first. Then in 5-7 days time give notice on the second (and so on). All of your £10,000 will be earning the top rate immediately and you'll have no need to open any more pots, just keep growing them as you wish..
But that's me.
For faster access, I would open all the £1 pots now and put £9980+ in pot 1, so all the money would be earning the top rate but the bulk of the money would be available within 95 days. Then just give notice on pots at the desired frequency.
If you immediately split the money evenly across all the pots it would take longer before the full savings amount became available to withdraw (double the time), because after the first 95 days, only pot 1 would be accessible.
Does anybody know how many boosted pots you are allowed ?
Zopa says "as many as you wish". What that means in reality I don't think anyone has tested (but then why would you).
An extreme "Zopa ladderer" (is that the right term?) might open 95 boosted pots and work them over each day. Any more than this would mean that there would be duplicate pots (as to time to maturity).
As it takes 95 days to get to the top rate, I was thinking I could play the "Zopa ladderer" with the 31 day notice account in order to fill the void between. 6 pots for the 31 day and 14 pots for the 95 day would work well if you are limited to 20 pots
Top tip for using the Zopa ladder: Make sure to both create and Give Notice to your pots according to your schedule. Otherwise your ladder may be missing a rung or two (or have spares at the end!)
Replies
Just one question if I may? If I have say £10k I know I won’t need over the next 3 months (my stooze pot actually) would it make sense to open my Boost 95 Pot 1 today with that, give notice then open Pot 2 onwards every 5-7 days with £1. I know I can add to the £10k in Pot 1 as I continue to use my 0% CC for everyday shopping and put the cash I’d have spent away to stooze. Then once all the £1 pots are in place I start rolling the £10k (which will be more by then) forward.
Hoping that makes sense?
PADing in 2023
___________________________________________________________________________________________
RIP Mum & Dad - thanks for helping me on my journey to be
Debt and Mortgage free from 2018
But that's me.
They have to give reasonable notice taking into account the notice period before applying a reduction in rate. Which is generally taken to mean a minimum of 14 days plus the notice period.
If you immediately split the money evenly across all the pots it would take longer before the full savings amount became available to withdraw (double the time), because after the first 95 days, only pot 1 would be accessible.
An extreme "Zopa ladderer" (is that the right term?) might open 95 boosted pots and work them over each day. Any more than this would mean that there would be duplicate pots (as to time to maturity).
Make sure to both create and Give Notice to your pots according to your schedule.
Otherwise your ladder may be missing a rung or two (or have spares at the end!)