Online savings ZOPA
in Savings & investments
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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!)