Online savings ZOPA

twadds123

financialbliss said:

I've been told 20 in the past when I queried, but not sure if that is still the case.

it stopped me at 20,  well 1 easy access and 19 boosted pots, wont allow me to open anymore after that

Donegal_Paul

Anyone know how long it takes to be verified for one of these accounts? I applied last Wednesday and still pending? I know it's new year but surely on a savings account which you don't have to have a credit check for I'd have thought this would be pretty automated? 

[Deleted User]

twadds123 said:

financialbliss said:

I've been told 20 in the past when I queried, but not sure if that is still the case.

it stopped me at 20,  well 1 easy access and 19 boosted pots, wont allow me to open anymore after that

Same for me!

[Deleted User]

Donegal_Paul said:

Anyone know how long it takes to be verified for one of these accounts? I applied last Wednesday and still pending? I know it's new year but surely on a savings account which you don't have to have a credit check for I'd have thought this would be pretty automated? 

Mine was instant.

Donegal_Paul

Yeah, I know when I opened a natwest one a few year ago it was instant :-/ might have to email them and see if there's an issue

Donegal_Paul

So, it's all open :-) yay.
Now I need to get my head round how to get the best out of it

[Deleted User]

Donegal_Paul said:

So, it's all open :-) yay.
Now I need to get my head round how to get the best out of it

Ladder 🪜 is the way to go if you believe you wont need the money for the initial 95 days.

Donegal_Paul

I've been looking at the ladder idea but its confusing me. I've about 4000 I could use but not sure how exactly to split it up

Band7

You might do better putting/keeping the £4k into into a good instant access account, and from there drip-feeding it into a good a Regular Savings account.

You can use the MSE RS calculator to model your options.

[Deleted User]

Donegal_Paul said:

I've been looking at the ladder idea but its confusing me. I've about 4000 I could use but not sure how exactly to split it up

If you open 14 pots, put £10 in each (£140), then give notice on the first. The idea is then to give notice on one pot each week, if you do that on a Monday (easy to remember) for example each pot will become available on a Friday. After the initial 95 days you will have a pot mature each week. All the money in your pots will be earning 3.26%. How much you decide to put into each pot is up to you but you mention £4,000 so if you're sure you don't need that you could put £3870 in Pot 1. Fast forward to when that pot matures and you can transfer the balance into any of your pots pot you wish dependant on when you think you might need it or if in the meantime rates have gone up and you can get a better deal elsewhere then move it there. Keep the pots going though, I think it likely that the rate you get will always be as good as (if not better) than anywhere else and you have a pot maturing weekly every Friday if you deposit Mondays. Hope that helps..