Is Zopa bad now?

Listless_2

Signed up for Zopa last summer when their interest rates were decent. Seems they are now below many others in terms of savings even using their limited access pots. 

Is it just a simple case of me opening an account with say Tandum and transferring all my savings from Zopa to them or am I missing something?

I assume the above would mean moving from Zopa to current account to the new bank?

Is it worth sticking with them for a particular reason I’m not seeing?

jaypers

I’ve got savings accounts all over the place, many with not much in now due to poorer rates than the competition. I do have Zopa and still waiting for a few pots to mature to move money out. Just move your money around where the best rates are. 

Sg28

Zopa are no longer competitive unfortunately. My last pot matures 22nd of this month and then all my money is out. 

Its a shame I liked the app and the pots.

Qyburn

Same as both the previous posts. I liked the pots, and the ability to link multiple accounts including savings accounts. Started going downhill when they wouldn't allow transfer into a pot after notice had been given. Now rates are uncompetitive. Mine become available on 27th, where it goes will depend on rates at that time. Most likely Chip or Tandem. 

Listless_2

I noticed they allow transfers now using instant bank transfer. Am I right in thinking this is something new as I seem to remember it was only possible to pay into the account using BACS before? 

DeLaSole

Listless_2 said:

I noticed they allow transfers now using instant bank transfer. Am I right in thinking this is something new as I seem to remember it was only possible to pay into the account using BACS before? 

Hi Listless,

I opened a Zopa account in December and have always used instant transfer but no idea what system they used before that. They've not been competitive for a while so I withdrew everything back to the linked current account and put it elsewhere.

Best wishes.

rabbituk

Has anybody else noticed that the interest payments don't add up in the Zopa app? It's only pence off but I've never seen this before with a savings account. For instance in Sep last year I had a balance of £xxx.10, then in October an interest payment of £yyy.55 was made. And then the total is £zzz.66, not £zzz.65!

jak22

Displayed figures are internal figures rounded so if the previous true balance was £10.504 it would display as £10.50 and if the true interest was 10.4p it would display as 10p but when added the result is £10.608 which would display as £10.61

rabbituk

jak22 said:

Displayed figures are internal figures rounded so if the previous true balance was £10.504 it would display as £10.50 and if the true interest was 10.4p it would display as 10p but when added the result is £10.608 which would display as £10.61

That may be so but they could easily calculate the total and then deduce the interest payment (or whatever) from the difference thereby meaning that there won't be this rounding difference. Like I said, I've never seen this before with any other account and I've had quite a few so strikes me as odd. I do double entry accounting on all my accounts and have to treat this one specially.

SaveTheEuro

Sg28 said:

Zopa are no longer competitive unfortunately. My last pot matures 22nd of this month and then all my money is out. 

Its a shame I liked the app and the pots.

I had a pot with £1 in it mature today. Zopa was fun while it lasted. A great app - well presented and easy to use. Will leave a few quid with Zopa in case it ever comes back to life with competitive interest rates again.

jaypers

Shame about Zopa. I like the app and their unique offering. If they ever become competitive again I’ll move money back. For now, it’s empty.