Zopa ISA 0.50% Bonus

RG2015

I have the Zopa Smart Saver cash ISA with an interest rate of 4.58% plus a 0.50% bonus until 6 April 2025. Or at least this is what Zopa were saying when I opened my account on 11 Feb 2024.

The Zopa website is now saying the following:

Earn a bonus rate on Access ISA pots!

Open a Smart ISA before 6th May 2024 to earn an extra 0.5% AER*/gross** fixed on top of the underlying 4.58% AER (4.48% gross) variable Access ISA pot rate.

This means you'll earn a total of 5.08% AER (4.96% gross) variable on Access ISA pots!

The bonus rate will run until 6th May 2025.

https://www.zopa.com/smart-isa

Does anyone know if there is anywhere I can see when the 0.50% bonus on my account expires?

slinger2

I think the answer is: No. Quite likely that those opened this account just before 6 April 2024 will still lose the bonus on 6 April 2025.

refluxer

Your bonus expires on 6th April 2025, as that was the offer in place at the time you applied. The bonus is intended to last for around a year, which is why the date gets extended every now and again.

RG2015

Thank you for your answers but this was not the question I asked.

Does anyone know if there is anywhere I can see when the 0.50% bonus on my account expires?

slinger2

RG2015 said:

Thank you for your answers but this was not the question I asked.

Does anyone know if there is anywhere I can see when the 0.50% bonus on my account expires?

I did answer that: "I think the answer is: No."

RG2015

slinger2 said:

RG2015 said:

Thank you for your answers but this was not the question I asked.

Does anyone know if there is anywhere I can see when the 0.50% bonus on my account expires?

I did answer that: "I think the answer is: No."

My sincere apologies @slinger2

You did indeed answer my question.

RG2015

refluxer said:

Your bonus expires on 6th April 2025, as that was the offer in place at the time you applied. The bonus is intended to last for around a year, which is why the date gets extended every now and again.

Many thanks.

Do you know if this is shown on the app or in their documentation?

refluxer

RG2015 said:

refluxer said:

Your bonus expires on 6th April 2025, as that was the offer in place at the time you applied. The bonus is intended to last for around a year, which is why the date gets extended every now and again.

Many thanks.

Do you know if this is shown on the app or in their documentation?

I'm afraid I don't because I only hold a fixed rate Smart ISA pot with Zopa and not an easy access pot and there's no bonus element to a fixed pot rate.

The rate for the fixed pot is stated in the app, but I don't have an official document relating to the opening of the Smart ISA which details any of the rates applicable at the time, like you would expect to get if you opened a fixed rate ISA elsewhere and could be useful in your case. This is a particular weakness of Zopa and relates to their 'pot' system approach, where additional pots aren't actually 'proper' (separate) accounts and the rates offered change from time to time.  

The only document I have that does confirm the rate is the monthly statement, so you could check yours to see if it details the bonus element of your access pot rate and it's duration. If it doesn't, and the bonus was stated it was to run until 6th April 2025 when you opened the account, then I would just go with that as it won't have changed. When it says "Open a Smart ISA before 6th May 2024 to earn an extra 0.5% AER", that essentially means open a Smart ISA between now and 6th May - they're not going to change the bonus period retrospectively to accounts already opened.... as that would be to your advantage !

RG2015

refluxer said:

RG2015 said:

refluxer said:

Your bonus expires on 6th April 2025, as that was the offer in place at the time you applied. The bonus is intended to last for around a year, which is why the date gets extended every now and again.

Many thanks.

Do you know if this is shown on the app or in their documentation?

When it says "Open a Smart ISA before 6th May 2024 to earn an extra 0.5% AER", that essentially means open a Smart ISA between now and 6th May - they're not going to change the bonus period retrospectively to accounts already opened.... as that would be to your advantage !

I hear what you're saying, but I have had examples in the past where a bank had applied a change to my benefit when they didn't have to.

I may just ask Zopa direct. 

RG2015

Just chatted online with Zopa and they said the extension to 6 May would apply to my account.

I asked how I could check this and they said on their website.

I then asked if I could assume that future extensions would be applied to my account and they suddenly went quiet and were transferring me to someone else.

They said to keep the chat open, but there has been nothing from them for 25 minutes.

refluxer

RG2015 said:

Just chatted online with Zopa and they said the extension to 6 May would apply to my account.

I asked how I could check this and they said on their website.

I then asked if I could assume that future extensions would be applied to my account and they suddenly went quiet and were transferring me to someone else.

They said to keep the chat open, but there has been nothing from them for 25 minutes.

I'd be surprised if that was actually the case based on how most banks/accounts operate but happy to eat my words if it is

I think it would be fairly unusual for an interest bonus period to be continually extended to the benefit of the customer - in my experience, most apply for a year and then that's it. It's possible to extend it with the likes of Marcus's Online Savings Account, but they do make you reapply the bonus each time you want to do it.