Zopa Bonus Interest

slinger2

10_66 said:

I don’t understand why I haven’t received any bonus interest, when they put up a message to say it will show this. I tried calling them yesterday, was on hold for a very long time, then the call just cut off.

The new system doesn't affect the amount of interest you get. All that's happened is that the total is now split between bonus and non-bonus. The system wasn't backdated but you should notice the change next time you get your interest.

MichaelAP

slinger2 said:

MichaelAP said:

Well, I am still confused by the amount paid with Bonus Interest. Mine was a lot more than a few pence, it was over £2.

and the non-bonus interest?

Nearly £130

slinger2

MichaelAP said:

slinger2 said:

MichaelAP said:

Well, I am still confused by the amount paid with Bonus Interest. Mine was a lot more than a few pence, it was over £2.

and the non-bonus interest?

Nearly £130

Bonus interest is a lot less than 10% of the total. Tends to indicate that the bonus interest is only for a few days, not the whole month.

MichaelAP

Just received my second monthly Interest + Bonus Interest……. and I am still confused??
Last month it was 129.16 + 2.10
This month it is 123.07 + 13.13

Anyone care to explain please?

gravel_2

MichaelAP said:

Just received my second monthly Interest + Bonus Interest……. and I am still confused??
Last month it was 129.16 + 2.10
This month it is 123.07 + 13.13

Anyone care to explain please?

Why don't you ask Zopa?

slinger2

MichaelAP said:

Just received my second monthly Interest + Bonus Interest……. and I am still confused??
Last month it was 129.16 + 2.10
This month it is 123.07 + 13.13

Anyone care to explain please?

Just a guess but if you've got £32k in it then this month the underlying interest will be roughly 32k*4.58%/12 = £122.13 and the bonus interest will be roughly 32k*0.50%/12 = £13.33.

MichaelAP

slinger2 said:

MichaelAP said:

Just received my second monthly Interest + Bonus Interest……. and I am still confused??
Last month it was 129.16 + 2.10
This month it is 123.07 + 13.13

Anyone care to explain please?

Just a guess but if you've got £32k in it then this month the underlying interest will be roughly 32k*4.58%/12 = £122.13 and the bonus interest will be roughly 32k*0.50%/12 = £13.33.

Nice one slinger, that makes perfect sense. 👏

Qyburn

slinger2 said:

Just a guess but if you've got £32k in it then this month the underlying interest will be roughly 32k*4.58%/12 = £122.13 and the bonus interest will be roughly 32k*0.50%/12 = £13.33.

My account specially says interest is 5.08% AER. Doesn't that mean that over a year it pays 5.08%, after compounding. If so then monthly interest will be less than 5.08/12, just under 5.00/12.

In fact it looks to me as if it's daily interest, so my payment in June would be 31 days interest, May's was 20 days.

slinger2

Qyburn said:

slinger2 said:

Just a guess but if you've got £32k in it then this month the underlying interest will be roughly 32k*4.58%/12 = £122.13 and the bonus interest will be roughly 32k*0.50%/12 = £13.33.

My account specially says interest is 5.08% AER. Doesn't that mean that over a year it pays 5.08%, after compounding. If so then monthly interest will be less than 5.08/12, just under 5.00/12.

In fact it looks to me as if it's daily interest, so my payment in June would be 31 days interest, May's was 20 days.

Yes. The difference between the monthly totals given: 131.26 and 136.20, is 3.76% which fits in with an extra day (31 v 30, a 3.33% difference) and a month's compounding (5.08%/12 = 0.42%)

VNX

I got roughly £80 last month with £5 bonus 

no bonus in May