Zopa monthly ISA interest

where_are_we

I use my flexible Zopa ISA@5.08% as my EA account. It pays monthly interest. I know this does not count as part of my £8500 ISA allowance on this ISA which is what I have left of my £20K 24-25 ISA allowance. My balance did reach £8500 for a short while, before my first monthly interest payment. However, if I now want to maximise my replacement money I will have to remember to allow for my total interest payments up to that date

If Zopa`s interest rate becomes uncompetitive and I want to transfer, I presume I will have to first top up my ISA to £8500 with replacement money before I transfer because I will not be able to replace that money in the new ISA.

Archerychick

Yes you’d need to ignore the interest payments. I’d probably run a spreadsheet where I log what I’ve taken out, and what I’ve put back in. At the end the difference should be £0 before you do your transfer 

eskbanker

Doesn't Zopa display a running total of what your remaining current year subscription allowance is, updated after all relevant transactions (i.e. not interest payments)?

Granted this would have started at £20K before you paid anything in, but if you ensure that this notional figure is back to £11.5K by the time you transfer then you shouldn't miss out, although personally I'd adopt the above approach of keeping track myself if I was going to be making numerous deposits and withdrawals....

Archerychick

eskbanker said:

Doesn't Zopa display a running total of what your remaining current year subscription allowance is, updated after all relevant transactions (i.e. not interest payments)?

Granted this would have started at £20K before you paid anything in, but if you ensure that this notional figure is back to £11.5K by the time you transfer then you shouldn't miss out, although personally I'd adopt the above approach of keeping track myself if I was going to be making numerous deposits and withdrawals....

Mine doesn’t seem to, but it does give me a total interest received, which the OP should be able to use if not keeping a separate track. 

Qyburn

Archerychick said:

eskbanker said:

Doesn't Zopa display a running total of what your remaining current year subscription allowance is, updated after all relevant transactions (i.e. not interest payments)?
..

Mine doesn’t seem to, but it does give me a total interest received, which the OP should be able to use if not keeping a separate track. 

Look under "Manage / Account Information / Smart ISA Details"