The New Top Easy Access Savings Discussion Area

ToastLady

Zopa 4.75% SS Boost

Thanks so much The Seer. Had to update Zopa app first,  all up and running now. Perfect timing as Chase boost ending for me on 28th Oct. Been a while since I've used Zopa other than for their RS.

Chaykin

Fairly interesting reading at https://www.zopa.com/savings/easy-access-savings-comparison-methodology where they say that "A typical Zopa customer has £8,239 in an easy access savings". Wonder whey they got that figure from?

flaneurs_lobster

Chaykin said:

Fairly interesting reading at https://www.zopa.com/savings/easy-access-savings-comparison-methodology where they say that "A typical Zopa customer has £8,239 in an easy access savings". Wonder whey they got that figure from?

Add up all the money in easy access pots and divide by the number of customers with easy access pots?

Or do they mean each Zopa customer's holding across all providers? That number would be trickier to acquire.

clairec666

Chaykin said:

Fairly interesting reading at https://www.zopa.com/savings/easy-access-savings-comparison-methodology where they say that "A typical Zopa customer has £8,239 in an easy access savings". Wonder whey they got that figure from?

Presumably they are just referring to Zopa accounts, rather than a Zopa customer's accounts across all banks?

Still, their regular saver at 7.1% probably counts as easy access savings, and even their current account earns 2%, so it's not like people who have thousands in current accounts earning no interest at other banks.

savethepandas

Rheumatoid said:

So can you just pay £500 in and out of the current every month and just pay 80k into the access pot with the bonus and leave it there?

Zopa

Yes, that is correct, lovely timing from Zopa, as my Chase booster runs out on 28th October, so can move 25K each day across.

Initially updated the app, but still couldn't see the 'jammie dodger' on the savings page. My partner had it, but I didn't. Wondered if it was account specific, had an online chat with them. Had to uninstall and then install and the 'jammie dodger' appeared on the savings page.

I got my current account with them, when it was still in beta phase to get the 7.5% RS. Later, all of their current accounts became biscuit accounts. Perhaps the 'jammie dodger' makes more sense now.

Ch1ll1Phlakes

flaneurs_lobster said:

mon3ysav3r said:

the_seer said:

Zopa 4.75% AER.
Smart Saver Access pots qualify for 1.5% bonus for 12 months for Zopa current account holders who deposit £500 per month.

Thanks for the Zopa heads up

Earn 4.75% AER bonus rate on easy access savings

Pay £500+ into your Biscuit bank account each month to unlock an exclusive 4.75% AER* (4.66% gross**) variable on your Access pot savings. Combining our standard 3.25% AER variable with a 1.50% AER fixed bonus, it's yours for up to 12 months.

Miss a month? Your rate drops to 3.25% AER variable, but you can unlock the bonus again the next month. Withdraw anytime, so your money stays flexible while it earns more.

https://www.zopa.com/savings/easy-access-savings 

That's an interesting/odd hybrid, someone will be along soon to complain that this is clearly a Regular Saver product and needs to be discussed at The Other Place.

Personally if I had (another) £500 a month to save it would be going into a "proper" RS earning more than 4.75%.

It acts more like a clause than a regular saver as the £500 is only paid into your (Biscuit) current account not the savings account(s). By meeting the clause you then are eligible for a boosted interest rate on ALL Access pots.

The Biscuit and Access pot(s) combo acts more similarly to the Santander Edge CA and Edge Saver combo, as the CA requires a £500 pay in and then by having the CA you are eligible for the Edge Saver (and it's interest rate). It's an extra perk to add to the Biscuit's quiver.

Ch1ll1Phlakes

Also just wanted to add I can get the bonus rate by accessing my Biscuit account. See below. (Don't know how to resize images on the forum)


This links to the following page

flaneurs_lobster

savethepandas said:

 Later, all of their current accounts became biscuit accounts. Perhaps the 'jammie dodger' makes more sense now.

You think it makes sense to brand their current account product "Biscuit"?

And to designate the application of a bonus rate with a pictogram of a "Jammy Dodger"?

Get a grip.

flaneurs_lobster

Ch1ll1Phlakes said:

flaneurs_lobster said:

mon3ysav3r said:

the_seer said:

Zopa 4.75% AER.
Smart Saver Access pots qualify for 1.5% bonus for 12 months for Zopa current account holders who deposit £500 per month.

Thanks for the Zopa heads up

Earn 4.75% AER bonus rate on easy access savings

Pay £500+ into your Biscuit bank account each month to unlock an exclusive 4.75% AER* (4.66% gross**) variable on your Access pot savings. Combining our standard 3.25% AER variable with a 1.50% AER fixed bonus, it's yours for up to 12 months.

Miss a month? Your rate drops to 3.25% AER variable, but you can unlock the bonus again the next month. Withdraw anytime, so your money stays flexible while it earns more.

https://www.zopa.com/savings/easy-access-savings 

That's an interesting/odd hybrid, someone will be along soon to complain that this is clearly a Regular Saver product and needs to be discussed at The Other Place.

Personally if I had (another) £500 a month to save it would be going into a "proper" RS earning more than 4.75%.

It acts more like a clause than a regular saver as the £500 is only paid into your (Biscuit) current account not the savings account(s). By meeting the clause you then are eligible for a boosted interest rate on ALL Access pots.

The Biscuit and Access pot(s) combo acts more similarly to the Santander Edge CA and Edge Saver combo, as the CA requires a £500 pay in and then by having the CA you are eligible for the Edge Saver (and it's interest rate). It's an extra perk to add to the Biscuit's quiver.

Yes agreed, I made my regular saver comment because I didn't realise at that time that the £500 needs only a fleeting visit to your account to maintain the bonus rate rather than having to remain on deposit.

Steve_xx

The Zopa experience isn't easy.

I just opened the current account in order to get the 4.75% rate on the savings account. Managed to do that after chatting for some time. 

Then I decided I'd go for the regular saver. Managed to do that too. It's a bit complicated to get the funding to the regular saver. You can't fund it externally it seems. You can probably set up a regular payment from the saver account but I'm not entirely sure about that. However the £300 has to be deposited from the monthiversary from when you opened it as opposed to a calendar month. 

It seems there is no sort code and account number for the regular saver. That makes me wonder how and where the interest on it will be shown. It becomes a bit of a problem if you need to fill in a self-assessment. Of course it's only a problem if the relevant information isn't shown clearly somewhere. Can anyone comment on this point please?