The New Top Easy Access Savings Discussion Area

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?

Rheumatoid

Steve_xx said:

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?

The RS can be funded externally using open banking. 
However the Zopa app is a pain to link to open banking if you run your other banking apps in a Samsung secure folder.  It seems the Zopa app will not run in a secure folder.

EthicsGradient

Steve_xx said:

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?

Self-assessment does not need a sort code or account number at all. It doesn't even need you to name the accounts your interest comes from; you just give the total. You should keep a record of what the interest was on each account somewhere, in case HMRC want to check things, but there's no guidance on the details needed.

clairec666

Steve_xx said:

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?

Go into the Smart Savings Hub, click on "Manage" (top right), and you can find all statements and certificates of interest in there.

Steve_xx

clairec666 said:

Steve_xx said:

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?

Go into the Smart Savings Hub, click on "Manage" (top right), and you can find all statements and certificates of interest in there.

Thanks for that. That's super. Looking some more at it, I'm guessing that the interest will be lumped together with that of the 4.75%saver?

Steve_xx

EthicsGradient said:

Steve_xx said:

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?

Self-assessment does not need a sort code or account number at all. It doesn't even need you to name the accounts your interest comes from; you just give the total. You should keep a record of what the interest was on each account somewhere, in case HMRC want to check things, but there's no guidance on the details needed.

Yes I understand what you say. I was just wondering without an account number or sort code where the interest for this particular regular saver would be shown. I think another poster has answered that for me.