Zopa Smart ISA Rate Reduction

RG2015

I have just noticed the the Zopa Smart ISA is listed on their website at 4.30% AER, including a 0.50% one year bonus..

Mine is currently showing in the app as 4.55% (incl 0.50% bonus) and this is also the rate shown on moneyfactscompare.co.uk.

I am guessing that the rate has been reduced with monetfacts yet to be updated. Existing user accounts will likely be reduced in due course, with the 14 day notice given by email.

Edit: I have just got the email from Zopa.

Access pots

Access pot rates aren’t tied to the Bank of England base rate. But, following a recent review of the savings market, we’re lowering the interest rates we offer on these pots.

• Access pots: on 21 February 2025, the interest rate will decrease from 4.05% AER* (3.97% gross**) variable to 3.75% AER* (3.68% gross**) variable. 

• Access ISA pots: on 21 February 2025, the interest rate will decrease from 4.55% AER* (4.45% gross**) variable to 4.30% AER* (4.21% gross**) variable. This includes your 0.5% AER*/gross** fixed bonus rate.

eskbanker

RG2015 said:

I am guessing that the rate has been reduced with monetfacts yet to be updated

Does that site track page impressions?

dingling68

I have left my cash ISA with Zopa through the last couple of rate reductions but feel it may be time to move on now as the gap between them and Trading 212 would make it a worthwhile swap ... 

where_are_we

dingling68 said:

I have left my cash ISA with Zopa through the last couple of rate reductions but feel it may be time to move on now as the gap between them and Trading 212 would make it a worthwhile swap ... 

I agree. I have been using Zopa ISA as an easy access account for small instant payments only. That`s the advantage of flexible ISA`s. But with it`s rate diminishing my balance has gone down to very little.I have ininiated a transfer to Trading 212 cash ISA. Full transfer only. Remember to have a balance before transfer of accrued interest up to now plus original ISA deposit. I needed to top mine up by a considerable amount. It was getting near one year expiry date for bonus interest anyway!