Zopa Bank current account plus savings at 7.5%

friolento

subjecttocontract said:

friolento said:

subjecttocontract said:

They also have a market leading EA ISA paying 5.01%.

That rate only lasts for 3 months. Then drops to a highly uncompetitive 3.8%.

No. I just received an email from Zopa that says the bonus is extended for 1 year.

It might be for you. Mine is already at 3.8%, and the official Zopa website states 3 months for the bonus

friolento

Qyburn said:

kirkytracy said:

My partner has just received an email from Zopa offering him a current account with linked savings at 7.5%.

As stated that's a regular saver allowing up to £250 per month to be saved. That might be quite suitable for saving for a specific goal. There's a similar offer from Virgin, paying 10% interest.

It's £300 max per month for the Zopa RS. The Virgin RS is no longer available to new customers.

MeteredOut

subjecttocontract said:

friolento said:

subjecttocontract said:

They also have a market leading EA ISA paying 5.01%.

That rate only lasts for 3 months. Then drops to a highly uncompetitive 3.8%.

No. I just received an email from Zopa that says the bonus is extended for 1 year.

Can you send wording/screenshot please? 5.01% for 12 months would interest many.

As an aside, it does not seem right that Zopa can advertise this product with an AER of 5.01% when the annual interest that will actually be earned is significantly lower than that headline rate.

subjecttocontract

MeteredOut said:

subjecttocontract said:

friolento said:

subjecttocontract said:

They also have a market leading EA ISA paying 5.01%.

That rate only lasts for 3 months. Then drops to a highly uncompetitive 3.8%.

No. I just received an email from Zopa that says the bonus is extended for 1 year.

Can you send wording/screenshot please? 5.01% for 12 months would interest many.

As an aside, it does not seem right that Zopa can advertise this product with an AER of 5.01% when the annual interest that will actually be earned is significantly lower than that headline rate.

A screen shot is beyond my technical abilities. But here is an extract from my email :

5.01% AER/4.89% gross on Access ISA pots. This includes a 0.5% AER gross (fixed) bonus rate which
will last for 1 year from the date you open a Smart ISA account.

MeteredOut

subjecttocontract said:

MeteredOut said:

subjecttocontract said:

friolento said:

subjecttocontract said:

They also have a market leading EA ISA paying 5.01%.

That rate only lasts for 3 months. Then drops to a highly uncompetitive 3.8%.

No. I just received an email from Zopa that says the bonus is extended for 1 year.

Can you send wording/screenshot please? 5.01% for 12 months would interest many.

As an aside, it does not seem right that Zopa can advertise this product with an AER of 5.01% when the annual interest that will actually be earned is significantly lower than that headline rate.

A screen shot is beyond my technical abilities. But here is an extract from my email :

5.01% AER/4.89% gross on Access ISA pots. This includes a 0.5% AER gross (fixed) bonus rate which
will last for 1 year from the date you open a Smart ISA account.

Thanks. You originally said the bonus "is extended for 1 year" but this says "from the date you open". Do you currently have a Smart ISA with them, or a different Zopa product?

allegro120

kirkytracy said:

My partner has just received an email from Zopa offering him a current account with linked savings at 7.5%.

Has anyone had any experience with Zopa as a current and savings account customer? We are saving for a holiday to Australia and so want to get as much help as we can with interest but when I searched Zopa on here there were a few comments about people not being able to get there money out which was a bit worrying. Although I think I understand that they used to be peer to peer but are now a bank, have I got that right?

Yes, Zopa was the pioneer of peer-to-peer.  I've used the platform for 5 years and got a reasonable return , can't complain

The 7.5% regular saver offer is one of the best on the current market.  It's a gem, any saver should go for it when it is offered   Current account also has some benefits too, but you don't have to use it. 
I've never had any problems with transactions.  Deposits and withdrawals arrive instantly. 
 

kirkytracy

Thanks for your responses. We already have a certain amount saved up so a regular saver is not really what we are looking for. I already have it at 5.8% with Santander. 

friolento

kirkytracy said:

Thanks for your responses. We already have a certain amount saved up so a regular saver is not really what we are looking for. I already have it at 5.8% with Santander. 

The Santander Regular Saver is 5% AER. You probably mean the Edge Saver @ 5.84%. This isn't a Regular Saver account but an easy access account which pays decent interest on up to £4k, which you can deposit in one go. You can both have several of these (I would say 5 in total between you) - have a look in the recent Santander Edge Saver thread.

jaypers

I really like Zopa. They have some cool ideas on things, such as the pots and their app is great. Only issue at present is that most of their savings rate, bar the RS, have become uncompetitive. Well worth having the RS as 7.5% is market leading now. 

GaryPearson99

I opened one 2 weeks ago and was going to fund more with Zopa and then had an email saying they were temporarily reducing everyone's daily withdrawal to external banks from £10,000 to £400 a day. Fine if lifted by maturity, but if you need other savings or need to move money out of current account, this could be a real issue.