Zopa Bank current account plus savings at 7.5%

sammy_zammy

MeteredOut said:

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.

Personally I disagree: it’s an annual equivalent rate, which controls the interest rate you get daily, not the rate you would get over a whole year. Just like I wouldn’t expect a 6 month bond to factor in the maturity account’s interest rate into their advertised AER!

I’d much rather know the rate that I can directly compare to other offers available at the moment. Then when the rate drops due to the bonus ending, it’s up to me whether to switch - just like it would be for any other rate drop in a variable account.

friolento

GaryPearson99 said:

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.

I am also an existing Zopa customer. Never got such an email. Are you sure the email was from Zopa?

allegro120

friolento said:

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.

Santander allows only 2 per person. How do you get the 5th one?

flaneurs_lobster

allegro120 said:

friolento said:

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.

Santander allows only 2 per person. How do you get the 5th one?

2 personal each plus 1 associated with a joint current account (I'm told).

GaryPearson99

I think its legit, it came from usual Zopa email. It says some customers accounts, so not sure why mine.

A temporary update to your bank account

 

Hi Gary,

 

We’re getting in touch with an important update on your Zopa bank account. We review account limits from time to time to protect our customers. Based on our recent review, we’ll be temporarily reducing the 24-hour transaction limit on some of our customers’ accounts — including yours. We don’t have a timeframe for changing this back to normal just yet, but we’ll let you know as soon as we do.

 

What this means for you

 

• Standard 24-hour transaction limit: £10,000 • Temporarily reduced limit: £400

 

This limit excludes Direct Debits. It’s a rolling limit, which means it resets 24 hours after each transaction, not at a specific point in the day. If you try to make a transaction that exceeds this temporarily reduced limit, it will be declined automatically. Just so you know, this update doesn’t impact your existing 24-hour cash withdrawal limit of £400.

 

Need to transfer higher amounts?

 

You can still transfer amounts above £400 from your Zopa bank account to another account in your name via your Smart Saver. These transfers won’t count towards your daily transaction limit. To do this, you’ll need to:

 

These reduced transaction limits will take effect immediately, so you don’t need to do anything. We’re really sorry for any inconvenience and appreciate your understanding. We’ll be in touch with an update as soon as possible. If you have any questions, we’re here to help.

 

Thanks, The Zopa team

ThePirates

allegro120 said:

friolento said:

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.

Santander allows only 2 per person. How do you get the 5th one?

I've just opened a 2nd sole Edge current account and saver, so I have 2 now.

2 sole each and a joint?

allegro120

flaneurs_lobster said:

allegro120 said:

friolento said:

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.

Santander allows only 2 per person. How do you get the 5th one?

2 personal each plus 1 associated with a joint current account (I'm told).

I didn't know you can have 2 sole Edge current accounts. Joint account entitles you to the second Edge Saver.  We have 1 sole Edge Current each plus one joint.  These 3 current accounts allow us to have 2 Edge Savers each.

friolento

GaryPearson99 said:

I think its legit, it came from usual Zopa email. It says some customers accounts, so not sure why mine.

A temporary update to your bank account

 

Hi Gary,

 

We’re getting in touch with an important update on your Zopa bank account. We review account limits from time to time to protect our customers. Based on our recent review, we’ll be temporarily reducing the 24-hour transaction limit on some of our customers’ accounts — including yours. We don’t have a timeframe for changing this back to normal just yet, but we’ll let you know as soon as we do.

 

What this means for you

 

• Standard 24-hour transaction limit: £10,000 • Temporarily reduced limit: £400

 

This limit excludes Direct Debits. It’s a rolling limit, which means it resets 24 hours after each transaction, not at a specific point in the day. If you try to make a transaction that exceeds this temporarily reduced limit, it will be declined automatically. Just so you know, this update doesn’t impact your existing 24-hour cash withdrawal limit of £400.

 

Need to transfer higher amounts?

 

You can still transfer amounts above £400 from your Zopa bank account to another account in your name via your Smart Saver. These transfers won’t count towards your daily transaction limit. To do this, you’ll need to:

 

These reduced transaction limits will take effect immediately, so you don’t need to do anything. We’re really sorry for any inconvenience and appreciate your understanding. We’ll be in touch with an update as soon as possible. If you have any questions, we’re here to help.

 

Thanks, The Zopa team

Blimey, that sounds exceptionally harsh. If I got an email like that from them, or from any bank, I'd close my account subito.

friolento

allegro120 said:

flaneurs_lobster said:

allegro120 said:

friolento said:

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.

Santander allows only 2 per person. How do you get the 5th one?

2 personal each plus 1 associated with a joint current account (I'm told).

I didn't know you can have 2 sole Edge current accounts. Joint account entitles you to the second Edge Saver.  We have 1 sole Edge Current each plus one joint.  These 3 current accounts allow us to have 2 Edge Savers each.

I'd recommend you have a look in the recent Santander Edge Saver thread.

trickydicky14

friolento said:

GaryPearson99 said:

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.

I am also an existing Zopa customer. Never got such an email. Are you sure the email was from Zopa?

I'm also an existing customer and have not had this email.