Zopa ISA New Smart Saver Pot?

sheffieldeagle

Hi

Can someone tell me if I need to open a new smart Saver Pot for each Zopa savings account? I already have a pot for the regular Saver.

Cheers

flaneurs_lobster

What do you mean by "each Zopa savings account"? 

You have "membership" (my description, I don't know what Zopa call it) of Zopa by downloading the app and setting up login details.

The "Zopa account" is what Zopa call their current account product.

Their different savings products are implemented as "Pots" inside the "Smart Savings Hub".

Don't think there's any compulsion to open any pot unless you want to save into it.

Not surprised you're a tad confused, these new-fangled cool finance apps, and their products, can be rather opaque.

sheffieldeagle

Cheers for the reply. When I first opened the Regular saver I first needed to open a smart saver pot. I did think that would mean that would open all their savings accounts to me but when I try and open their cash ISA I can only get part way through the process. I think I will try their chat. 

Thanks

slinger2

I've got a 1 year fix with Zopa maturing next week. This will move into an access ISA pot, perhaps just at 3.80%, not too clear. The app lists some re-save options, including a 1 year fix at 4.40% and an access ISA pot at 4.30%, which is perhaps an existing one I have. If so that'll drop to 3.80% on 6 April.

Still dithering about whether to go for the new 1 year fix or transfer out. With Zopa you can't do partial transfers out, so it's all or nothing.

As noted, lots of funny rules which makes things complicated. 

flaneurs_lobster

sheffieldeagle said:

Cheers for the reply. When I first opened the Regular saver I first needed to open a smart saver pot. I did think that would mean that would open all their savings accounts to me but when I try and open their cash ISA I can only get part way through the process. I think I will try their chat. 

Thanks

Ah yes, remember now, you have to have a "Primary" "Access" "Pot" to get at anything else.

How far did you get with the Cash ISA application? You are no doubt aware that the headline-grabbing 5.01% rate is because of a 3 mth 1.21% bonus?

sheffieldeagle

Managed to overcome the technical issues. Now up and running. Yes I'm aware of the short term nature of the ISA using it as an easy access account.

Cheers

Speculator

flaneurs_lobster said:

sheffieldeagle said:

Cheers for the reply. When I first opened the Regular saver I first needed to open a smart saver pot. I did think that would mean that would open all their savings accounts to me but when I try and open their cash ISA I can only get part way through the process. I think I will try their chat. 

Thanks

Ah yes, remember now, you have to have a "Primary" "Access" "Pot" to get at anything else.

How far did you get with the Cash ISA application? You are no doubt aware that the headline-grabbing 5.01% rate is because of a 3 mth 1.21% bonus?

My wife was offered via email a "Smart Isa Plus" offering 5.01% with a 1 yr fixed bonus of 0.5%

"Zopa’s Smart Savings Hub offers a bunch of great ways to save. So why not make the most of them?

You’re already benefitting from the great rates on offer with Smart Saver. But you could also be growing your money tax-free with a Smart ISA. Plus, right now, we’re offering an extra 0.5% AER*/gross** fixed on Access ISA pots for 1 year from the date you open a Smart ISA! This gives you a total interest rate of 5.01%† AER* (4.89% gross**) variable."

slinger2

However for me from 6 April my options are 3.80% in the smart ISA, 4.40 in a 1 year fix or taking my money elsewhere.

flaneurs_lobster

Speculator said:

My wife was offered via email a "Smart Isa Plus" offering 5.01% with a 1 yr fixed bonus of 0.5%

This marketing of "personalised" and short term availability interest rates, usually in the form of "bonuses", by the New Tech Co's (Chip are doing this too) makes ir very difficult to be able to compare products, even accounts from the same supplier are given different rates depending on which day of the week you apply.

Pretty sure that the rules say that you should be able to compare savings products directly because they will all quote an APR. Trouble is these rates are then being augmented by bonuses with various durations.

It's starting to be a hindrance to discussions here too, where it's difficult to know exactly which product (meaning which particular account with a particular rate) is being mentioned.

RunsFromRobots

I had an email from Zopa today saying they have increased their ISA to 5.21% so I've started a transfer from Moneybox (currently 4.2%).

friolento

RunsFromRobots said:

I had an email from Zopa today saying they have increased their ISA to 5.21% so I've started a transfer from Moneybox (currently 4.2%).

It's not their ISA rate, it's the ISA rate they are offering to selected people, you being one of them. Anyone who has had a ZOPA ISA before can only get a substantially lower rate.