Zopa savings pots

Slinky

I've just been offered the increased savings rate of 4.75% on my Access pot with Zopa. I see that if I open a new pot, this will also be 4.75%.  I've currently got some 7 day Boosted pots only paying 3.33%. If I give the 7 days notice, will these then become Access pots at 4.75% does anyone know?  I guess I could just open some new pots and transfer the balances over, but it would be less of a faff to leave them as they are at the moment.

TIA

refluxer

The following implies that a Boosted pot will become an Access pot once you've given notice and that notice period has come to an end. If you've already launched the new boosted rate offer (and paid £500 into your Biscuit (current) account in the meantime), then those Access pots should default to 4.75%, AFAIK.

From : https://www.zopa.com/help/article/what-is-boost

When you need to access the money in a Boosted pot, simply:

1. Head to your Boosted pot and click Give notice.

2. Your pot will tell you when your savings will be available to access.

3. Once the notice period ends, your Boosted pot will become an Access pot, and you’ll be able to withdraw your savings to your nominated bank account or Boost again.

refluxer

To start the boost offer, you need to look for the jammy dodger (biscuit) icon on the home page and launch it from there - it doesn't happen automatically, even after adding the £500 to the Biscuit account. I needed to update my Zopa app for the biscuit icon to appear.

Growingold

Unfortunately this boost doesn't apply to any ISA Access pots you may have

Slinky

refluxer said:

The following implies that a Boosted pot will become an Access pot once you've given notice and that notice period has come to an end. If you've already launched the new boosted rate offer (and paid £500 into your Biscuit (current) account in the meantime), then those Access pots should default to 4.75%, AFAIK.

From : https://www.zopa.com/help/article/what-is-boost

When you need to access the money in a Boosted pot, simply:

1. Head to your Boosted pot and click Give notice.

2. Your pot will tell you when your savings will be available to access.

3. Once the notice period ends, your Boosted pot will become an Access pot, and you’ll be able to withdraw your savings to your nominated bank account or Boost again.

Fortunately the boosted pots were only on 7 day notice, so I gave notice last night.  

I paid in £500 which has kicked off the higher rate for this month. I have some standing orders paid from the account to get the £30 cashback, I wonder if the incoming money for those counts as part of the £500?

Slinky

Growingold said:

Unfortunately this boost doesn't apply to any ISA Access pots you may have

Shame isn't it. I've got a large chunk trapped in an ISA as I didn't realise I couldn't do a partial tranfer out. 

MatLoweRN

Does anybody know if you have to keep the £500 in the zopa bank account for a certain amount of time or could you withdraw it again?  I checked their terms but couldn't see anything about this apart from simply having to pay in £500 per month.   I could have missed something, of course.

Rheumatoid

MatLoweRN said:

Does anybody know if you have to keep the £500 in the zopa bank account for a certain amount of time or could you withdraw it again?  I checked their terms but couldn't see anything about this apart from simply having to pay in £500 per month.   I could have missed something, of course.

You can take it straight out

refluxer

Slinky said:

I paid in £500 which has kicked off the higher rate for this month. I have some standing orders paid from the account to get the £30 cashback, I wonder if the incoming money for those counts as part of the £500?

Any money paid in will count towards the £500 needed to qualify, but I'm guessing it'll need to come from an external account (and not shuffled sideways from one Zopa account to another).

The app is quite helpful in that it tells you whether you've qualified or not and if you haven't, how much more needs to be paid in and by when.

35har1old

refluxer said:

To start the boost offer, you need to look for the jammy dodger (biscuit) icon on the home page and launch it from there - it doesn't happen automatically, even after adding the £500 to the Biscuit account. I needed to update my Zopa app for the biscuit icon to appear.

When I added the £500 the pots updated immediately 

sidneyyoungblood

Sorry to jump in on the post - Just opened a pot at 4.75% with 5k , does the £500 a month  have to paid in every  month or a calender month after account was opened ( the pot was opened yesterday ) .. Thanks