Zopa savings pots

friolento

winkowinko said:

Is there any way to set auto payments of £300 per month from the primary saving account to the regular saver, or can it only be done from the biscuit account?

Mine went directly into my Zopa Regular Saver (now about to mature, so I cancelled the autosave). Don't ask me though how I set this up

20122013

May I check that Zopa daily transfer limit to a linked bank account is £250,000? 

https://www.zopa.com/help/article/what-transaction-limits-apply-to-my-account

refluxer

20122013 said:

May I check that Zopa daily transfer limit to a linked bank account is £250,000? 

https://www.zopa.com/help/article/what-transaction-limits-apply-to-my-account

Yes, but it's a rolling 24 hour limit rather than a daily limit.

Vienss

No, your 7-day Boosted pots won’t automatically switch to the 4.75% Access rate once notice is given — they’ll stay under their current product terms until closed. To benefit from the new rate, you’d need to withdraw after the 7-day notice period and move the funds into a new Access pot. It’s a bit more effort but ensures you get the higher rate immediately. Zopa doesn’t usually convert pots automatically between products, so opening new ones and transferring balances is the safer route to lock in 4.75%.

Slinky

Vienss said:

No, your 7-day Boosted pots won’t automatically switch to the 4.75% Access rate once notice is given — they’ll stay under their current product terms until closed. To benefit from the new rate, you’d need to withdraw after the 7-day notice period and move the funds into a new Access pot. It’s a bit more effort but ensures you get the higher rate immediately. Zopa doesn’t usually convert pots automatically between products, so opening new ones and transferring balances is the safer route to lock in 4.75%.

That's incorrect. My 7 day boosted pots notice finished yesterday and they have now got the 4.75% rate.

20122013

Slinky said:

Vienss said:

No, your 7-day Boosted pots won’t automatically switch to the 4.75% Access rate once notice is given — they’ll stay under their current product terms until closed. To benefit from the new rate, you’d need to withdraw after the 7-day notice period and move the funds into a new Access pot. It’s a bit more effort but ensures you get the higher rate immediately. Zopa doesn’t usually convert pots automatically between products, so opening new ones and transferring balances is the safer route to lock in 4.75%.

That's incorrect. My 7 day boosted pots notice finished yesterday and they have now got the 4.75% rate.

I would like to check whether I have done what is required to get the 4.75 (boosted rate). (I have tried asking Zopa)

From my previous post, I have managed to get the 'Smart Savings HUB / Saving rates 4.75% AER variable') added to my accounts.  

I have paid my first £500 into my Biscuit account (2%), and my app says I have 'activated' the 4.75% and will get the boosted rate next month. I was thinking that the rate on my Biscuit account will increase to 4.75%, as long as I meet their criteria. 

Yesterday, I had transferred some more money into my Biscuit account which was showing 2%.

Today, I checked and the rate on my  Biscuit account is still showing 2% and not 4.75% and there is a  0 balance in the 'Smart Savings HUB / Saving rates 4.75% AER variable'

I have just transferred this amount into my 'Smart Savings HUB / Saving rates(4.75% AER variable), waited 2 hours and balance is correct.

I have setup a £500 monthly SO to go into my Biscuit account, is this correct?  Is there anything else I need to do to get the 4.75%?

Slinky

The 4.75% is on the money in your smart savings pot, not the current account. I'm pretty sure that the £500 needs to go into the current account for the smart savings money to qualify.

Russ66

20122013 said:

Slinky said:

Vienss said:

No, your 7-day Boosted pots won’t automatically switch to the 4.75% Access rate once notice is given — they’ll stay under their current product terms until closed. To benefit from the new rate, you’d need to withdraw after the 7-day notice period and move the funds into a new Access pot. It’s a bit more effort but ensures you get the higher rate immediately. Zopa doesn’t usually convert pots automatically between products, so opening new ones and transferring balances is the safer route to lock in 4.75%.

That's incorrect. My 7 day boosted pots notice finished yesterday and they have now got the 4.75% rate.

I have setup a £500 monthly SO to go into my Biscuit account, is this correct?  Is there anything else I need to do to get the 4.75%?

You'd need to move the money across from your CA to your POT, It's the pot that pays the 4.75% interest not the CA @ 2%

Slinky

Russ66 said:

20122013 said:

Slinky said:

Vienss said:

No, your 7-day Boosted pots won’t automatically switch to the 4.75% Access rate once notice is given — they’ll stay under their current product terms until closed. To benefit from the new rate, you’d need to withdraw after the 7-day notice period and move the funds into a new Access pot. It’s a bit more effort but ensures you get the higher rate immediately. Zopa doesn’t usually convert pots automatically between products, so opening new ones and transferring balances is the safer route to lock in 4.75%.

That's incorrect. My 7 day boosted pots notice finished yesterday and they have now got the 4.75% rate.

I have setup a £500 monthly SO to go into my Biscuit account, is this correct?  Is there anything else I need to do to get the 4.75%?

You'd need to move the money across from your CA to your POT, It's the pot that pays the 4.75% interest not the CA @ 2%

That's only if you want to save that £500 with Zopa. There's nothing to stop you paying £500 into the CA, and then withdrawing it again immediately for use elsewhere. Or two transactions of £250, or 5 of £100, if that's all you have available.

Bobblehat

Slinky said:

Russ66 said:

20122013 said:

Slinky said:

Vienss said:

No, your 7-day Boosted pots won’t automatically switch to the 4.75% Access rate once notice is given — they’ll stay under their current product terms until closed. To benefit from the new rate, you’d need to withdraw after the 7-day notice period and move the funds into a new Access pot. It’s a bit more effort but ensures you get the higher rate immediately. Zopa doesn’t usually convert pots automatically between products, so opening new ones and transferring balances is the safer route to lock in 4.75%.

That's incorrect. My 7 day boosted pots notice finished yesterday and they have now got the 4.75% rate.

I have setup a £500 monthly SO to go into my Biscuit account, is this correct?  Is there anything else I need to do to get the 4.75%?

You'd need to move the money across from your CA to your POT, It's the pot that pays the 4.75% interest not the CA @ 2%

That's only if you want to save that £500 with Zopa. There's nothing to stop you paying £500 into the CA, and then withdrawing it again immediately for use elsewhere. Or two transactions of £250, or 5 of £100, if that's all you have available.

Or use £300 of the £500 for the RS each month, if you have the Zopa RS?