Zopa savings pots

SeriousHoax

If I were to put 50k into my 4.75% pot, would I get interest on that 50k?

friolento

SeriousHoax said:

If I were to put 50k into my 4.75% pot, would I get interest on that 50k?

yes                                          

SeriousHoax

friolento said:

SeriousHoax said:

If I were to put 50k into my 4.75% pot, would I get interest on that 50k?

yes                                          

Thanks, I'll top it up then and make sure I still pay in £500 a month.

friolento

SeriousHoax said:

friolento said:

SeriousHoax said:

If I were to put 50k into my 4.75% pot, would I get interest on that 50k?

yes                                          

Thanks, I'll top it up then and make sure I still pay in £500 a month.

@SeriousHoax the £500 needs to go into your Zopa current account, from an external account. It can leave the Zopa current account instantly again.

SeriousHoax

friolento said:

SeriousHoax said:

friolento said:

SeriousHoax said:

If I were to put 50k into my 4.75% pot, would I get interest on that 50k?

yes                                          

Thanks, I'll top it up then and make sure I still pay in £500 a month.

@SeriousHoax the £500 needs to go into your Zopa current account, from an external account. It can leave the Zopa current account instantly again.

Yes, thanks..

where_are_we

My £300 for Zopa RS goes direct from my linked account via autosave. Therefore my £500 paying into the CA cannot be used the way "Bobblehat" describes. I was contemplating £500 SO`s in and out from my linked account on the same day. However does Zopa SO`s go out on non working days? Then it would be best to diarise a manual transfer of £500 in and out once a month.

clairec666

where_are_we said:

My £300 for Zopa RS goes direct from my linked account via autosave. Therefore my £500 paying into the CA cannot be used the way "Bobblehat" describes. I was contemplating £500 SO`s in and out from my linked account on the same day. However does Zopa SO`s go out on non working days? Then it would be best to diarise a manual transfer of £500 in and out once a month.

Not sure about standing orders, but if you're doing it manually you can do both the "in" and "out" transfers from within the Zopa app, so if everything goes to plan you can do the whole lot in a couple of minutes without faffing around with switching between apps.

fistfulofsteel

This seems like a good deal. I have around 60k in a moneybox ISA that's recently dropped to 3.7%. I've exhausted most other "new customer" ISA offers and have a good range of regular savers. Would it be worth withdrawing from the ISA and moving the money to the 4.75% zopa savings pot, given that I already have a zopa current account set up, and setting up some in/out transfers from my current account with another back to ensure I qualify for the bonus rate? I don't earn enough to pay income tax and don't see that changing any time soon, so is there any value in keeping the ISA wrapper?

where_are_we

Assuming your moneybox ISA is a flexible cash ISA and you have a low income then you would earn more interest on your savings by withdrawing the bulk of your £60K and putting it into your Zopa 4.75% savings pot.
Are you aware of the starting rate for savings which means if you have a low income you can earn extra £5K in savings interest without paying tax. This is in addition to your £1k personal savings allowance of tax free interest. You mention having a good range of regular savers. If your total income including savings interest is below £12570 + 1000 + 5000 = £18570 then having an ISA wrapper for cash savings does not give you extra value because you would not pay tax on savings outside the ISA wrapper.
However, keeping your £60K ISA wrapper going forward is probably a good idea. Once lost you cannot get it back. In view of this it would be good idea to redeposit your £60K back into your ISA at the end of March 2026 in order to consolidate the ISA wrapper and then in the new tax year reconsider your options as your Zopa and Moneybox rates are variable.
Depending on your overall financial assets and risk level you might want to convert some of your cash ISA savings to a Stocks and Shares ISA.

Slinky

where_are_we said:

Assuming your moneybox ISA is a flexible cash ISA and you have a low income then you would earn more interest on your savings by withdrawing the bulk of your £60K and putting it into your Zopa 4.75% savings pot.
.....

However, keeping your £60K ISA wrapper going forward is probably a good idea. Once lost you cannot get it back. In view of this it would be good idea to redeposit your £60K back into your ISA at the end of March 2026 in order to consolidate the ISA wrapper and then in the new tax year reconsider your options as your Zopa and Moneybox rates are variable.

I'm not sure this is good advice. Once that £60K comes out of your ISA, it loses it's ISA status. You would not be able to put the full amount back in again. You'd only be able to put a maximum of £20K into an ISA this year.

OP are you aware that Zopa have a fixed rate cash ISA? It was paying 4.17% when I opened mine a month ago, don't know if it still is. Make sure you read the terms carefully and that they suit your situation.