Zopa Regular Saver Maturing

MatLoweRN

I was fortunate enough to grab the (fixed) Zopa Regular Saver last year at 7.50%  It' set to mature in early Feb.  Now, I see that Zopa are still currently advertising online a (variable) regular saver at 7.10% so I thought it would be just a case picking up another reg saver with them after maturity.  However. I could see no sign of this option in the app so I contacted them by live chat.  I was told that there are currently no further regular savers available for me  when my current one ends.  Is this just a case of them only being interested in new customers like T212? Anyone else have this regular saver that's about to mature.  Any other experiences? 

Altior

I set my new one up on 31st last week. The day after the 7.5% one matured. So if it's changed, it's very recent!

Exodi

Forgive me but you mention your Regular Saver is set to mature in Feb.

That could make sense as to why you are not able to see or open another Regular Saver. None of the RS providers allow you to open multiple with them.

I'd imagine the option will appear when your current one matures (despite the confusing communication from CS).

At worse you can just open a RS with First Direct paying 7%, the difference in interest is like 50p over a year!

CricketLady

Altior I think you might mean 31st December...?

MatLoweRN my 7.5% is set to mature on the 21st of January so if it helps I'll post what happens here as I, too, would like the 7.1% (although I'm sure someone will post before this date)

Hope this helps xx

Altior

CricketLady said:

Altior I think you might mean 31st December...?

Indeed   !

MatLoweRN

Exodi said:

Forgive me but you mention your Regular Saver is set to mature in Feb.

That could make sense as to why you are not able to see or open another Regular Saver. None of the RS providers allow you to open multiple with them.

I'd imagine the option will appear when your current one matures (despite the confusing communication from CS).

At worse you can just open a RS with First Direct paying 7%, the difference in interest is like 50p over a year!

This is the message i received via Live Chat: 

"At the moment, Zopa isn’t offering a _new_ Regular Saver once an existing one finishes. When your current 7.5% Regular Saver ends, it will automatically convert into an Access pot, and you’ll keep earning interest in that pot at the standard Access rate.

The Regular Saver you already have was a limited-time offer, and right now we’re not offering a replacement Regular Saver once one completes. If this changes in the future, it will appear in your Smart Savings Hub in the app.

I completely understand why you'd want to plan ahead, and I’m really sorry — I know this won’t be the answer you were hoping for. If anything new becomes available, the app will always show the newest pots first."

This message seems to assert that a new RS wont be available. If one will be, then it certainly is a very confusing communication from CS.  I understand I can't apply for one now but it would have been nice to know that I could do so next month.  But, yes, I am certainly looking for an alternative RS now.

wmb194

MatLoweRN said:

I was fortunate enough to grab the (fixed) Zopa Regular Saver last year at 7.50%  It' set to mature in early Feb.  Now, I see that Zopa are still currently advertising online a (variable) regular saver at 7.10% so I thought it would be just a case picking up another reg saver with them after maturity.  However. I could see no sign of this option in the app so I contacted them by live chat.  I was told that there are currently no further regular savers available for me  when my current one ends.  Is this just a case of them only being interested in new customers like T212? Anyone else have this regular saver that's about to mature.  Any other experiences? 

I think you're too early; wait for it to mature and then see whether there's an option to open a 7.1% or, if an RS is still available, whatever it will be in Feb. When my 7.5% matured I was able to open a 7.1% on the same day.

Altior

Wait and see what happens at the time. Zopa are great for comms and you'll get a message upon maturity.

Worth noting possibly, in the email I received with in house maturity options it didn't mention a new RS. But I was able to start a new one easily in the app. 

Exodi

As I said before, I'd imagine the option will appear when your current one matures (despite the confusing communication from CS).

For all we know they might be confusing things by referring to the 7.5% rate and/or they could be mindful about committing to the existence of a Regular Saver in the future when they can't be certain and/or they could be wrong.

Or they could be right and you're the first person to know they're imminently about to shut down their RS offer next month, but as I and others have said, the only way to find out is to just wait till next month. You are very early.

If it's keeping you up at night, as mentioned, apply for First Direct, it's pretty much identical in offering. I'm on my 4th year having one. However they also do not allow you to apply for another RS until it has matured (I'm not aware of any that do).

Patience is a virtue.

Altior said:

Wait and see what happens at the time. Zopa are great for comms and you'll get a message upon maturity.

Worth noting possibly, in the email I received with in house maturity options it didn't mention a new RS. But I was able to start a new one easily in the app. 

^

surreysaver

They do offer one

https://www.zopa.com/regular-saver

But you won't be able to set it up until your existing one has matured (assuming it is still available when it matures)

When is the anniversary of your current account (I'm guessing it'll be about the same time as your regular saver matures?)

Did you do a one off direct debit for £1,500 to get your £30 cashback? If not, do that before the anniversary, then you'll be able to do it again after the anniversary.
Moneybox will allow you to do a one-off direct debit 
https://www.moneyboxapp.com/simple-saver

the_seer

My 7.5% Zopa RS matured today, and I was immediately able to open a new 7.1% RS and fund it.