Does anyone have a Zopa Smarter Savings account?
I’m curious about the Boost Pots feature. Does this create new accounts with new account numbers? Or is it just taking the concept of pots/spaces from Monzo, Starling, etc and applying it to a savings account (single account with partitions).
I think it’s more the latter.
Having read about it, you top-up your “main” savings account (which is not locked or fixed at all, since that’s the easy access part) first. Then you have the option to “boost” your savings by, effectively, moving them to a notice account which is presented as a pot.
So I suppose you always need to top-up the easy access account first, then move funds over if you want to lock-in to a fixed saver.
It’s because it’s with a partner bank I think.
I can close a 0.15 and open a 0.35 should I so wish…
That makes sense.
A bit like how Monzo have offered varying interest rates on different pots with different providers before - and you obviously have to manually move funds to change rates.
The only alternative solution is something like Hargreaves Lansdown’s Active Saver (where they move the funds for you to get better rates) but these accounts never match the best on the market anyway.
I don’t think HL Active Savings moves money for you. I have an account and it’s basically the same approach as Monzo as far as I can tell - a marketplace for 3rd party savings providers and you control which marketplace providers you use. You might be thinking of Octopus Cash. This does automate the allocation of your cash to achieve best overall rate.
It’s not a given that rates are better when you go direct. For example, Aldemore 1 year fixed is lower direct (1.45%) than via HL (1.75%). Same for Allica Bank: 1% direct vs 1.86% via HL.
But there’s no mention of that in the app. Either way, it’s not very customer friendly. You just have to go through the boring process of creating new vaults and transferring to get your extra 0.2%. Just irritating
This is why savings rates are confusing. The underlying provider will “factor in” the rates they’ve offered third parties when setting their own rates and future rates for other third parties… So they may have to push their direct rates lower to avoid taking on too much via their fixed rate, max volume deals with others.
Single rate, single source is cleaner, but then you can’t reach as much of the market.
I’d like to think this is healthy competition for customers, but just look what Chase has triggered - suggests it’s all a race to the bottom until someone genuinely challenges pathetic rates.
Litmus test is whether Starling raises debit interest
Bit annoying that they started with an understandable rate (not a good one) then bumped it down, but have forgotten it seems, to push it back up
It’s not clear enough - I had to speak to an agent the first time. The rates aren’t all that competitive anymore anyhow.
Yes, I think I was.
I looked into both of them a while ago to see if auto-savers were worth bothering with but decided they weren’t - so I haven’t actually got accounts with either and misremembered the details.
An important and interesting point, but really that once again actually reinforces the need to always shop around and look for the best rates yourself! They may be direct, or through a platform - there’s no hard and fast rule.
Oaknorth Bank have set the pace in the 90 Day Notice Accounts, leaping above Zopa’s 1.85% Boosted 95 day account with their 2.02% AER offering.
My funds were recently committed to Zopa, so my hands are tied atm, however, with BoE Monetary Policy Committee due to meet in about three weeks, I can see the landscape changing again in 4-5 weeks.
I think you can get 1.95 via QIB / Raisin also.
I have some funds in a 1.51 32 day notice account - debating giving notice & it’s only been open a month 
I opened several Zopa notice accounts and gave notice on day one as rates are changing almost daily, but certainly weekly.
My 31 day boosted notice expires a week after the next BoE meeting.
Any referral bonus with Zopa?
Hmm if I hand the notice in it’ll expire about 2 weeks after the meeting. The funds will be sat in my Raisin account.
It’s not major money but still feel like rate hunting lol
Not that I am aware of.
Yup, by which time, banks and building societies should have adjusted their rates, if they feel the desire to of course.
Tesco Bank, meanwhile, will have created about four new Internet Savers, each surpassing the previous one, causing their customers to keep opening and closing accounts, if past performance anything to go by 
OakNorth Bank
A warning on this one. Fund transfers are definitely not instant or close-to-instant, unlike many other providers, and are more Coventry Building Society-esque, in that they process withdrawal requests Next Business Day
Not for me then, regardless of any marginal rate advantage.
Yorkshire BS has launched a new RS paying 5.00% variable (max £500 pm, max £6000 total, one year term).
You are only eligible for this product if you have held open the same account for at least 12 months.
If you have been an existing customer of at least 12 months, but closed old ones and replaced them with newer accounts during the last twelve months, then “tough”, you won’t qualify. At least at auto-acceptance level anyway. Whether a call to CS sees any flexibility, I don’t know yet 
I recently had to close a Help to Buy ISA of 5+ years - so I’m no longer eligible!
Yeah, I opened the latest saver, four months back and closed my 18 month old account
No longer eligible 
Nationwide did a member regular at 2.5%, then Skipton did 3.5%, now this. I think there will be plenty more at higher rates soon without qualifying criteria.