This looks like a slightly different proposition on savings, but with interest rates remaining so low and inflation so high it still doesn’t look like a super-attractive place to stash your cash.
Agreed. In addition, the article states:
“The Zopa Smart Saver is the bank’s second savings product. It follows the launch of the Zopa Fixed Rate Savings account that amassed £1 billion in customer savings in only 18 months, topping the savings tables 15 times.”
Must say I’ve not seen Zopa figure in any savings tables, let alone topping them.
Good luck to them, but not for me……
It also appears to have a limit of £15,000. I suppose that’s probably enough for their target demographic but not for old buggers like me
They should have kept the lending product.
I think they mean topping the tables in terms of deposits, not rates or best buy
Yes - makes sense.
The Zopa offering is refreshingly different and now on the MSE radar. I’ve just signed up.
Anyone else got experience of them?
So I’m up and happening. Love the booster pots idea.
It’s the linked bank account model and it’s proved today to be wrinkle-free. Sorry Atom….
I have six accounts with them.
2x Boosted 31
3x Boosted 95
Smooth sailing so far, and they increased rates without need to close and open accounts, eh Tesco, Cynergy,
Yep, I like the cut of their jib.
(Tolstoy, I believe ).
I use and like Zopa as my main savings account provider. But a few things in my wish list….
I’m quite interested in this now that you can save up to £50,000 - how instant are the bank transfers to and from the easy access account?
I like the idea of multiple pots at different rates…
Pretty much instant - certainly within 30 seconds.
As do I.
Thanks - good to know!
Update: I’ve just sent a large-ish sum over from my connected account. It’s taking a little longer. That may be as simple as time of day, etc, but if it drags on, I’ll say so. It certainly didn’t pose a problem yesterday.
Edit: 20 minutes - done.
As an aside (momentarily off-topic), it’s a tad annoying to have (ISA) cash sat in a Cynergy account, oblivious to the fact that they’ve quietly increased rates. No idea why they wouldn’t tell existing account-holders.
I opened a Zopa account the other day. Impressed by the ability to top up/withdraw to different accounts. Open banking top ups. Speed of the money going in & out is fine. Live chat, app notifications etc…
I also tested paying in by standing order which works - overall so far so good!
Oh and the notice pots are definitely one of the best implementations of this type of product that I’ve seen!
Yes, cunningly attractive proposition.
I bit the bullet and opened a savings account. I’ve made 3 transfers - one via Open Banking and two via FP and they’ve all taken over 30 minutes. I like that you get a notification and email when the money finally arrives, though.