Best savings account?

DJMK4 · 2025-02-07T17:48:13+0000

mingeroonie said:
Just checked mine, it expires 6 Feb 2026

Ok cool

If I somehow do a transfer from zopa to trading 212. I assume I'm going.to loose a months worth of interest..

If I have interest accumulating on a daily basis with zopa. I usually.get interest payments on 2nd or 3rd of month when is the best time to do a transfer without loosing money ?

Do you loose the interest for that month if your transferring to someone else ?

mingeroonie · 2025-02-07T17:54:15+0000

Ive no idea, Im an ISA noob

Although I did make 2 quid odd yesterday in interest

tamzzy · 2025-02-07T18:00:09+0000

DJMK4 said:
Do you loose the interest for that month if your transferring to someone else ?

interest should be calculated daily for most accounts, so very unlikely

you will, however, lose some interest during the transfer for the days it takes for the transfer to happen, depending on their systems, a couple of days to a couple of weeks

DJMK4 · 2025-02-07T18:25:23+0000

tamzzy said:
interest should be calculated daily for most accounts, so very unlikely

you will, however, lose some interest during the transfer for the days it takes for the transfer to happen, depending on their systems, a couple of days to a couple of weeks

Urgh. Ok so say worst case coupe of weeks to transfer, half.your interest is lost for the month.

Just had this email come through , from zopa about a small drop.

Access pots: on 21 February 2025, the interest rate will decrease from 4.05% AER* (3.97% gross**) variable to 3.75% AER* (3.68% gross**) variable. 
•Access ISA pots: on 21 February 2025, the interest rate will decrease from 4.55% AER* (4.45% gross**) variable to 4.30% AER* (4.21% gross**) variable. This includes your 0.5% AER*/gross** fixed bonus rate.

May have a think about transferring but I wouldn't want to loose interest if it's going to take long

tamzzy · 2025-02-07T18:32:15+0000

DJMK4 said:
Urgh. Ok so say worst case coupe of weeks to transfer, half.your interest is lost for the month.

yes, so up to the day your transfer gets actioned by ZOPA, you lose no interest as interest is calculated daily
during the time it takes for ZOPA to send the money to T212 and for T212 to process, you earn no interest
once the transfer is completed, you start earning interest again

if i recall correctly, for me, it took 5 days (inc weekend) for T212 to process my transfer from Coventry BS

DJMK4 · 2025-02-07T19:25:25+0000

Hang on , just noticed something

I have have 2 x cash ISAs from different providers and have 2 x interest streams incoming ? Aslong as I dont pay over £20k in more than one tax year ?

So I could keep my zopa ISA which will keep paying the 4.55% interest monthly, not paying anymore in to that this tax year , and setup another ISA with trading212 but dump some funds in to that ?

Do people have 2 x cash ISA pots or generally one ? Iv only got one moment

Slam62 · 2025-02-07T19:51:17+0000

DJMK4 said:
Hang on , just noticed something

I have have 2 x cash ISAs from different providers and have 2 x interest streams incoming ? Aslong as I dont pay over £20k in more than one tax year ?

So I could keep my zopa ISA which will keep paying the 4.55% interest monthly, not paying anymore in to that this tax year , and setup another ISA with trading212 but dump some funds in to that ?

Do people have 2 x cash ISA pots or generally one ? Iv only got one moment

I always aim to consolidate into one for convenience, but you can have as many as you like.

tamzzy · 2025-02-07T19:53:29+0000

Slam62 said:
I always aim to consolidate into one for convenience, but you can have as many as you like.

same, but if you have more than £85k (FSCS guarantee) then you should split

Mr Badger · 2025-02-07T20:34:15+0000

DJMK4 said:
Hang on , just noticed something

I have have 2 x cash ISAs from different providers and have 2 x interest streams incoming ? Aslong as I dont pay over £20k in more than one tax year ?

So I could keep my zopa ISA which will keep paying the 4.55% interest monthly, not paying anymore in to that this tax year , and setup another ISA with trading212 but dump some funds in to that ?

Do people have 2 x cash ISA pots or generally one ? Iv only got one moment

You can have as many cash ISAs as you want, but I believe you are only supposed to contribute new money to one at a time.

If you build up a lot of money in the cash ISA wrapper then you may need to decide between the convenience of having fewer products to manage each year, verses the safety of keeping your total money with any individual company below the £85,000 compensation limit covered by the Financial Services Compensation Scheme.