|
Post by fuzzyiceberg on Jul 29, 2020 11:05:33 GMT
Looks to me like the plan is to initially fund all what are currently Zopas p2p loans through the bank, and then allocate some of those loans to p2p investors while retaining others. There is no indication (at least for the moment) that Zopa bank will be making separate loans or entering new loan markets. As Greenwood suggests Zopa are obviously confident that there is enough margin between the amount paid on the Zopa bank deposits and the amounts received via P2P loans to make the whole thing viable. And if they can attract enough deposits to the bank to finance the loan book they will no doubt start to gently deter individual P2P investors.
|
|
|
Post by Ton ⓉⓞⓃ on Jul 30, 2020 19:16:40 GMT
It's a £1000 minimum to start investing in Zopa p2p, the fix terms deposits are a minimum £1000 too.
|
|
|
Post by point5clue on Aug 2, 2020 18:41:23 GMT
Looks to me like the plan is to initially fund all what are currently Zopas p2p loans through the bank, and then allocate some of those loans to p2p investors while retaining others. There is no indication (at least for the moment) that Zopa bank will be making separate loans or entering new loan markets. As Greenwood suggests Zopa are obviously confident that there is enough margin between the amount paid on the Zopa bank deposits and the amounts received via P2P loans to make the whole thing viable. And if they can attract enough deposits to the bank to finance the loan book they will no doubt start to gently deter individual P2P investors. I take this as a positive - assuming that they are true to their word and that they are sharing the loans fairly between their bank and us P2P lenders. If true, then they believe that there is a long term margin well above the rates they are offering a cast iron FSCS guarantee on. For me the alternative for this money would be either savings accounts or bonds, then I'm still going to keep the money in Zopa unless I think it would do better long term in a savings plan or bonds. I'm still getting near 4pc on my loans, and whilst I suspect that will go down a fair bit over the next couple of years I doubts I'll be better off ditching now just to get 1-1.5pc or risk loosing money on QE ravished bonds.
|
|
jaswells
Member of DD Central
Posts: 254
Likes: 184
|
Post by jaswells on Aug 19, 2020 11:24:16 GMT
Fixed Term Savings rates now been introduced. Range from 1.05% for 1 year up to 1.3% for 5 years. Can't see there being too many takers.
|
|
aju
Member of DD Central
Posts: 3,484
Likes: 917
|
Post by aju on Aug 19, 2020 11:30:10 GMT
Just got an email from zopa Crossed with above for me though I'd go with the NS&I Income bond I think!, once i have exhausted all other opportunities.
The 3/4 yr ones seem a bit odd at the same rates.
|
|
Greenwood2
Member of DD Central
Posts: 4,241
Likes: 2,686
|
Post by Greenwood2 on Aug 19, 2020 11:33:46 GMT
Fixed Term Savings rates now been introduced. Range from 1.05% for 1 year up to 1.3% for 5 years. Can't see there being too many takers. Gone down a bit from the initial rates, was 1.1% to 1.6%.
|
|
aju
Member of DD Central
Posts: 3,484
Likes: 917
|
Post by aju on Aug 19, 2020 11:37:16 GMT
Fixed Term Savings rates now been introduced. Range from 1.05% for 1 year up to 1.3% for 5 years. Can't see there being too many takers. Gone down a bit from the initial rates, was 1.1% to 1.6%. Sadly things have gone down everywhere except at tesco's and others...
|
|
trevor
Member of DD Central
Posts: 555
Likes: 379
|
Post by trevor on Aug 19, 2020 11:39:54 GMT
These rates will put it on the best buy lists. I expect a lot will invest and the rates will soon be down.
|
|
aju
Member of DD Central
Posts: 3,484
Likes: 917
|
Post by aju on Aug 19, 2020 12:23:58 GMT
These rates will put it on the best buy lists. I expect a lot will invest and the rates will soon be down. I'm not sure myself they don;t look that great but them I got into a lot of the rates i'm in at the moment a long time ago. I'm not many people are looking at homes for 3+ years at present and even 2Y is doubtful for many it is for me for large sums anyway. That said we are in fordMoney @ 1.45% till May, a number regulars at 2% and marcus 1.2% until end of this month and for me i'll bury some of our funds into NS&I bonds. With any luck now that halifax is stealing accounts from other banks, in our case RBS from their last teaser a while back. It won't be that long before some others will be along too - which did an interest check recently on the winners and losers and it wasn't great reading for some banks I'd be careful at present with Zopa and best buy tables, its early days yet and it seems to be by invitation which to my knowledge is Zopa lenders who said they were interested when they made announcements a while back we'll see I guess.
|
|
benaj
Member of DD Central
Posts: 4,852
Likes: 1,590
|
Post by benaj on Aug 19, 2020 13:19:15 GMT
www.zopa.com/savings-accountsAfter reading the description, this is probably the most confusing fixed term account. To sum up, not flexible at all. It's a hybrid product from Zopa with FSCS protection. Fixed term starts on the day 15, not earning interest from day 1- 14. it Can't be topped up unless you open another fixed term saving account. 😶
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Aug 19, 2020 13:26:31 GMT
Fixed Term Savings rates now been introduced. Range from 1.05% for 1 year up to 1.3% for 5 years. Can't see there being too many takers. Paltry when compared with NS&I, whose rates I won't advertise here but they are literally a few clicks away.
|
|
Greenwood2
Member of DD Central
Posts: 4,241
Likes: 2,686
|
Post by Greenwood2 on Aug 19, 2020 13:35:08 GMT
www.zopa.com/savings-accountsAfter reading the description, this is probably the most confusing fixed term account. To sum up, not flexible at all. It's a hybrid product from Zopa with FSCS protection. Fixed term starts on the day 15, not earning interest from day 1- 14. it Can't be topped up unless you open another fixed term saving account. 😶 You do earn interest from day 1-14. 'From the moment your money arrives it starts to earn interest, so don’t delay!' When I've used other Fixed term accounts you cannot top up after the start date, sometimes you can cash in early for a loss of xx days interest, Zopa don't seem to be offering this. You can open more accounts, but they may not be at the same rates, weeks or months later.
|
|
69m
Member of DD Central
Posts: 116
Likes: 200
|
Post by 69m on Aug 19, 2020 13:57:16 GMT
I recently received the Zopa Bank email invite too.
It's disappointing (but not really surprising) to see that the rates have already been reduced. As per Moneyfacts, slightly better fixed-term returns are currently available:
1 Year OakNorth Bank - 1.21% Paragon Bank - 1.20% United Trust Bank - 1.16% Allica Bank - 1.16% Zopa Bank - 1.05%
2 Year OakNorth Bank - 1.30% Paragon Bank - 1.30% United Trust Bank - 1.25% Allica Bank - 1.21% Zopa Bank - 1.15%
So I probably won't bother taking up ZB's offer, even though the differences in £s terms aren't huge.
|
|
|
Post by df on Aug 19, 2020 15:09:21 GMT
I recently received the Zopa Bank email invite too.
It's disappointing (but not really surprising) to see that the rates have already been reduced. As per Moneyfacts, slightly better fixed-term returns are currently available:
1 Year OakNorth Bank - 1.21% Paragon Bank - 1.20% United Trust Bank - 1.16% Allica Bank - 1.16% Zopa Bank - 1.05%
2 Year OakNorth Bank - 1.30% Paragon Bank - 1.30% United Trust Bank - 1.25% Allica Bank - 1.21% Zopa Bank - 1.15%
So I probably won't bother taking up ZB's offer, even though the differences in £s terms aren't huge. I was expecting the introductory rates to be competitive, but this is not the case. I personally prefer instant access as oppose to fixed term bonds, unless the fixed rate is significantly higher. I have Al Rayan that pays 1.35%, going down to 1.15% on Friday - so I'll stick with Al Rayan for now. All my other FSCS accounts (filled up to their maximum allowance) are paying more than any 1/2 year fixed bonds available atm. So I don't think I will be interested in ZB offerings.
|
|
|
Post by aidanw on Aug 25, 2020 7:05:49 GMT
Opened the 1 year savings account last night, heard it was now available on thisismoney rather than the "I am interested" mailing list!
Took less than 1 minute to complete the application (which is the only reason I did it)
|
|