coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Aug 25, 2020 16:47:57 GMT
Took less than 1 minute to complete the application (which is the only reason I did it) I think I'd need a few more reasons than that to open any savings account. In fact, I know I would!
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Zopa Bank
Aug 25, 2020 19:10:47 GMT
via mobile
Post by aidanw on Aug 25, 2020 19:10:47 GMT
Took less than 1 minute to complete the application (which is the only reason I did it) I think I'd need a few more reasons than that to open any savings account. In fact, I know I would! Nah, just do it!
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gg
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Post by gg on Aug 26, 2020 10:20:11 GMT
The whole point of ZOPA was that it was a better alternative to a bank (for savers at least).
it took about 15 years to show that it wasn’t.
Now it’s just another bank.
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Post by aidanw on Aug 27, 2020 16:22:08 GMT
The whole point of ZOPA was that it was a better alternative to a bank (for savers at least). it took about 15 years to show that it wasn’t. Now it’s just another bank. Yes but to be fair they made it through the GFC and avoided going into administation unlike some of their racier peers. Whether that makes up for their appalling Zopa+ loan writing in 2016 is a moot point. But no P2P should be compared to a bank deposit/savings account and this crisis has shown why.
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zlb
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Post by zlb on Aug 27, 2020 17:28:52 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. Do FSCS requirements regarding profit rate at the bank, determine the savings interest they are allowed to offer... Can't think why else they would offer such an uncompetitive product. And how this then reflects on what real rate is expected on Z P2P accounts.
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Greenwood2
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Post by Greenwood2 on Aug 27, 2020 20:11:35 GMT
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. Do FSCS requirements regarding profit rate at the bank, determine the savings interest they are allowed to offer... Can't think why else they would offer such an uncompetitive product. And how this then reflects on what real rate is expected on Z P2P accounts. My bank's fixed rate products are about half of Zopa rates. Many people may see the Zopa rates as good rates.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 27, 2020 21:14:17 GMT
Do FSCS requirements regarding profit rate at the bank, determine the savings interest they are allowed to offer... Can't think why else they would offer such an uncompetitive product. And how this then reflects on what real rate is expected on Z P2P accounts. My bank's fixed rate products are about half of Zopa rates. Many people may see the Zopa rates as good rates. Many banks have lower rates, but they are relying on inertia to keep their current customers, they will not be expecting much new money. Zopa don't have existing bank customers. Anyone looking to switch will want the best rate available.
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Greenwood2
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Post by Greenwood2 on Aug 28, 2020 5:18:32 GMT
My bank's fixed rate products are about half of Zopa rates. Many people may see the Zopa rates as good rates. Many banks have lower rates, but they are relying on inertia to keep their current customers, they will not be expecting much new money. Zopa don't have existing bank customers. Anyone looking to switch will want the best rate available. Zopa have a lot of P2P lenders (and borrowers) who may also be interested in other products.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Zopa Bank
Aug 28, 2020 19:30:46 GMT
via mobile
Post by beagle on Aug 28, 2020 19:30:46 GMT
pretty good rates for the the climate
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Post by aidanw on Aug 29, 2020 8:28:11 GMT
My bank's fixed rate products are about half of Zopa rates. Many people may see the Zopa rates as good rates. Many banks have lower rates, but they are relying on inertia to keep their current customers, they will not be expecting much new money. Zopa don't have existing bank customers. Anyone looking to switch will want the best rate available. But that's my point, they do already have p2p customers and opening the savings account was incredibly easy. Why hunt around for a miserly 0.1% better rate when you can save time and open the Zopa savings account instantly and massively simplify your account management? There are many reasons for not chasing the best possible rate as anyone who invested in Icelandic banks will attest.
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aju
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Post by aju on Aug 29, 2020 9:29:49 GMT
Many banks have lower rates, but they are relying on inertia to keep their current customers, they will not be expecting much new money. Zopa don't have existing bank customers. Anyone looking to switch will want the best rate available. But that's my point, they do already have p2p customers and opening the savings account was incredibly easy. Why hunt around for a miserly 0.1% better rate when you can save time and open the Zopa savings account instantly and massively simplify your account management? There are many reasons for not chasing the best possible rate as anyone who invested in Icelandic banks will attest.Never a truer word said in jest, I am one who survived and eventually got the good rate on that one but it was definitely a scary 2 months before the uk system stepped in. (I stoozed on that one at the time so the money was not even mine technically!) On the point of chasing the rates I've not done bad over the last few months all with fscs protection - right right place mind you they are not the rates I have on RS and Zopa even. That said am definitely moving out of P2P as fast as I can. (We are just transferring large holdings in Marcus, rate bonus runs out Monday, to NS&I income bonds) Pop over to the halifax thread for a good £100 sweetener that seems to be working for many at the moment. Need to be quick though!
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Greenwood2
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Post by Greenwood2 on Sept 2, 2020 19:03:47 GMT
Zopa credit card now available, not sure I would be able to get one, I couldn't get a loan!
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Post by optymystic on Sept 3, 2020 10:07:44 GMT
Yes but to be fair they made it through the GFC and avoided going into administation unlike some of their racier peers. Whether that makes up for their appalling Zopa+ loan writing in 2016 is a moot point. But no P2P should be compared to a bank deposit/savings account and this crisis has shown why. What was the mean rate of loss on 2016 Zopa+ loans?
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Greenwood2
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Post by Greenwood2 on Sept 3, 2020 12:40:27 GMT
Yes but to be fair they made it through the GFC and avoided going into administation unlike some of their racier peers. Whether that makes up for their appalling Zopa+ loan writing in 2016 is a moot point. But no P2P should be compared to a bank deposit/savings account and this crisis has shown why. What was the mean rate of loss on 2016 Zopa+ loans? www.zopa.com/invest/historical-performanceEdit:2016 looks pretty good to me 2017 is the worst as it looks so far.
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Zopa Bank
Sept 4, 2020 8:48:22 GMT
via mobile
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Post by aidanw on Sept 4, 2020 8:48:22 GMT
Did you read the caveat about first year losses being under represented due to the 4 month delay in defaults? My NAR for 2016 originated loans is a stunning 3.1% prior to covid losses; earnings have been negative for two years now. I should have sold out in 2018....
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