coogaruk
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Post by coogaruk on Nov 16, 2020 12:49:46 GMT
In light of NS&I's rate cuts taking effect next week I was considering moving my Income Bonds to Zopa Bank's one year fixed-rate account, which yesterday was still offerring 1.05%.
I just checked back on their website to look for further details in preparation and note that this has now been reduced to 0.91% (1.05% now being their two-year rate). Therefore, I now consider that I will be no worse off with Premium Bonds (I appreciate the prize-fund rate is variable and could be cut again). Simpler for me too.
If Zopa Bank had delayed the rate cut by just one week they would have likely got my money (a five-figure sum). It would have been my first 'new money' put in to Zopa for several years.
Oh well.
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aju
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Post by aju on Nov 16, 2020 15:13:33 GMT
In light of NS&I's rate cuts taking effect next week I was considering moving my Income Bonds to Zopa Bank's one year fixed-rate account, which yesterday was still offerring 1.05%.
I just checked back on their website to look for further details in preparation and note that this has now been reduced to 0.91% (1.05% now being their two-year rate). Therefore, I now consider that I will be no worse off with Premium Bonds (I appreciate the prize-fund rate is variable and could be cut again). Simpler for me too.
If Zopa Bank had delayed the rate cut by just one week they would have likely got my money (a five-figure sum). It would have been my first 'new money' put in to Zopa for several years.
Oh well.
How frustrating, glad I was able to convince Mrs Aju to leap a bit earlier. I'd like to say it was fortuitous that she was itching to get out but sadly it was probably just a lucky timing thing. She had some sales from RS come through and we needed a place to store with fscs cover and the rates at Zopa looked a good option @1.29% as rates seemed to be on an increasing downward trend back in Jul/Sep. I'm also wondering about the PB thing now that Marcus has dropped to 0.7%, perhaps we should move the Income Bonds over to PB's after the 24th but I bet when we do they will drop.
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coogaruk
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Post by coogaruk on Nov 16, 2020 15:43:25 GMT
perhaps we should move the Income Bonds over to PB's after the 24th but I bet when we do they will drop. They have already dropped (from 1.4 to 1) with effect from the next (December) draw of course.
To think that until a couple of years ago I would have been unlikely to have touched PBs with a barge pole and I certainly never thought I would ever rue the £50k maximum limit but the way things are going I will reach it sooner rather than later.
Strange times.
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aju
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Post by aju on Nov 16, 2020 16:44:31 GMT
perhaps we should move the Income Bonds over to PB's after the 24th but I bet when we do they will drop. They have already dropped (from 1.4 to 1) with effect from the next (December) draw of course.
To think that until a couple of years ago I would have been unlikely to have touched PBs with a barge pole and I certainly never thought I would ever rue the £50k maximum limit but the way things are going I will reach it sooner rather than later.
Strange times.
Indeed it is!
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warn
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Post by warn on Nov 17, 2020 16:52:58 GMT
I certainly never thought I would ever rue the £50k maximum limit... +1. And of course any of the 1% that you do happen to "win" is tax-free, which makes them even less unattractive.
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Post by ingenue on Nov 17, 2020 21:29:49 GMT
In light of NS&I's rate cuts taking effect next week... Slight tangent, but it's shocking to see the NS&I website still actively promoting 'Income' Bonds that are going to provide (effectively) no income.
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coogaruk
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Post by coogaruk on Nov 18, 2020 18:17:15 GMT
In light of NS&I's rate cuts taking effect next week... Slight tangent, but it's shocking to see the NS&I website still actively promoting 'Income' Bonds that are going to provide (effectively) no income. To be fair, their website is very transparent about the impending cuts and the date they take effect, which is more than can be said about the way RS are still advertising their rates even though they are now owned by a bank and still not accepting new P2P investors.
Spot the difference:
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Post by ingenue on Nov 18, 2020 21:11:01 GMT
Slight tangent, but it's shocking to see the NS&I website still actively promoting 'Income' Bonds that are going to provide (effectively) no income. To be fair, their website is very transparent about the impending cuts and the date they take effect, which is more than can be said about the way RS are still advertising their rates even though they are now owned by a bank and still not accepting new P2P investors.
Spot the difference:
Point taken, but advertising 'An easy access savings account that pays your [0.01%] interest monthly, direct to your bank' still makes me grumpy, albeit there's not much that doesn't these days
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coogaruk
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Post by coogaruk on Nov 19, 2020 17:37:59 GMT
To be fair, their website is very transparent about the impending cuts and the date they take effect, which is more than can be said about the way RS are still advertising their rates even though they are now owned by a bank and still not accepting new P2P investors.
Spot the difference:
Point taken, but advertising 'An easy access savings account that pays your [0.01%] interest monthly, direct to your bank' still makes me grumpy, albeit there's not much that doesn't these days That makes two of us.
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coogaruk
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Post by coogaruk on Nov 21, 2020 18:56:07 GMT
Has been reduced again to 0.8%
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Post by Ton ⓉⓞⓃ on Nov 21, 2020 21:02:18 GMT
Has been reduced again to 0.8%
Doesn't this mean it's a success for Z? After all they don't really want clever money, they want lazy safe money.
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warn
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Post by warn on Nov 22, 2020 19:17:29 GMT
Has been reduced again to 0.8% Phew! Thought you were talking about PSBs for a minute...
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Greenwood2
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Post by Greenwood2 on Nov 22, 2020 19:45:09 GMT
Everyone is reducing interest rates. Why should Zopa be different, their rates are still not that bad, although all rates are terrible.  |
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Post by ingenue on Nov 25, 2020 0:07:10 GMT
Has been reduced again to 0.8% Aaaand it's down to 0.75% now.
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coogaruk
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Post by coogaruk on Nov 25, 2020 15:01:42 GMT
Everyone is reducing interest rates. Why should Zopa be different, their rates are still not that bad, although all rates are terrible. I was merely making an observation, not expressing an opinion  Which makes a change 
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