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5 things to know about switching your repayments to Core or Plus

Back in June, we launched our newest investment product, Zopa Core, alongside our IFISA. Core invests your money in Zopa’s risk markets A*-C and will replace Access and Classic from 1st December.

Many of you have already redirected your repayments into Core. This will keep your Access and Classic repayments earning interest after these products are retired.

Not sure what Core is or what you would need to do to redirect your repayments? Here’s 5 things to know about Core, Plus, and how to manage your repayments to be ready for 1st December.

1. Tell me more about Core and Plus

If you haven’t already, you can move your repayments into Core or Plus today. Here’s a reminder of the key features of both:

*More about the market rate adjustment

2. How can I redirect my prepayments into Core?

Check our How-to guides for detailed information on how to switch your repayments into Core (if you haven’t already).

3. What will happen to my investments if I don’t redirect them to Core or Plus?

After 1st December, repayments still set to be recycled through Access or Classic will be sent to your holding account, where they will not earn any interest. From your holding account, you can decide whether to reinvest in Core or Plus, or to withdraw your money.

4. Can I keep investing new money into Access and Classic after 1st December?

You can keep investing new money in Access or Classic until 30th November. From 1st December, no new money can be invested in either of these products.

5. What’s happening to Safeguard and current loans covered by the fund?

Along with Access and Classic, we will also begin retiring the Safeguard fund in December.

Your existing Access and Classic investments will continue with Safeguard coverage (subject to there being sufficient funds in the trust) until 1st December 2022, by which time all Safeguarded loans will have matured.

Sarah Constant is Product Manager, Investors, at Zopa

Remember: when you invest your money, your capital is at risk and is not protected by the Financial Services Compensation Scheme (FSCS). Our risk statement has all the details.