The Top Easy Access Savings Discussion Area

Daliah

gatheringmoss said:

I tried opening a Zopa smart savings account this morning, I linked the NatWest current account my salary gets paid into - which I’ve held for 15yrs.

When I try to log into the app it states “in review” “we’ve got some checks to finish up, this could take 72 hrs”

is this normal for opening Zopa savings account?

Yes, some accounts need to be manually verified for some reason. My Santander account was accepted straight away but I needed to upload a statement for my Starling account. They verified that one within a couple of hours.  I reckon that if there is the slightest discrepancy between account names, they are doing a manual verification (e.g. A. Brown versus Ann Brown).

I have now been waiting for over 30 hours for verification of a couple of more exotic banks - Fineco and Wise (well, Wise isn't even a bank). If they verify them - fine. If not, I'll send my funds to Santander or Starling and pull them into Zopa that way.

gatheringmoss

Daliah said:

gatheringmoss said:

I tried opening a Zopa smart savings account this morning, I linked the NatWest current account my salary gets paid into - which I’ve held for 15yrs.

When I try to log into the app it states “in review” “we’ve got some checks to finish up, this could take 72 hrs”

is this normal for opening Zopa savings account?

Yes, some accounts need to be manually verified for some reason. My Santander account was accepted straight away but I needed to upload a statement for my Starling account. They verified that one within a couple of hours.  I reckon that if there is the slightest discrepancy between account names, they are doing a manual verification (e.g. A. Brown versus Ann Brown).

I have now been waiting for over 30 hours for verification of a couple of more exotic banks - Fineco and Wise (well, Wise isn't even a bank). If they verify them - fine. If not, I'll send my funds to Santander or Starling and pull them into Zopa that way.

Thanks, I guess it could be that. I dont think Zopa asked for a middle name, whereas my bank acc includes it.

uptdale

tc66_2 said:

I opened a Zopa account yesterday and have had an interesting experience.

I transferred some test sums from my HSBC account which all went through, taking around 20 minutes.

A final payment yesterday didn't go through, and was returned to my account after 3 hours.

I called HSBC today who confirmed that the payment was returned due to fraud checks. Worryingly, they also said it was unusual because the "payee" name on my faster transfer returned a "no match". Usually it should return an "unable to check".

Yes, it's annoying that the anti-fraud people at the major banks are not as aware of the current state of the savings market as we are.  But to say that it is "unusual" to make a payment to a bank which is not in COP is a bit extreme.  Maybe they think we should only save with larger banks like HSBC!

bertsilver

CheekyMikey said:

bertsilver said:

Is it worth moving 12k from Chase to Zopa, or do people think Chase will up their rate?

Finally cleared out both our Chase accounts this week and moved to Zopa…even if Chase increase I doubt it’ll beat the Zopa offerings. Have left a grand with Chase to keep accounts open and also to have access to the excellent debit card foreign currency facility when abroad again later this year…

How long did it take for transfer Chase to Zopa?

phillw

tc66_2 said:

Worryingly, they also said it was unusual because the "payee" name on my faster transfer returned a "no match". Usually it should return an "unable to check".

My virgin money to zopa transfer also returned "no match", but it went through.

I don't know if it's because I only recently opened the zopa account or whether their interface is bugged.

phillw

uptdale said:
But to say that it is "unusual" to make a payment to a bank which is not in COP is a bit extreme.  Maybe they think we should only save with larger banks like HSBC!

AFAICT the unusual thing is that something thinks that Zopa is in COP and then it fails the account name match.

Usually it would know that COP won't work and doesn't try.

Expotter

Not strictly easy access, but since Zopa is frequently mentioned here, if anyone is interested Oak North bank has increased its 90 notice account to 2.21%

dekkard

Zopa: Like others, I've had trouble with making a first payment from my linked bank account to a newly-opened Zopa saver account.

The HSBC app says the name I entered as the payee (me) doesn't match the payee name on my Zopa account (also me).

I assume it takes time (overnight?) for a new account to be fully 'set up' so that this check will run successfully.

Molehusband

I received an email from Coventry BS this afternoon that one of my Easy Access accounts will get interest rate increased from 1.5% to 1.85% on 1 September.

dekkard

dekkard said:

Zopa: Like others, I've had trouble with making a first payment from my linked bank account to a newly-opened Zopa saver account.

The HSBC app says the name I entered as the payee (me) doesn't match the payee name on my Zopa account (also me).

I assume it takes time (overnight?) for a new account to be fully 'set up' so that this check will run successfully.

If it helps others: Zopa in fact say to use the payee name 'Zopa Ltd' and not your own name. Despite the instructions in their app. I did this and the name check process was successful.

In this situation, does anyone know whether to select yes to the question in the HSBC app 'Is this a transfer to a business account'? It's going to the payee 'Zopa Ltd' but the account is my own...