The Top Easy Access Savings Discussion Area

peteques

Expotter said:

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%

Does anyone know much more about Oak North - any good?

t1redmonkey

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.

I think you may be on to something with the overnight update.  I tried transferring money to the account on the day I set it up and was getting a message about the name on the account not matching so I left it.  The next day (today) when I tried, it was now saying the names matched and was able to transfer my funds successfully into the account.

Frogletina

I set up a Zopa account this evening and it opened immediately. I put my name as the payee which didn't pass the COP but it did show as a Zopa account so I transferred a £1 payment to check it went through ok.

I then sent a larger amount from the same bank, Santander, who immediately put a block on my account and I got a phone call from them saying the call would be answered by the next available person.

Eventually I spoke to someone who wanted to know why I rang them! It was a 'give us a clue' response from them.

In all it took 30 minutes to convince them that I was not forced into making this payment. I told her not to continue with the payment and that I would re-send it, which I have done now using Zopa as the payee which cleared the COP. I showed it as a personal account.

I will update this later to show how long it took to arrive at Zopa.

It has now arrived and it took 14 minutes

kaMelo

dekkard said:

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...

If it helps, within the app it lists the details of the account no, sort code and name. If you use the name as shown I don't see how it can fail CoP.  Zopa accounts numbers are individual so using "Zopa Ltd" as the name would fail CoP unless of course your name is "Zopa Ltd"  Certainly I used my own name and passed CoP.

Frogletina

kaMelo said:

dekkard said:

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...

If it helps, within the app it lists the details of the account no, sort code and name. If you use the name as shown I don't see how it can fail CoP.  Zopa accounts numbers are individual so using "Zopa Ltd" as the name would fail CoP unless of course your name is "Zopa Ltd"  Certainly I used my own name and passed CoP.

Well, I used the details on the app using my name as was shown on the app with the sort code and account number, and it failed COP. I then used Zopa, and it passed the COP

tc66_2

Frogletina said:

Well, I used the details on the app using my name as was shown on the app with the sort code and account number, and it failed COP. I then used Zopa, and it passed the COP

I was told the same thing when I called Zopa themselves today. They recommended that if it wasn't matching with my name that I specify a payee name of "Zopa Ltd" and indicate it's a business account. 

Frogletina

Frogletina said:

I set up a Zopa account this evening and it opened immediately. I put my name as the payee which didn't pass the COP but it did show as a Zopa account so I transferred a £1 payment to check it went through ok.

I then sent a larger amount from the same bank, Santander, who immediately put a block on my account and I got a phone call from them saying the call would be answered by the next available person.

Eventually I spoke to someone who wanted to know why I rang them! It was a 'give us a clue' response from them.

In all it took 30 minutes to convince them that I was not forced into making this payment. I told her not to continue with the payment and that I would re-send it, which I have done now using Zopa as the payee which cleared the COP. I showed it as a personal account.

I will update this later to show how long it took to arrive at Zopa.

It has now arrived and it took 14 minutes

I now have a further problem with Santander. I split the payment and sent part of it which arrived as I've detailed above.

Then later I tried to send the rest but although the system showed completed, the balance didn't reduce and has not been sent. I tried it twice thinking I'd made a mistake but I hadn't.

I've now transferred the balance to another of my accounts and will have to ring them tomorrow to see what the problem is. 

I thought maybe I'd gone over the £25000 limit for the day as they had counted the failed one as well as the other one, but that doesn't account for it as I was able to move it to another bank.

Daliah

Frogletina said:

I thought maybe I'd gone over the £25000 limit for the day as they had counted the failed one as well as the other one, but that doesn't account for it as I was able to move it to another bank.

Santander daily limit is £100,000

Frogletina

Daliah said:

Frogletina said:

I thought maybe I'd gone over the £25000 limit for the day as they had counted the failed one as well as the other one, but that doesn't account for it as I was able to move it to another bank.

Santander daily limit is £100,000

Of course Daliah, I was thinking of the Chase limit where I was transferring from

I was moving £15000 from there to Santander.  Santander allowed the first payment of £1, blocked the £15000 payment and my account, then after the phone call I moved £5000 after setting up new payee details which passed the COP. Then the final payment of £10000 didn't go anywhere although the app said it had been completed.

Rudyson

tc66_2 said:

Frogletina said:

Well, I used the details on the app using my name as was shown on the app with the sort code and account number, and it failed COP. I then used Zopa, and it passed the COP

I was told the same thing when I called Zopa themselves today. They recommended that if it wasn't matching with my name that I specify a payee name of "Zopa Ltd" and indicate it's a business account. 

It's the same with Kent Reliance. I've opened a few accounts with them. The account number applies to your personal account, but they instruct you to put Kent Reliance as the payee and call it a business account.