Zopa Smart Saver

Malchester

Millyonare said:

Zopa app is excellent. But the transfer of cash from Zopa to another bank is very slow. They need to speed up their systems.

Found Zopa speedy enough for me - max of 20 mins in or out. I know it is not as speedy as some (my NW to First Direct is instant) but I wonder if speedier is really necessary when Zopa service and app are both great. 

Millyonare

Even 20mins is very slow now, in the Internet age. If you're transferring cash for a fast-rising stockmarket trade, for example, that agonising 20mins wait could lose you thousands. Any wait longer than 1min is not "instant" and the bank is too slow.

Rudyson

Is there any way to log out of the app completely? I set it up this morning (already had a Zopa a'c with a 1year fix) and had to pick a 6 digit passcode. All I need to do to enter the app is enter that 6 digit passcode, which doesn't seem very secure, compared to a normal online log in which needs email + password + one time passcode sent by text.

Can I log out in a way that requires a full log in?

Malchester

Rudyson said:

Is there any way to log out of the app completely? I set it up this morning (already had a Zopa a'c with a 1year fix) and had to pick a 6 digit passcode. All I need to do to enter the app is enter that 6 digit passcode, which doesn't seem very secure, compared to a normal online log in which needs email + password + one time passcode sent by text.

Can I log out in a way that requires a full log in?

Most banking apps I have seem to use just one security feature - a 6 digit code or security word or password.

Malchester

Millyonare said:

Even 20mins is very slow now, in the Internet age. If you're transferring cash for a fast-rising stockmarket trade, for example, that agonising 20mins wait could lose you thousands. Any wait longer than 1min is not "instant" and the bank is too slow.

I agree. If you need instant transfer choose accordingly. If thats not required, as for me, then something like Zopa is just fine 

k_man

Rudyson said:

Is there any way to log out of the app completely? I set it up this morning (already had a Zopa a'c with a 1year fix) and had to pick a 6 digit passcode. All I need to do to enter the app is enter that 6 digit passcode, which doesn't seem very secure, compared to a normal online log in which needs email + password + one time passcode sent by text.

Can I log out in a way that requires a full log in?

4 digit PINs are considered secure enough for bank cards.
The app will require full login after a number of failed PIN attempts.
The lock for your mobile device should do the same.

So 2 levels of security to get through, and access to the physical device.

Rudyson

Malchester said:

Rudyson said:

Is there any way to log out of the app completely? I set it up this morning (already had a Zopa a'c with a 1year fix) and had to pick a 6 digit passcode. All I need to do to enter the app is enter that 6 digit passcode, which doesn't seem very secure, compared to a normal online log in which needs email + password + one time passcode sent by text.

Can I log out in a way that requires a full log in?

Most banking apps I have seem to use just one security feature - a 6 digit code or security word or password.

Zopa's is the first banking app I've installed, partly for this reason. In these days of ultra strong passwords requiring upper and lowercase letters, digits and special characters, along with 2FA, a single 6 digit passcode, while convenient, is not very secure in comparison.

The only thing I can think of at the moment is to uninstall the app, and reinstall it each time I use it.

refluxer

Has anyone signing up for a Zopa account noticed this error in the Zopa app terms ?

"These terms apply to your use of Zopa's app on iOS and Android ("App") and are between Zopa Bank Limited (company registration number 05197592), 1st Floor, Cottons Centre, Tooley Street, London, SE1 2QG, and you. You agree to the terms by downloading and using the Zopa app."

05197592 comes back as Plata Finance Limited (previously 'Zopa Limited') which is a sister company that Zopa's old P2P business was sold to and rebranded as. Plata Finance Limited do appear to be FCA approved but are not on the list of companies with FSCS protection, presumably due to the P2P nature of their business. For traditional savings, the Zopa we want to deal with ('Zopa Bank Limited', so that part is correct) has a different company number - 10627575.

So... I imagine this is a simple mistake (dating back to a time when the Zopa app would have been for P2P loans) and shouldn't be too critical as it presumably relates to the use of the app rather than the security of our savings, but I think it's a detail that probably needs correcting. I've contacted Zopa and will see what they say.

Rudyson

k_man said:

Rudyson said:

Is there any way to log out of the app completely? I set it up this morning (already had a Zopa a'c with a 1year fix) and had to pick a 6 digit passcode. All I need to do to enter the app is enter that 6 digit passcode, which doesn't seem very secure, compared to a normal online log in which needs email + password + one time passcode sent by text.

Can I log out in a way that requires a full log in?

4 digit PINs are considered secure enough for bank cards.
The app will require full login after a number of failed PIN attempts.
The lock for your mobile device should do the same.

So 2 levels of security to get through, and access to the physical device.

I know, but that's not considered remotely secure enough for normal online access, it seems strange that it is for an app, especially as a phone is more easily lost or stolen than a PC

noh

Rudyson said:

k_man said:

Rudyson said:

Is there any way to log out of the app completely? I set it up this morning (already had a Zopa a'c with a 1year fix) and had to pick a 6 digit passcode. All I need to do to enter the app is enter that 6 digit passcode, which doesn't seem very secure, compared to a normal online log in which needs email + password + one time passcode sent by text.

Can I log out in a way that requires a full log in?

4 digit PINs are considered secure enough for bank cards.
The app will require full login after a number of failed PIN attempts.
The lock for your mobile device should do the same.

So 2 levels of security to get through, and access to the physical device.

I know, but that's not considered remotely secure enough for normal online access, it seems strange that it is for an app, especially as a phone is more easily lost or stolen than a PC

Zopa only allow transfers to and from nominated bank accounts which have to be verified before use.
This adds another layer of security.
If you lost your phone anyone finding it who knows your phone access code and your 6 digit Zopa PIN would only be able to transfer money to your own nominated accounts.