Transfer in to Zopa

Qyburn

RG2015 said:

What have been other's experiences of timescales for an ISA transfer from a Virgin Money exclusive (05 sort code) into Zopa?  

Mine was an 82 sort code.

RG2015

Qyburn said:

RG2015 said:

What have been other's experiences of timescales for an ISA transfer from a Virgin Money exclusive (05 sort code) into Zopa?  

Mine was an 82 sort code.

Thank you. I have sort codes of 05 and 08 on two different VM sites, but none on the 82 sort code.

I do find the whole VM structure rather confusing. 

RG2015

RG2015 said:

Following on from my post above, there has been no movement on my ISA transfer. To be fair I would not have expected anything after only 3 days but @Qyburn 's comment got me thinking.

What have been other's experiences of timescales for an ISA transfer from a Virgin Money exclusive (05 sort code) into Zopa?  

Just to close this off, my transfer completed this morning so this was done in 4 working days.

The amount also included interest from the previous interest payment on 31st January to date.

j_netprofit

Qyburn said:

 which together now exceed the FSCS limit, so am considering transfering the smaller one into Zopa.

Is it common practice to open another account when you reach the limit? Am I a fool not doing this...?

refluxer

jay_ftw said:

Qyburn said:

 which together now exceed the FSCS limit, so am considering transfering the smaller one into Zopa.

Is it common practice to open another account when you reach the limit? Am I a fool not doing this...?

Yes, it's not wise to go over the FSCS limit with any single financial institution and you mustn't forget to include any interest due on the money, either.

Qyburn

jay_ftw said:

Qyburn said:

 which together now exceed the FSCS limit, so am considering transfering the smaller one into Zopa.

Is it common practice to open another account when you reach the limit? Am I a fool not doing this...?

I certainly wouldn't go that far. As far as i know no bank has ever gone bust in a way that meant the FSCS protection kicked in. So i take the view that the chance of it happening is pretty low. But if a suitable alternative comes along, why not reduce that risk to zero?

For myself, let's say I had £100k in Virgin, Santander etc. One of the big banks. If I had to take a big interest rate cut to move elsewhere then I'd probably not do so, I'd accept that £15kwas at a low risk.

j_netprofit

So what is a savy person with say 5 million pounds doing? splitting that over >50 bank accounts? 

Sorry if I'm being an idiot here but how do you stay 100% protected with a ton of cash?

LeafGreen

jay_ftw said:

So what is a savy person with say 5 million pounds doing? splitting that over >50 bank accounts? 

Sorry if I'm being an idiot here but how do you stay 100% protected with a ton of cash?

One option, at the expense of sub-optimal interest rates, would be nsandi - "Most banks only guarantee your savings up to £85,000. We’re the only provider that secures 100% of your savings, however much you invest."

Can't think of anything else but I would imagine most people with megabucks would have it invested etc and not have it all in cash.

candlerb

A quick note of something to beware of.

Today I opened a Zopa smart saver and smart ISA. I first transferred £1 into it from my Santander 123 (setting up a payment from the Santander side). This was successful, and although the Santander online banking warned that the recipient account details couldn't be matched, it let me proceed.

I then tried to transfer a larger amount at which point this triggered all the alarm bells at Santander: not only was the payment refused but I was also locked out of online banking. I then spent 15 minutes on the phone to the Santander fraud department, explaining who Zopa were and how their app worked. They had never heard of them. They went to the zopa.com website (which is linked from MSE), and checked the companies house number.

I did finally get it all sorted, but it was a lot more hassle than I was expecting. Maybe I should have waited a day or two after opening the Zopa account before funding it, to allow time for the account details to line up.

Qyburn

Ive had problems with large transfers from Santander in the past. Once when buying a house and the deadline for getting funds to the solicitor was fast approaching.

In other news I've just done another transfer. Virgin fixed rate just matured, I've put most into a new fix, then transferred the balance to Zopa. One thing i don't remember from last time was when specifying the source bank they specifically list thecdifferent flavours of Virgin. That's a nice touch given the post we see now and again about transfers failing because of putting "Virgin" when they needed to be told Clydesdale or Yorkshire Bank.