Anyone transferred a cash isa to Zopa?

1spiral

A few weeks back someone posted that their transfer to Zopa had failed. Apparently this was due to a fault in Zopa's system whereby it couldn't accept an amount that differed to that declared during the opening process but on closing the transferring account, interest gets added thus resulting in a discrepancy between the amount declared and that received. They had been told that the problem had been fixed (although not for them) so I was wondering if anyone has successfully transferred an isa to zopa in its entirety, i.e. where closure resulted in a balance plus interest being accepted.

GrubbyGirl_2

I've transferred a cash ISA into Zopa and it all went very smoothly.  The original account was closed and all the balance plus any outstanding interest was transferred.  It was quick too.

1spiral

Thanks for confirming. Are you able to advise how recent this was?

grahamgoo

I did this mid feb ~ no issues

GrubbyGirl_2

1spiral said:

Thanks for confirming. Are you able to advise how recent this was?

2nd January

1spiral

Thank you both for your comments. I will look to set up a transfer later this week.

1spiral

Just to confirm, my transfer initiated on Thurs, completed on Saturday. Stunned at both the speed and the fact it completed on a Saturday. I would state that there is still a scenario where a transfer could fail albeit in rather extreme circumstances.

When completing the form you get an option to transfer a fixed sum or transfer whole balance. Despite selecting whole balance it still prompts for a sum so I queried this with Zopa. They told me to enter my current balance and their system allows for a 10% discrepancy to allow for interest.

A problem here could arise if a large sum had been withdrawn/transferred just before the Zopa transfer. e.g. if you'd had 80K in at 5% for most of the year but transferred/withdrawn 60K before the Zopa transfer, you could have accrued nearly 4K of interest but as a %age of the 20K you are transferring, this would be 20%. This would be outside of Zopa's 10% discrepancy.

slinger2

1spiral said:

Just to confirm, my transfer initiated on Thurs, completed on Saturday. Stunned at both the speed and the fact it completed on a Saturday. I would state that there is still a scenario where a transfer could fail albeit in rather extreme circumstances.

When completing the form you get an option to transfer a fixed sum or transfer whole balance. Despite selecting whole balance it still prompts for a sum so I queried this with Zopa. They told me to enter my current balance and their system allows for a 10% discrepancy to allow for interest.

A problem here could arise if a large sum had been withdrawn/transferred just before the Zopa transfer. e.g. if you'd had 80K in at 5% for most of the year but transferred/withdrawn 60K before the Zopa transfer, you could have accrued nearly 4K of interest but as a %age of the 20K you are transferring, this would be 20%. This would be outside of Zopa's 10% discrepancy.

Except for some differences in the numbers, I'm in the process of doing exactly this (the last paragraph). It'll be interesting to see how it works out.

Qyburn

I transferred from Virgin and think I might have hit that scenario. That might explain why the transfer took the current balance only, leaving the Virgin account still open with £0.00 balance.  Presumably it will stay that way until interest gets credited on 31st Jan 2025. Or I could try the transfer again but I'd have to estimate interest and get it with 10% of the eventual figure. 

1spiral

Qyburn said:

Or I could try the transfer again but I'd have to estimate interest and get it with 10% of the eventual figure. 

I did think of adding that suggestion in my reply but wasn't sure if that might create a whole new problem in its own right.

1spiral

slinger2 said:

1spiral said:

Just to confirm, my transfer initiated on Thurs, completed on Saturday. Stunned at both the speed and the fact it completed on a Saturday. I would state that there is still a scenario where a transfer could fail albeit in rather extreme circumstances.

When completing the form you get an option to transfer a fixed sum or transfer whole balance. Despite selecting whole balance it still prompts for a sum so I queried this with Zopa. They told me to enter my current balance and their system allows for a 10% discrepancy to allow for interest.

A problem here could arise if a large sum had been withdrawn/transferred just before the Zopa transfer. e.g. if you'd had 80K in at 5% for most of the year but transferred/withdrawn 60K before the Zopa transfer, you could have accrued nearly 4K of interest but as a %age of the 20K you are transferring, this would be 20%. This would be outside of Zopa's 10% discrepancy.

Except for some differences in the numbers, I'm in the process of doing exactly this (the last paragraph). It'll be interesting to see how it works out.

Well I hope it works out better than the person that posted a few weeks back that their transfer had failed (and caused me to ask the question in this thread about successful transfers). If you locate that thread, they ended up with no isa at either end and a cheque for the total balance. I don't believe they have come back to state whether any progress has been made.