Anyone transferred a cash isa to Zopa?

BreakingGlass

My ISA transfer from YBS to Zopa seems to have failed.

I opened a Zopa ISA on 15 March - I already had their Savings account with just £1 in it.  I applied for transfer from YBS that same day, the YBS ISA closed on 22 Mar (online and confirmatory letter from YBS).  On checking with Zopa it still states online that 'We're processing your ISA transfer .... It should be complete by 9 April'.  However, the ISA account has re-appeared on YBS with the amount re-credited and 'Cancelled Transfer' against the credit.  The ISA held about £25k and the interest added to the transfer amount (now removed) was only about £20, so well within the 10% limit mentioned above.

I have just messaged YBS to ask what the problem is and I will report back here.  Given some of the experiences mentioned here and elsewhere, I suspect a problem with Zopa transfers in.

ColdIron

A friend of mine instructed Virgin last Saturday, all done and dusted by Tuesday. I'm not sure if he declared a figure, just to transfer and close the old one

slinger2

1spiral said:

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A problem here could arise if a large sum had been withdrawn/transferred just before the Zopa transfer. e.g. if you'd had 80K in at 5% for most of the year but transferred/withdrawn 60K before the Zopa transfer, you could have accrued nearly 4K of interest but as a %age of the 20K you are transferring, this would be 20%.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

My transfer cancelled today: "We have cancelled your ISA transfer as we have reached out to your current provider and they are unable to transfer your ISA us." Doesn't quite make sense to me (even ignoring the missing word) but could have been worse.

1spiral

slinger2 said:

1spiral said:

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.

My transfer cancelled today: "We have cancelled your ISA transfer as we have reached out to your current provider and they are unable to transfer your ISA us." Doesn't quite make sense to me (even ignoring the missing word) but could have been worse.

Have you asked either party for an explanation or are you just aborting?

slinger2

1spiral said:

slinger2 said:

1spiral said:

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.

My transfer cancelled today: "We have cancelled your ISA transfer as we have reached out to your current provider and they are unable to transfer your ISA us." Doesn't quite make sense to me (even ignoring the missing word) but could have been worse.

Have you asked either party for an explanation or are you just aborting?

Probably abort it. Get my annual interest on the 28 April so thinking I'll wait until then and try again somewhere (not necessarily with Zopa)

dingling68

I requested a transfer from Skipton easy access cash iSA on Sunday afternoon and it was in my Zopa pot at lunchtime today 

slinger2

dingling68 said:

I requested a transfer from Skipton easy access cash iSA on Sunday afternoon and it was in my Zopa pot at lunchtime today 

I've done a partial transfer in - and that was very quick too.

charlie12525

Unfortunately Zopa screwed up my ISA transfer. They requested a partial transfer from YBS when I asked for a full transfer. So YBS sent them the full balance leaving 0 in my YBS ISA but with a few pounds in interest due to be paid next year. I will have to manually close it.

1spiral

charlie12525 said:

Unfortunately Zopa screwed up my ISA transfer. They requested a partial transfer from YBS when I asked for a full transfer. So YBS sent them the full balance leaving 0 in my YBS ISA but with a few pounds in interest due to be paid next year. I will have to manually close it.

That's interesting. My transfer was also from YBS. When I received my first letter from them confirming my request to transfer it also said "part transfer" despite requesting a full transfer.

When I received my second letter stating that the transfer was complete, the amount transferred included accrued interest (presumably correct) but stated they'd left the isa open with a balance of 0. I assumed this was how YBS processed the transfer rather than how Zopa requested it. You've now got me wondering whether there is any residual interest in my account although the figure I received was in the correct ballpark. Are you saying that no accrued interest was sent?

BreakingGlass

BreakingGlass said:

My ISA transfer from YBS to Zopa seems to have failed.

I opened a Zopa ISA on 15 March - I already had their Savings account with just £1 in it.  I applied for transfer from YBS that same day, the YBS ISA closed on 22 Mar (online and confirmatory letter from YBS).  On checking with Zopa it still states online that 'We're processing your ISA transfer .... It should be complete by 9 April'.  However, the ISA account has re-appeared on YBS with the amount re-credited and 'Cancelled Transfer' against the credit.  The ISA held about £25k and the interest added to the transfer amount (now removed) was only about £20, so well within the 10% limit mentioned above.

I have just messaged YBS to ask what the problem is and I will report back here.  Given some of the experiences mentioned here and elsewhere, I suspect a problem with Zopa transfers in.

My transfer still hasn't happened!  YBS say that they tried an electronic transfer to Zopa on 22 March and it failed, whereupon they issued a cheque, which was returned because 'Zopa don't accept cheques'.  YBS then sent an electronic transfer (Faster Payment) to Zopa on 5 April, but Zopa say that they haven't received it.  I have just come off the phone to Zopa and they will investigate further and get back to me.

Zopa's Customer Services representative made the mistake of using the classic phrase 'no worries' at the end of our conversation - I couldn't help myself in explaining why for me it was actually a very big worry indeed!