The New Top Easy Access Savings Discussion Area

Scoobyd10

Perfect, thanks to those who've replied. Seems like a no brainer then given I already have money with them. 

gwapenut

Re: Zopa

Incorrect Info from me here - see flaneurs_lobster update below.

Just remember before shoving any large amounts in that external transfers from the bank account are limited to £10k per day and just £20k per week. In ase anyone is thinking of withdrawing a large lump sum in a hurry, eg to topup flexibly withdrawn ISAs next month just before the budget ("just in case" they somehow limit that, unlikely I know) or to provide completion monies for a house.

flaneurs_lobster

gwapenut said:

Re: Zopa
Just remember before shoving any large amounts in that external transfers from the bank account are limited to £10k per day and just £30k per week. In ase anyone is thinking of withdrawing a large lump sum in a hurry, eg to topup flexibly withdrawn ISAs next month just before the budget ("just in case" they somehow limit that, unlikely I know) or to provide completion monies for a house.

Like a lot of Zopa detail, these things are not obvious but I believe the rolling 24 hour withdrawal limit to a linked bank account is £250k.

https://www.zopa.com/help/article/what-transaction-limits-apply-to-my-account

gwapenut

flaneurs_lobster said:

gwapenut said:

Re: Zopa
Just remember before shoving any large amounts in that external transfers from the bank account are limited to £10k per day and just £30k per week. In ase anyone is thinking of withdrawing a large lump sum in a hurry, eg to topup flexibly withdrawn ISAs next month just before the budget ("just in case" they somehow limit that, unlikely I know) or to provide completion monies for a house.

Like a lot of Zopa detail, these things are not obvious but I believe the rolling 24 hour withdrawal limit to a linked bank account is £250k.

https://www.zopa.com/help/article/what-transaction-limits-apply-to-my-account

Thank you, I missed that. It's quite low down the list after the alarming headline figures!

gwapenut

gwapenut said:

flaneurs_lobster said:

gwapenut said:

Re: Zopa
Just remember before shoving any large amounts in that external transfers from the bank account are limited to £10k per day and just £30k per week. In ase anyone is thinking of withdrawing a large lump sum in a hurry, eg to topup flexibly withdrawn ISAs next month just before the budget ("just in case" they somehow limit that, unlikely I know) or to provide completion monies for a house.

Like a lot of Zopa detail, these things are not obvious but I believe the rolling 24 hour withdrawal limit to a linked bank account is £250k.

https://www.zopa.com/help/article/what-transaction-limits-apply-to-my-account

Thank you, I missed that. It's quite low down the list after the alarming headline figures!

But looking at it in more detail, to formally "link" a bank account they like to snoop on your last 12 months of transactions through open banking - it's not as non-invasive as the nominated account system most savings firms use....

SickGroove

flaneurs_lobster said:

gwapenut said:

Re: Zopa
Just remember before shoving any large amounts in that external transfers from the bank account are limited to £10k per day and just £30k per week. In ase anyone is thinking of withdrawing a large lump sum in a hurry, eg to topup flexibly withdrawn ISAs next month just before the budget ("just in case" they somehow limit that, unlikely I know) or to provide completion monies for a house.

Like a lot of Zopa detail, these things are not obvious but I believe the rolling 24 hour withdrawal limit to a linked bank account is £250k.

https://www.zopa.com/help/article/what-transaction-limits-apply-to-my-account

So if I have 60K in there & need to withdraw all/most of it for a better rate (unlikely I know atm) then I can withdraw it all in one go back to my linked back account, pretty much immediately?

gwapenut

SickGroove said:

flaneurs_lobster said:

gwapenut said:

Re: Zopa
Just remember before shoving any large amounts in that external transfers from the bank account are limited to £10k per day and just £30k per week. In ase anyone is thinking of withdrawing a large lump sum in a hurry, eg to topup flexibly withdrawn ISAs next month just before the budget ("just in case" they somehow limit that, unlikely I know) or to provide completion monies for a house.

Like a lot of Zopa detail, these things are not obvious but I believe the rolling 24 hour withdrawal limit to a linked bank account is £250k.

https://www.zopa.com/help/article/what-transaction-limits-apply-to-my-account

So if I have 60K in there & need to withdraw all/most of it for a better rate (unlikely I know atm) then I can withdraw it all in one go back to my linked back account, pretty much immediately?

It seems so. But it must be formally linked by you via open banking, letting them snoop on your past year of transactions. It can't just be a main bank account payee that you've already setup.

flaneurs_lobster

gwapenut said:

gwapenut said:

flaneurs_lobster said:

gwapenut said:

Re: Zopa
Just remember before shoving any large amounts in that external transfers from the bank account are limited to £10k per day and just £30k per week. In ase anyone is thinking of withdrawing a large lump sum in a hurry, eg to topup flexibly withdrawn ISAs next month just before the budget ("just in case" they somehow limit that, unlikely I know) or to provide completion monies for a house.

Like a lot of Zopa detail, these things are not obvious but I believe the rolling 24 hour withdrawal limit to a linked bank account is £250k.

https://www.zopa.com/help/article/what-transaction-limits-apply-to-my-account

Thank you, I missed that. It's quite low down the list after the alarming headline figures!

But looking at it in more detail, to formally "link" a bank account they like to snoop on your last 12 months of transactions through open banking - it's not as non-invasive as the nominated account system most savings firms use....

Agree with this - but a solution (if you have a problem with the snooping) is to only link a bank account which is less, er, busy than your day to day banker, maybe a second current account on your main bank.

friolento

gwapenut said:

SickGroove said:

flaneurs_lobster said:

gwapenut said:

Re: Zopa
Just remember before shoving any large amounts in that external transfers from the bank account are limited to £10k per day and just £30k per week. In ase anyone is thinking of withdrawing a large lump sum in a hurry, eg to topup flexibly withdrawn ISAs next month just before the budget ("just in case" they somehow limit that, unlikely I know) or to provide completion monies for a house.

Like a lot of Zopa detail, these things are not obvious but I believe the rolling 24 hour withdrawal limit to a linked bank account is £250k.

https://www.zopa.com/help/article/what-transaction-limits-apply-to-my-account

So if I have 60K in there & need to withdraw all/most of it for a better rate (unlikely I know atm) then I can withdraw it all in one go back to my linked back account, pretty much immediately?

It seems so. But it must be formally linked by you via open banking, letting them snoop on your past year of transactions. It can't just be a main bank account payee that you've already setup.

For the last couple of years, I have had 5 current accounts linked to my Zopa. Whatever snooping they may have carried out, it’s made zero difference to me. 

I use Open Banking extensively, wherever I can. I don’t think there is any reason for concern. 

If you are worried, however, you could use an otherwise unused current account for your Zopa withdrawals. 

easysaver

Zopa
Apologies if this is obvious. Is nominated account linking via open banking achieved through "Zap" on the app? I've no objections to open banking but Virgin Money isn't supported and that's where my flexible ISA resides!