The New Top Easy Access Savings Discussion Area

flaneurs_lobster

easysaver said:

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!

There's a few terms being used here that have specific meanings.

A nominated account is just that, it's nominated to send or, more commonly, receive funds from another account. Often used by savings institutions so that they only need to validate a payment account once for an individual.
Doesn't need to be by any particular transfer mechanism. 

Zopa doesn't (AFAIK) operate with nominated accounts, at least for the CA and Savings Pots being discussed here.

Open Banking gives pre-approved access to your (non-Zopa) account, can be at several levels but the one being discussed here allows Zopa read/write access so it can move funds in either direction. It can also access historical transaction data but that's not relevant here.

I've only looked briefly at Zap (!!!!!!) and like many things Zopa trying to find a simple "what is it" or "what is it for" or "how do I use it" answer is tortuously difficult. Seems to be a payment via Open Banking front-end, with a £5k limit (although this limit isn't listed with the other limits which are also hard to find). Other than that can't help much.

Bottom line, moving more than £10k/day to any bank not on Zopa's Open Banking list ain't happening.

flobbalobbalob

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 £20k per week. 

I only have one bank account so presumably it's the 'linked' account. I have never used open banking but have exceeded both the above limits.

flaneurs_lobster

flobbalobbalob 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 £20k per week. 

I only have one bank account so presumably it's the 'linked' account. I have never used open banking but have exceeded both the above limits.

The daily limit on a linked account is £250k. Above limits are for transfers to non-linked.

ccluedo

I'm so glad that the Zopa limits have been highlighted here as I hadn't noticed that since opening my Zopa on Friday.

Despite the best efforts of those above, I'm still a bit confused about what is termed as a linked account. I'm guessing it's not automatically the account used to deposit then? The post from flobbalobbalob would imply it is... but then my limits are 10/30 and theirs seems to be more. 

I don't use open banking, nor do I really want to. 
Is there no other way to link a bank account with Zopa?

If not...

I deposited into Zopa from my current account but I've just checked limits and it only says 10k daily /30k weekly.
So, do I need to go to the linked account section and link an account there? If so, can I link a different account to the one I've paid in from?

Thanks. 

gwapenut

flobbalobbalob 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 £20k per week. 

I only have one bank account so presumably it's the 'linked' account. I have never used open banking but have exceeded both the above limits.

No it's not automatically the llnked account if you only have the one. If it is truly linked, you will be able to see its balance within the zopa app, below your zopa accounts.

flaneurs_lobster

easysaver said:

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!

Just looked specifically at the Linked Accounts function in the Zopa app, the list of institutions there is far more comprehensive than the list I saw elsewhere (?) and does include Virgin Money. 

Which bit of Virgin Money however.....

gt94sss2

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?

Yes.

You would need to withdraw a sum that large via the savings account/hub and not the current account which has lower withdrawal limits 

In the Smart Savings Hub, if you go to Manage/Linked Accounts you can add the linked accounts in your own name you want to deposit or withdraw money too - it doesn't use open banking.

Cweb

Zopa Withdrawals

I also don’t use Open Banking on Zopa, but I just withdraw straight out of the saving hub access pot, selecting withdraw and send to my verified/nominated HSBC account.

I don't really understand why the current account throws up the payment limit but moving into an access pot then moving to a verified external account does the trick in any case.

My movement is just to ensure the interest falls into 2026/27 tax year on an annual interest rather than Zopa’s daily interest payment.

refluxer

Cweb said:

My movement is just to ensure the interest falls into 2026/27 tax year on an annual interest rather than Zopa’s daily interest payment.

I realise that this won't make a difference to your reasons why you're moving your money, but Zopa pay interest monthly, not daily.

The 'Pending interest' section updates daily, but it's when it's actually credited to the account which matters to HMRC and that happens monthly.

easysaver

flaneurs_lobster said:

easysaver said:

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!

Just looked specifically at the Linked Accounts function in the Zopa app, the list of institutions there is far more comprehensive than the list I saw elsewhere (?) and does include Virgin Money. 

Which bit of Virgin Money however.....

The Virgin Money account sort code must start with 05 or 82. I've linked my account but not yet tried a transfer in anger (I don't really want to test a transfer of >£10k at the moment). At least things are set up for when I do require it.

My confusion on linked accounts arose because there are linked accounts at the top level (when opening the app) and what appears to be a separate list of linked accounts in the Smart Savings Hub. There is also this "Discover Zap" thing that you can get to under Payments.