Zopa Current account

NorwichMan

Thanks, it's annoying that it's not an option for me. I think I'll have to set up a moneybox account if I want to create a DD to savings to take advantage of the 2% Zopa cashback. Or, heaven forbid, actually transfer some real DDs there...

s71hj

NorwichMan said:

Thanks, it's annoying that it's not an option for me. I think I'll have to set up a moneybox account if I want to create a DD to savings to take advantage of the 2% Zopa cashback. Or, heaven forbid, actually transfer some real DDs there...

Sorry, I'm new to this account. So setting up a one off direct debit of £1500 from Zopa to Moneybox gets the max full year of Zopa dd cashback?

flaneurs_lobster

s71hj said:

NorwichMan said:

Thanks, it's annoying that it's not an option for me. I think I'll have to set up a moneybox account if I want to create a DD to savings to take advantage of the 2% Zopa cashback. Or, heaven forbid, actually transfer some real DDs there...

Sorry, I'm new to this account. So setting up a one off direct debit of £1500 from Zopa to Moneybox gets the max full year of Zopa dd cashback?

Worked for me.

PRAISETHESUN

s71hj said:

NorwichMan said:

Thanks, it's annoying that it's not an option for me. I think I'll have to set up a moneybox account if I want to create a DD to savings to take advantage of the 2% Zopa cashback. Or, heaven forbid, actually transfer some real DDs there...

Sorry, I'm new to this account. So setting up a one off direct debit of £1500 from Zopa to Moneybox gets the max full year of Zopa dd cashback?

Yes. Zopa will pay 2% cashback on any DDs, up to a cap of £30/year - this means a total of £1500 worth of DD payments. My understanding is the year runs from the anniversary of your account opening. Any number of DDs can be used, but a one off payment is easiest.

You could achieve this with legitimate bills if you really wanted but given you could get cashback on those elsewhere, it make sense to set up something with Moneybox and shuffle some savings around instead.

s71hj

PRAISETHESUN said:

s71hj said:

NorwichMan said:

Thanks, it's annoying that it's not an option for me. I think I'll have to set up a moneybox account if I want to create a DD to savings to take advantage of the 2% Zopa cashback. Or, heaven forbid, actually transfer some real DDs there...

Sorry, I'm new to this account. So setting up a one off direct debit of £1500 from Zopa to Moneybox gets the max full year of Zopa dd cashback?

Yes. Zopa will pay 2% cashback on any DDs, up to a cap of £30/year - this means a total of £1500 worth of DD payments. My understanding is the year runs from the anniversary of your account opening. Any number of DDs can be used, but a one off payment is easiest.

You could achieve this with legitimate bills if you really wanted but given you could get cashback on those elsewhere, it make sense to set up something with Moneybox and shuffle some savings around instead.

Cheers for sharing the knowledge and strategy as ever. I have the Santander Edge for utility bills with cashback but wasn't aware there were any other current accounts giving cashback on direct debits. Are there any additional/ better options do you know?

NameWithheld

PRAISETHESUN said:

s71hj said:

NorwichMan said:

Thanks, it's annoying that it's not an option for me. I think I'll have to set up a moneybox account if I want to create a DD to savings to take advantage of the 2% Zopa cashback. Or, heaven forbid, actually transfer some real DDs there...

Sorry, I'm new to this account. So setting up a one off direct debit of £1500 from Zopa to Moneybox gets the max full year of Zopa dd cashback?

Yes. Zopa will pay 2% cashback on any DDs, up to a cap of £30/year - this means a total of £1500 worth of DD payments. My understanding is the year runs from the anniversary of your account opening. Any number of DDs can be used, but a one off payment is easiest.

You could achieve this with legitimate bills if you really wanted but given you could get cashback on those elsewhere, it make sense to set up something with Moneybox and shuffle some savings around instead.

I am just using the DD for one of my credit cards.

JRF2398

Unfortunately my JL Partnership CC (run by New Day) can't set up DD from ZOPA, hopefully will be sorted out.

bigjoe

are people using Moneybox for the DD with the idea of withdrawing the money from Moneybox, or are there advantages to Moneybox I'm missing.

flaneurs_lobster

bigjoe said:

are people using Moneybox for the DD with the idea of withdrawing the money from Moneybox, or are there advantages to Moneybox I'm missing.

Flexible cash ISA paying 5.12% until 17/12 then 4.87%. Not too shabby. There's a saver account paying 4.5% but it only allows 1 withdrawal/mth so not EA. Other accounts available but not really looked.

PRAISETHESUN

bigjoe said:

are people using Moneybox for the DD with the idea of withdrawing the money from Moneybox, or are there advantages to Moneybox I'm missing.

Primarily I use them because it's essentially a DD to yourself, and you can withdraw the money relatively easily. I've never used them for serious savings, only just for a few token DDs to satisfy current account DD criteria for switching or on-going account rewards.