Zopa Current account

friolento

ronbell101 said:

Opened this account last night but just cannot seem to open the regular saver account when I click on it in the app I just get taken to open a boosted pot or a isa
Any ideas?
Thanks 

Are you on the latest version of the app?

ronbell101

Version 1.156.....

chris_o

Just a warning. I was trying to change my linked account with Sidekick Money - they have a savings account paying 4.75% interest that allows regular payments by Direct Debit - to Zopa for the DD cashback. Sidekick is one of those where you have to select your linked account from a list and does not provide an option to do so by entering sort code & account number. Zopa is not on their list. They tell me that the list comes from their open banking provider and if your bank isn't on that list there's nothing they can do about it.

Bigwheels1111

I opened a smart saver on the 21/01/25, got the bank account offer today. 16 days is quite good.

Just about to set up a regular saver.

All done, Moved £300 into Zopa account, then to reg saver pot.

Set up auto save for £300 on the first.

Quite easy, faster than manually setting up SO.

10_66

Bigwheels1111 said:

…All done, Moved £300 into Zopa account, then to reg saver pot.

Set up auto save for £300 on the first.

Quite easy, faster than manually setting up SO.

Re funding of the regular saver, the next time you can fund it is the anniversary day of the month that it was opened (rather than the 1st of the month).

Bigwheels1111

10_66 said:

Bigwheels1111 said:

…All done, Moved £300 into Zopa account, then to reg saver pot.

Set up auto save for £300 on the first.

Quite easy, faster than manually setting up SO.

Re funding of the regular saver, the next time you can fund it is the anniversary day of the month that it was opened (rather than the 1st of the month).

Thanks for the heads up, I could not see that.

Only that I could fund it with a max of £300 per month.

Alex9384

Reading through these comments, I don't think this will last for too long.

They will soon introduce exceptions for those direct debits. First they let people show them how they exploit loopholes and then they'll close them.

It's also a good way to have your accounts closed by the bank and get permanently banned. It reminds me those who switch bank accounts for a bonus and as soon as they get the bonus, the switch the new account elsewhere or close it.

flaneurs_lobster

Alex9384 said:

Reading through these comments, I don't think this will last for too long.

They will soon introduce exceptions for those direct debits. First they let people show them how they exploit loopholes and then they'll close them.

It's also a good way to have your accounts closed by the bank and get permanently banned. It reminds me those who switch bank accounts for a bonus and as soon as they get the bonus, the switch the new account elsewhere or close it.

Your first point specifically about Zopa, getting the DD cashback in one go, you may be right. I suspect that it is considered a sign-up bonus being used to attract people to a new product (that and the attractive RS rate). They might change it to a more familiar method with a monthly cashback model rather than an annual maximum when customer number targets have been met or scrap it altogether.

There is no way that they would sanction people for using their cashback bonus mechanism in this way, if it were in contravention of their terms then maybe, but it isn't. 

Your suggestion that banks might sanction people who switch to them and then switch away or close their accounts - well some banks do by not allowing a rejoin (Starling, Chase, although I don't think these banks offered a bribe to switch to them). 

I've switched bank accounts for no other purpose than to 'earn' bonuses that total ~£2.5k, other contributors here will have gained far more. I'm not aware of a single case of sanctions being applied to people for this specific activity. 

Maybe they should.

jim1999

flaneurs_lobster said:

Alex9384 said:

Reading through these comments, I don't think this will last for too long.

They will soon introduce exceptions for those direct debits. First they let people show them how they exploit loopholes and then they'll close them.

It's also a good way to have your accounts closed by the bank and get permanently banned. It reminds me those who switch bank accounts for a bonus and as soon as they get the bonus, the switch the new account elsewhere or close it.

Your first point specifically about Zopa, getting the DD cashback in one go, you may be right. I suspect that it is considered a sign-up bonus being used to attract people to a new product (that and the attractive RS rate). They might change it to a more familiar method with a monthly cashback model rather than an annual maximum when customer number targets have been met or scrap it altogether.

There is no way that they would sanction people for using their cashback bonus mechanism in this way, if it were in contravention of their terms then maybe, but it isn't. 

Your suggestion that banks might sanction people who switch to them and then switch away or close their accounts - well some banks do by not allowing a rejoin (Starling, Chase, although I don't think these banks offered a bribe to switch to them). 

I've switched bank accounts for no other purpose than to 'earn' bonuses that total ~£2.5k, other contributors here will have gained far more. I'm not aware of a single case of sanctions being applied to people for this specific activity. 

Maybe they should.

I do think it's a bit of a shame, insofar as normally DD requirements are set to encourage regular use of accounts vs sign up bonus grab and go type activity.

And Zopa are clearly testing the water a bit here with what works and doesn't.

What a bunch of MSE users are showing them is that it's not a good idea, because they'll just get exploited by people smashing a £1500 DD through at the earliest opportunity and then walk away.

I know it will never stop, because this site loves a loophole, and it's easy to blame Zopa for making the conditions too easy to exploit, but I do think it's a shame that people choose to exploit things in such a blatant and transparent way that the company can't help but notice they're being taken for a ride.

flaneurs_lobster

jim1999 said:

flaneurs_lobster said:

Alex9384 said:

Reading through these comments, I don't think this will last for too long.

They will soon introduce exceptions for those direct debits. First they let people show them how they exploit loopholes and then they'll close them.

It's also a good way to have your accounts closed by the bank and get permanently banned. It reminds me those who switch bank accounts for a bonus and as soon as they get the bonus, the switch the new account elsewhere or close it.

Your first point specifically about Zopa, getting the DD cashback in one go, you may be right. I suspect that it is considered a sign-up bonus being used to attract people to a new product (that and the attractive RS rate). They might change it to a more familiar method with a monthly cashback model rather than an annual maximum when customer number targets have been met or scrap it altogether.

There is no way that they would sanction people for using their cashback bonus mechanism in this way, if it were in contravention of their terms then maybe, but it isn't. 

Your suggestion that banks might sanction people who switch to them and then switch away or close their accounts - well some banks do by not allowing a rejoin (Starling, Chase, although I don't think these banks offered a bribe to switch to them). 

I've switched bank accounts for no other purpose than to 'earn' bonuses that total ~£2.5k, other contributors here will have gained far more. I'm not aware of a single case of sanctions being applied to people for this specific activity. 

Maybe they should.

I do think it's a bit of a shame, insofar as normally DD requirements are set to encourage regular use of accounts vs sign up bonus grab and go type activity.

And Zopa are clearly testing the water a bit here with what works and doesn't.

What a bunch of MSE users are showing them is that it's not a good idea, because they'll just get exploited by people smashing a £1500 DD through at the earliest opportunity and then walk away.

I know it will never stop, because this site loves a loophole, and it's easy to blame Zopa for making the conditions too easy to exploit, but I do think it's a shame that people choose to exploit things in such a blatant and transparent way that the company can't help but notice they're being taken for a ride.

Specifically for Zopa, people are not smashing, grabbing and walking away because the proffer includes a very attractive regular saver account as well as the £30. 

I do think that you are ascribing a level of naivety and innocence to Zopa (and by inference, other institutions). They are run by hard-nosed City professionals who will be well aware of how their products are being marketed and used. 

It's not a "loophole", it's a promotional marketing strategy.

If not for MSE, would many here have even heard of Zopa let alone opened accounts with them? Of course they read this site (or at least their PR company does) along with all the other channels where it might be discussed or mentioned.