Zopa Current account

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.

Alex9384

flaneurs_lobster said:

I'm not aware of a single case of sanctions being applied to people for this specific activity.

Well, even if they were, you wouldn't know because banks never tell you why they are closing your accounts. But we know they sometimes do it out of the blue. Reasons we mentioned may be included in some of those decisions.

Barclays is just closing my accounts and I have no idea why. I've done nothing wrong and they just say it's a "business decision".

crumpet_man

Alex9384 said:

flaneurs_lobster said:

I'm not aware of a single case of sanctions being applied to people for this specific activity.

Well, even if they were, you wouldn't know because banks never tell you why they are closing your accounts. But we know they sometimes do it out of the blue. Reasons we mentioned may be included in some of those decisions.

Barclays is just closing my accounts and I have no idea why. I've done nothing wrong and they just say it's a "business decision".

All the more reason to get whatever we can out of them whilst adhering to their terms and conditions.

Over62

I have been on the waitlist since 8 December and have still not been offered a current account.  Today my OH applied for the waitlist, downloaded the app and there was his offer of a current account straight away!  Not sure how Zopa decide who to offer this too but I obviously don't fit the criteria.

northwalesd

Over62 said:

I have been on the waitlist since 8 December and have still not been offered a current account.  Today my OH applied for the waitlist, downloaded the app and there was his offer of a current account straight away!  Not sure how Zopa decide who to offer this too but I obviously don't fit the criteria.

I've just done the same as your OH, and yes going on the waitlist then downloading the app I'm presented with "Try our new bank account".

SaintAlf

I have the current account but use Moneyhub to track transactions, they do not connect to Zopa.  I'd like to think it's a beta and they will add it, but it's also not available for Zopa savings.  Anyone have any workarounds?  Or has successfully connected in to Zopa via an open banking API?

sheffieldeagle

Received the invite last night. Opened my account on the 28th of Jan then signed up to the waiting list on the 6th of Feb. Opened and funded the regular saver today. Thanks to the OP for this.

Cheers

ronbell101

switched a few direct debits to take advantage of the 2% cashback only to be told today the Direct Debit feature is not available yet!! 

PRAISETHESUN

ronbell101 said:

switched a few direct debits to take advantage of the 2% cashback only to be told today the Direct Debit feature is not available yet!! 

Direct debits are definitely available! They just have issues with certain providers who don't recognise Zopa as a current account.

https://www.zopa.com/help/article/known-issues-beta-zopa-account

Bigwheels1111

PRAISETHESUN said:

ronbell101 said:

switched a few direct debits to take advantage of the 2% cashback only to be told today the Direct Debit feature is not available yet!! 

Direct debits are definitely available! They just have issues with certain providers who don't recognise Zopa as a current account.

https://www.zopa.com/help/article/known-issues-beta-zopa-account

Paypal, did not list Zopa.

But entering detail manually it came up.

Set up today Paypal, Paypal credit, Vodafone, Emac Service contract, Peugeot Warranty, Plus Two credit cards.