Zopa Current account

Bridlington1

MrFrugalFever said:

I have opened the Zopa Current Account and Regular Saver now (it seemed as though I had to 'opt in' to all their marketing to be eligible. A very simple and straightforward process, a quick selfie and couple of pics of a Gov ID - i used drivers licence.

Opened up saver and deposited £300. Lovely jubbly!

Now need to come up with a plan for the DD offer....I have moneybox so perhaps that is one to utilise.

Pretty much any DD'll do. One thing to note is Tembo doesn't let you set up a DD from a Zopa current account, also Zopa don't allow you to go into an unarranged OD so if you don't have sufficient funds when the DD is due to be taken it shall bounce regardless of whether you deposit funds later in the day.

Moneybox take the DD from Zopa around 3-4am in my experience so if you are wishing to get the cashback whilst minimising interest loss I'd get the funds into Zopa by around 2am on the day the DD is due to be taken.

HillStreetBlues

Bridlington1 said:

Moneybox take the DD from Zopa around 3-4am in my experience so if you are wishing to get the cashback whilst minimising interest loss I'd get the funds into Zopa by around 2am on the day the DD is due to be taken.

Thank you that is very helpful as that's what I'm planning to do.

VXman

It says on my zopa app pay 'bills' by direct debit. I assumed this to mean energy, council tax, water. Are people suggesting any direct debit works for 2% cashback?

crumpet_man

VXman said:

It says on my zopa app pay 'bills' by direct debit. I assumed this to mean energy, council tax, water. Are people suggesting any direct debit works for 2% cashback?

That is correct.

Slinky

Yes any DD will do. I've got my pension contributions coming out of mine.

Chaykin

Wondering what's the best way of getting the 2% from £1,500.00 = £30.00 cashback on Direct Debits.

Saw people using Moneybox which I do have - but only their LISA at the moment.

Does this mean I'd have to edit my current linked account to Zopa, open a savings account with them, and then ask for £1,500.00 initial deposit by DD?

When do I fund the Zopa account with the £1,500.00? As I'd hate for it to just wait there for number of days at 2% interest before the DD is taken. How do I minimise that time?

PRAISETHESUN

Chaykin said:

Wondering what's the best way of getting the 2% from £1,500.00 = £30.00 cashback on Direct Debits.

Saw people using Moneybox which I do have - but only their LISA at the moment.

Does this mean I'd have to edit my current linked account to Zopa, open a savings account with them, and then ask for £1,500.00 initial deposit by DD?

When do I fund the Zopa account with the £1,500.00? As I'd hate for it to just wait there for number of days at 2% interest before the DD is taken. How do I minimise that time?

Moneybox collect on a weekly cycle, so best to pay in the day before they are due to collect. Direct the payment into a separate Simple Saver account rather than your LISA, to avoid the withdrawal penalty. It takes a few days to clear once the DD is taken, but you are free to withdraw once it clears (keeping in mind you only get 1 withdrawal per calendar month).

HillStreetBlues

Does anyone  know if Zopa  current account reports bounced Direct Debits  due to lack of funds?

dr_adidas01

HillStreetBlues said:

Does anyone  know if Zopa  current account reports bounced Direct Debits  due to lack of funds?

I doubt it as the current account from Zopa isn't currently reported to any of the CRA's from what I can see when checking my reports, and I've had it for quite a while now.

flaneurs_lobster

dr_adidas01 said:

HillStreetBlues said:

Does anyone  know if Zopa  current account reports bounced Direct Debits  due to lack of funds?

I doubt it as the current account from Zopa isn't currently reported to any of the CRA's from what I can see when checking my reports, and I've had it for quite a while now.

Does OP mean reporting to CRA's (don't think bounced DDs would be reported anyways, an account going into overdraft because of DDs might) or does OP mean a notification to the account holder?