Zopa Current account

ZeroSum

superM said:

I had chat with Zopa they are saying max cashback of £30 in a year. So £1500 is not monthly limit but yearly. 

That's poor if it is that, but in my experience zopa Chat CS are absolutely clueless & fob you off with any old pack of lies, so I'd say it still remains to be seen

Bridlington1

ZeroSum said:

superM said:

I had chat with Zopa they are saying max cashback of £30 in a year. So £1500 is not monthly limit but yearly. 

That's poor if it is that, but in my experience zopa Chat CS are absolutely clueless & fob you off with any old pack of lies, so I'd say it still remains to be seen

My logic is that there aren't any exclusions in the Ts&Cs. It just says ``We’re currently giving cashback on up to £1,500 of Direct Debits paid from your Zopa bank account per year".

If there do turn out to be exclusions and they've not bothered to state it in their Ts&Cs then I'll do what I did when Co-op refused to pay me the £125 refer-a-friend offer, i.e. make a complaint and if they don't give me the cashback I'll take the to the FOS on the grounds that they are required to provide terms that are ``clear, fair and not misleading".

The Ombudsman upheld that complaint and I see no reason why they wouldn't uphold a potential complaint about Zopa refusing to pay cashback on savings DDs should Zopa choose to go down that route.

NorwichMan

Seems to me to be effectively a £30 incentive to open an account and set up direct debits. The regular saver does look good. As does the card design.

ZeroSum

Bridlington1 said:

ZeroSum said:

superM said:

I had chat with Zopa they are saying max cashback of £30 in a year. So £1500 is not monthly limit but yearly. 

That's poor if it is that, but in my experience zopa Chat CS are absolutely clueless & fob you off with any old pack of lies, so I'd say it still remains to be seen

My logic is that there aren't any exclusions in the Ts&Cs. It just says ``We’re currently giving cashback on up to £1,500 of Direct Debits paid from your Zopa bank account per year".

If there do turn out to be exclusions and they've not bothered to state it in their Ts&Cs then I'll do what I did when Co-op refused to pay me the £125 refer-a-friend offer, i.e. make a complaint and if they don't give me the cashback I'll take the to the FOS on the grounds that they are required to provide terms that are ``clear, fair and not misleading".

The Ombudsman upheld that complaint and I see no reason why they wouldn't uphold a potential complaint about Zopa refusing to pay cashback on savings DDs should Zopa choose to go down that route.

I was referring to the yearly / monthly thing not the exclusions. However I've had issues previously where they didn't follow their own T&C's (credit card min payments) and when I complained, I didn't even get a real explanation to show their calculations just a representative example that had no relevance to my situation. I was only losing about £5 stooze income so couldn't be chewed to take it to the ombudsman. Then there's issues with the app not showing fix term accounts which they used to, stopped but said they never had in the first place, then admitted they were lying, accused me of using a VPN which I wasn't, then finally admitted they were at fault & would look into fixing it, but that was about 8 months ago & heard nothing since. 

soulsaver

flaneurs_lobster said:

soulsaver said:

soulsaver said:

Bridlington1 said:

I signed up for the regular saver plus the 2% cashback on up to £1.5k of DDs, which don't seem to be ruling out any DDs.

Consequently my Moneybox nominated account has now been changed to Zopa and a DD is being created at this very moment. I'll pull £1.5k through it once this has been done to get the cashback then keep using the account for the regular saver.

Has anyone gone for just one £1500 DD to move funds out from your Zopa Bank Ac? 

I've just set one upfor £1500 in one go.. apparently without any problem, at least so far. Showing in my listed DDs for w/c 13th.

How? And where?
EDIT: I think I see now, Moneybox savings app, initial save set to £1500 by DD. 

I have legacy accounts to which I can set up inbound DDs. They've been NLA for years.

eta PS Before anyone asks, I can only create DDs from accounts in my own name..

Nasqueron

(Removed by Forum Team)

I don't know about a cartel but this site is all about money saving and yes, it might be immoral to use the bank switches to make money but banks have factored this in and in fact, the vast majority of the country don't use them at all (year to June 2024 there were just 1.41m switches done and plenty of those were people doing multiples for money) and stick with poor service or poor rates. To me, if a bank can pay the top people millions and care about the share price while leaving people earning 0.1% on savings instead of pushing them to move the money and milking them for fees then me getting a bit back from 5 minutes work is no bad thing. If the banks want loyalty, they can do like TSB, Barclays and Co-Op have done and split the bonus to keep you to stick around at least for a while.

I would in some ways agree with you, this site pushes people to claim back things like council tax or take councils to the cleaners because they hit some massive obvious pothole then people complain about councils making cuts. Similarly the DCA issue costing firms millions to process and respond to complaints about something the FCA hasn't even ruled was a problem and have said there is no time bar clock at the moment while MSE pushed people to send in complaints. There are a couple of examples on the forum of people on 0% deals wanting to complain because they see £££. Same deal with overdrafts where sites like this pushed to get rid of simple fixed fees and move to a % interest so all the banks whacked up the rate to cover their losses. 

MSE isn't perfect by any means but users giving advice to help people get free money shouldn't be the target of your ire

gsmh

@Nasqueron Thank you for your balanced reply. It is most appreciated.

ThePirates

WillPS said:

(Removed by Forum Team)

Has anyone as a new non-Zopa customer got anywhere with signing up for the account yet?

Nope. 

Opened a savings account with £1 in it 2 weeks ago but got no sign of a Current account. Been trying for a week now, logging in a few times a day.

WillPS

ThePirates said:

WillPS said:

Perhaps rather than subverting yet another thread with this victim stuff we could stick to the topic at hand.

Has anyone as a new non-Zopa customer got anywhere with signing up for the account yet?

Nope. 

Opened a savings account with £1 in it 2 weeks ago but got no sign of a Current account. Been trying for a week now, living in a few times a day.

Thank you. Do keep us updated!

Barkin

ThePirates said:

WillPS said:

Perhaps rather than subverting yet another thread with this victim stuff we could stick to the topic at hand.

Has anyone as a new non-Zopa customer got anywhere with signing up for the account yet?

Nope. 

Opened a savings account with £1 in it 2 weeks ago but got no sign of a Current account. Been trying for a week now, living in a few times a day.

No current account offer for me so far.

I've had a Smart Savings account with them for some time, but their rate hasn't been very attractive for a while now so it's only had £1 in it for the last year or so. I wonder if that's relevant?