Zopa Current account

PRAISETHESUN

keiran said:

I'd like to make a £1500 direct debit to get the £30 cashback in one go.
 I have Chase, Chip and Moneybox apps. How do I do this, please?

Using a Moneybox Simple Saver account as an example:

Add your Zopa account to your Moneybox app as your connected account. Then in the app, click "add money" and type in £1500. Select "deposit later" to use the direct debit to pull the money, rather than using open banking. If you've just linked the account it might take a few days for the DD to appear on your Zopa account, and you might then miss the first weekly collection.

The £1500 will now be added to the weekly deposit queue. I linked to how that works earlier in the thread but in a nutshell Moneybox will request the DD every Wednesday around lunchtime, but the DD doesn't normally get taken until the following Monday (this is when the money leaves your Zopa account). From there it takes a day or two to clear into your Moneybox account. Once it clears you can then use your monthly withdrawal to withdraw it back to your Zopa account, which will take another day or two.

goatfaced

Apologies for what is probably a daft question, but I've never withdrawn from a regular saver before. Zopa say you can withdraw, but how is the interest calculated? Is there a penalty? 

I will have it in a Santander edge saver but was thinking I could drip the monthly limit into this zopa account for the higher interest, assuming it's calculated daily and there's no loss of interest for withdrawal. 

flaneurs_lobster

goatfaced said:

Apologies for what is probably a daft question, but I've never withdrawn from a regular saver before. Zopa say you can withdraw, but how is the interest calculated? Is there a penalty? 

I will have it in a Santander edge saver but was thinking I could drip the monthly limit into this zopa account for the higher interest, assuming it's calculated daily and there's no loss of interest for withdrawal. 

Your assumptions are all OK, no penalties for withdrawing from the Zopa regular saver and interest is calculated daily.

The rule of thumb is to keep your money wherever has the highest rate, so drip-feeding the 7.1% Zopa RS from the Santander Edge 6% is a good plan.

MSE_Gavin

Hey folks,

We've just written a news story on Zopa's new current account, which you can read here:

Zopa's new current account pays 2% cashback – does it take the 'Biscuit'?

Though to be honest, posting this on a forum thread 34 pages long, I'd be surprised if you're not already entirely aware of what the account entails...

35har1old

PRAISETHESUN said:

keiran said:

I'd like to make a £1500 direct debit to get the £30 cashback in one go.
 I have Chase, Chip and Moneybox apps. How do I do this, please?

Using a Moneybox Simple Saver account as an example:

Add your Zopa account to your Moneybox app as your connected account. Then in the app, click "add money" and type in £1500. Select "deposit later" to use the direct debit to pull the money, rather than using open banking. If you've just linked the account it might take a few days for the DD to appear on your Zopa account, and you might then miss the first weekly collection.

The £1500 will now be added to the weekly deposit queue. I linked to how that works earlier in the thread but in a nutshell Moneybox will request the DD every Wednesday around lunchtime, but the DD doesn't normally get taken until the following Monday (this is when the money leaves your Zopa account). From there it takes a day or two to clear into your Moneybox account. Once it clears you can then use your monthly withdrawal to withdraw it back to your Zopa account, which will take another day or two.

Why would you setup a weekly DD for £1500 as the DD total for a year is capped at £1500 = £30 cash back
Would a Moneybox DD count as a bill?

PRAISETHESUN

35har1old said:

PRAISETHESUN said:

keiran said:

I'd like to make a £1500 direct debit to get the £30 cashback in one go.
 I have Chase, Chip and Moneybox apps. How do I do this, please?

Using a Moneybox Simple Saver account as an example:

Add your Zopa account to your Moneybox app as your connected account. Then in the app, click "add money" and type in £1500. Select "deposit later" to use the direct debit to pull the money, rather than using open banking. If you've just linked the account it might take a few days for the DD to appear on your Zopa account, and you might then miss the first weekly collection.

The £1500 will now be added to the weekly deposit queue. I linked to how that works earlier in the thread but in a nutshell Moneybox will request the DD every Wednesday around lunchtime, but the DD doesn't normally get taken until the following Monday (this is when the money leaves your Zopa account). From there it takes a day or two to clear into your Moneybox account. Once it clears you can then use your monthly withdrawal to withdraw it back to your Zopa account, which will take another day or two.

Why would you setup a weekly DD for £1500 as the DD total for a year is capped at £1500 = £30 cash back
Would a Moneybox DD count as a bill?

Moneybox work on a weekly collection cycle, but it's still a one-off DD if you follow the process I outline. And yes, for the purpose of Zopa, any DDs count for the cashback. A single £1500 DD will max out the annual £30 cashback 

SFCooper

35har1old said:

PRAISETHESUN said:

keiran said:

I'd like to make a £1500 direct debit to get the £30 cashback in one go.
 I have Chase, Chip and Moneybox apps. How do I do this, please?

Using a Moneybox Simple Saver account as an example:

Add your Zopa account to your Moneybox app as your connected account. Then in the app, click "add money" and type in £1500. Select "deposit later" to use the direct debit to pull the money, rather than using open banking. If you've just linked the account it might take a few days for the DD to appear on your Zopa account, and you might then miss the first weekly collection.

The £1500 will now be added to the weekly deposit queue. I linked to how that works earlier in the thread but in a nutshell Moneybox will request the DD every Wednesday around lunchtime, but the DD doesn't normally get taken until the following Monday (this is when the money leaves your Zopa account). From there it takes a day or two to clear into your Moneybox account. Once it clears you can then use your monthly withdrawal to withdraw it back to your Zopa account, which will take another day or two.

Why would you setup a weekly DD for £1500 as the DD total for a year is capped at £1500 = £30 cash back
Would a Moneybox DD count as a bill?

I have a 3% DD cashback on £3000

35har1old

PRAISETHESUN said:

35har1old said:

PRAISETHESUN said:

keiran said:

I'd like to make a £1500 direct debit to get the £30 cashback in one go.
 I have Chase, Chip and Moneybox apps. How do I do this, please?

Using a Moneybox Simple Saver account as an example:

Add your Zopa account to your Moneybox app as your connected account. Then in the app, click "add money" and type in £1500. Select "deposit later" to use the direct debit to pull the money, rather than using open banking. If you've just linked the account it might take a few days for the DD to appear on your Zopa account, and you might then miss the first weekly collection.

The £1500 will now be added to the weekly deposit queue. I linked to how that works earlier in the thread but in a nutshell Moneybox will request the DD every Wednesday around lunchtime, but the DD doesn't normally get taken until the following Monday (this is when the money leaves your Zopa account). From there it takes a day or two to clear into your Moneybox account. Once it clears you can then use your monthly withdrawal to withdraw it back to your Zopa account, which will take another day or two.

Why would you setup a weekly DD for £1500 as the DD total for a year is capped at £1500 = £30 cash back
Would a Moneybox DD count as a bill?

Moneybox work on a weekly collection cycle, but it's still a one-off DD if you follow the process I outline. And yes, for the purpose of Zopa, any DDs count for the cashback. A single £1500 DD will max out the annual £30 cashback 

Just that you used every Wednesday in your example which suggested more than one

innocentlove

PRAISETHESUN said:

The £1500 will now be added to the weekly deposit queue. I linked to how that works earlier in the thread but in a nutshell Moneybox will request the DD every Wednesday around lunchtime, but the DD doesn't normally get taken until the following Monday (this is when the money leaves your Zopa account).

"...Moneybox will request the DD every Wednesday around lunchtime, but DD doesn't normally get taken until the following Monday....". Will it be OK if the money is in Zopa on Friday to be taken out on Monday? Or does the money needs to be in Zopa on the DD collection request day Wednesday? Thanks.

Bridlington1

innocentlove said:

PRAISETHESUN said:

The £1500 will now be added to the weekly deposit queue. I linked to how that works earlier in the thread but in a nutshell Moneybox will request the DD every Wednesday around lunchtime, but the DD doesn't normally get taken until the following Monday (this is when the money leaves your Zopa account).

"...Moneybox will request the DD every Wednesday around lunchtime, but DD doesn't normally get taken until the following Monday....". Will it be OK if the money is in Zopa on Friday to be taken out on Monday? Or does the money needs to be in Zopa on the DD collection request day Wednesday? Thanks.

I put the funds in the account shortly after midnight on Monday and it was fine. In my experience Zopa should take the DD between 2-5am on Monday, as long as the money arrives in Zopa by then you should be fine.