Zopa Current account

flaneurs_lobster

WillPS said:

flaneurs_lobster said:

flaneurs_lobster said:

Don't yet have access to my £1.5K, but that'll be out and earning 5% elsewhere as soon as. 

Still no access to funds at Moneybox. I know this has nothing to do with Zopa but for the benefit of others, is there a better solution to setting up a one-off £1.5K DD that gives more timely access to the money? 

DD is a very slow process by neccessity, I think it takes 3 working days before they'll have your money (old BACS payment timescales).

Thanks for that. Yes, Moneybox app says my money will be deposited with "partner bank(s)" today.

I wonder how long it will take to extract the cash from said partners, via Moneybox, into something paying more than 3.75%?

Bridlington1

flaneurs_lobster said:

flaneurs_lobster said:

Don't yet have access to my £1.5K, but that'll be out and earning 5% elsewhere as soon as. 

Still no access to funds at Moneybox. I know this has nothing to do with Zopa but for the benefit of others, is there a better solution to setting up a one-off £1.5K DD that gives more timely access to the money? 

Scottish Widows is the quickest I know of, I currently make 2x£50 DD payments into it from RBS each month and withdraw it back to my nominated account the day the DD is taken, funds are usually back in RBS by mid morning on the day the DD is taken.

I suspect Scottish Widows may be gearing up to close their savings altogether in a similar way to Birmingham Midshires though. They've stopped offering new savings accounts earlier in the year and recently sent me a letter going on about how my interest rate is poor and I could be getting better rates elsewhere in Lloyds banking group (difficult given LBG gave me a lifetime ban last year).

PRAISETHESUN

Bridlington1 said:

flaneurs_lobster said:

flaneurs_lobster said:

Don't yet have access to my £1.5K, but that'll be out and earning 5% elsewhere as soon as. 

Still no access to funds at Moneybox. I know this has nothing to do with Zopa but for the benefit of others, is there a better solution to setting up a one-off £1.5K DD that gives more timely access to the money? 

Scottish Widows is the quickest I know of, I currently make 2x£50 DD payments into it from RBS each month and withdraw it back to my nominated account the day the DD is taken, funds are usually back in RBS by mid morning on the day the DD is taken.

I suspect Scottish Widows may be gearing up to close their savings altogether in a similar way to Birmingham Midshires though. They've stopped offering new savings accounts earlier in the year and recently sent me a letter going on about how my interest rate is poor and I could be getting better rates elsewhere in Lloyds banking group (difficult given LBG gave me a lifetime ban last year).

I've had the same experience with SW. I also tried to change the account my DD came out of sometime last year by mailing off a copy of the DD form I had saved and some bank statements for the new account, but they were returned to sender after they were opened. Won't be surprised if I get the notification that they will be closing down

ColdIron

That'll be because direct debits are handled by BACS

Zaul22

I missed all of this. I guess they are only inviting people who have a Smart Saver?

WillPS

Zaul22 said:

I missed all of this. I guess they are only inviting people who have a Smart Saver?

It's a subset of all existing customers, with or without smart savers.

orange-juice

My app now shows a tile titled ‘Growth Hub’ on the main screen. Still no sign of a current account though 😞.

SaveTheEuro

Zopa are launching a current account with 2% interest and 2% cashback:

“Our bank account is here to help you earn more. Here’s how.

Earn 7.50% AER on your savings Unlock an exclusive 7.50% AER* (7.25% gross**) Regular Saver pot, with a rate fixed for at least 12 months. Deposit up to £300 a month and earn up to £146 a year! Learn more.

Earn 2.00% AER on your balance It’s not just savings that pay. You’ll also get 2.00% AER* (1.98% gross**) on the money sitting in your bank account, fixed for 12 months. After that, it’ll become 2.00% AER* (1.98% gross**) variable. Learn more.

Earn 2% cashback on your bills We’ll give you 2% cashback on up to £1,500 of Direct Debits paid from your Zopa account each year.”

saverkev

Unfortunately it is still in Beta phase and only available to a limited amount of invited customers.

ThePirates

A few lucky people already have the account but there's no sign of it when I login 😢