Zopa Current account

FishInGlass

I am still on the old terms and I have direct debits that pay out between £2 and £3 monthly. On the 25th June I had my June 2% interest and £2.61 cashback on bills. Yesterday I received a further 51p cashback which is 2% of a direct debit that day plus something called Final interest of 5p.

It is the first time I have ever received payment apart from on my monthiversary. Has anyone else seen anything similar?

winkowinko

https://forums.moneysavingexpert.com/discussion/comment/82055108#Comment_82055108

I opened on the old terms last year and did £1500 swoop in one go for the £30 cashback. I have followed your instructions to check what applies now, and it states we will pay 2% cashback per month on any direct debits that are paid from your Zopa account (upto a maximum direct debit value of £1500 per year). Each period of a month runs from whichever date you opened your Zopa account)

Unless I'm reading it wrong, to me, this suggests I can't do the same as last year even though my account was set up before they changed the rules to per month?

Or are they saying I can do £1500 again in one go?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82056025#Comment_82056025

That sounds to me like the 'old' rules - nothing there says you can't do £1500 DD in a single month.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82056025#Comment_82056025

I think these terms have been the same from day one. The new terms say you can’t get more than £2-something cashback a month. My renewal is not for several months but if the terms stay the same, I will do £1,500 in one go again.

winkowinko

Cheers guys. It's the per month part that has made me doubt it, perhaps unnecessarily.

Also, I see the new rules state 2% on up to £125 per month of household bills paid by Direct Debit, so that does look promising for those still on the old rules, although it is still unclear whether Moneybox would work, as it's not a household bill.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82056095#Comment_82056095

…but the 'old' rules make no mention of 'household bills' or indeed classify the spend in any way.

cc123mm456

https://forums.moneysavingexpert.com/discussion/comment/82056010#Comment_82056010

Yes I have the same issue. I'm on the old terms (which were extended after the end of the first year). My payment of interest and cashback is usually mid month, but unexpectedly I received a part month payment of both on 1st July, with the interest part marked 'Final Interest'.

When the terms were extended at the end of the first year, the Zopa email included:

You’ll continue to earn the same amount of interest and cashback on your money - the rates are just now variable. We’ll email you in advance if they ever change.

I've checked my emails received since then, and I can't see any notification that the offer has been changed or terminated.

A possible explanation might be that maybe Zopa have decided to adjust the payment date to the 1st of the month for everyone from now on. So I'm planning to check on 1st August.

Slinky

Yes I got the 5p Final Interest too. I've got a monthly pension DD that I use to get the cashback so any changes in that way don't affect me.

NameWithheld

I got 84p "final interest" on 1st July, and 6p interest today, which is the my normal payment date

fly-catchers

I got the £30 in one go from £1500 paid into my Moneybox account for the second year running a couple of months back. So will continue like that next year and see what happens!