Zopa Current account

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/82116606#Comment_82116606

Fair enough, it couldn't be any less complicated really!

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/82114877#Comment_82114877

Just looked and the benefit switch option has reappeared for me (Android app), so I've gone ahead and switched my benefit to the 3% DD cashback - £4.50 monthly cashback is better than £2.50 cashback (£54 versus £30 annually).

New benefits will start on my account's 'monthiversary' in September (also the date when monthly interest and cashback is paid).

There's a Fees and Useful Information document presented which I've uploaded here:
https://smallpdf.com/file#s=7297cc49-12d5-4426-bda0-4b3cc1846021

This states that you are able to switch to a different benefit each month if you want (the change taking effect from the account's 'monthiversary').

I've got an active 6-month Zopa Regular Saver, no apparent impact on that. We'll see if Zopa offer any other Regular Savers in the future.

Slinky

I've just shifted one of my DDs from myself to my OH, but that's only £38 a month. His is a new Zopa a/c opened last month. Just contemplating shifting the Council tax DD to him as we don't have a lot of other chunky DDs and we only get 1% cashback on that from Santander. I think we'll be about £1.70 a month better off….but of course nothing for February and March. From next April I can see a different plan with a DD for OH and can shift the council tax back to Santander.

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/82117103#Comment_82117103

FWIW, some councils do allow you to request 12 monthly payments rather than 10. By contrast my water company doesn't offer that - if it's DD, it's 10 payments (or else one annual lump-sum DD payment).

Nevertheless as you point out, February and March could be problematic for those wishing to max-out the Biscuit DD cashback benefit.

Slinky

https://forums.moneysavingexpert.com/discussion/comment/82117125#Comment_82117125

Yes I was ruminating about the 12 month possibility with CT. Problem is February/March are months we have some larger bills, insurance and car tax, so not having to pay CT in those months is actually quite useful.

HillStreetBlues

https://forums.moneysavingexpert.com/discussion/comment/82117125#Comment_82117125

All councils have to let you pay over 12 months as it's a legal right, they might not advertise that fact.

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/82117207#Comment_82117207

Thanks, I wasn't aware it was a legal right, but it's not something I've ever looked into.

Many councils seem to default to offering 10 monthly payments, so if you want 12 payments this needs to be specifically requested - however it was actioned routinely when I last requested it with my council.

goatfaced

My son just switched. He's on the new style cashback capped at £2.50 so it's worth doing now for him. Unlike what the website said there were 3 options to pick from including extra bank interest, but the cashback is worth the most to him.

I need to reshuffle some direct debits around. As has been said the council tax is a big one and Santander only pays 1%. I use my edge saver though, and only make pennies profit off Santander cashback but pay for edge to keep the 6% edge saver.

Slinky

https://forums.moneysavingexpert.com/discussion/comment/82117304#Comment_82117304

If you don't set up any DDs from the Edge account, you don't get any cashback, but you don't get any account charges either. They only kick in after you've set up 2 qualifying DDs. I've got 2 Edge Accounts with just £1 in (a single and a joint) and 2 of the Edge Savers at 6%. It would be worth closing your existing Edge account and opening a new one and just leave it with a token amount in.

Over62

https://forums.moneysavingexpert.com/discussion/comment/82116965#Comment_82116965

Zopa

Thanks to The_Groat_Counter for the info that the 3% DD cashback was showing again. I've taken the offer and it will start on 13 September. In the past, I've used PayPal for my direct debits so I'm going to use this method again.