Zopa Current account

flaneurs_lobster

"You’ll earn 1% AER* (1% gross**) variable interest on your balance. Plus a generous serving of cashback, 5% on up to £150 of Direct Debits each month. This is on top of your personal Biscuit benefits."

So the DD cashback goes from 3% to 5% on an unchanged £150 if you have a joint account? Any duration given for that rate? If it's a year then might be worth finding a partner, 3-6mths not so much.

EDIT : just got the waitlist invite email myself - can see there are no more details other than those already shared by @gwapenut.

EDIT2 : crossing posts.

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/82182450#Comment_82182450

That was all it said in terms of benefits. My guess would be a year

Slinky

Could be useful for the council tax as a better rate than Santander offer.

ccluedo

Could anyone enlighten me as to how to set up a monthly DD from Zopa to Moneybox pls? Is a payday boost also a DD?

I seem to have set up a weekly one...

Thanks

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82183828#Comment_82183828

Moneybox Simple Saver? Are you familiar with the Moneybox weekly payment schedule for DDs?

Find Deposit Settings, three options - Weekly deposit, Payday boost, Round ups. You can use any or all of them.

Take Payday Boost, pick a date each month that is on or after your Zopa monthiversary. Note that this means that Moneybox will start its collection on the next Wednesday following this date and the DD will actually be taken on the following Monday.

Example, my Zopa monthiversary is the 3rd. I have set my MB 'Payday' to be 3rd of every month. Next week the 3rd Nov is a Tuesday, so Moneybox will 'collect' (in Moneybox terms) on Wed 4th. This will generate a DD payment that will debit Zopa on Mon 9th.

And so on each month.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/82183862#Comment_82183862

Most helpful, thank you @flaneurs_lobster

I'll wait until the weekly one goes out today and change it to Payday.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82183867#Comment_82183867

You may not want to but you have until midday today (Wed) to cancel any/all of this week's collections.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/82183892#Comment_82183892

Tnx, I'll just let it go thru. Do u withdraw in full from MB as soon as it goes in?

flaneurs_lobster

 Tnx, I'll just let it go thru. Do u withdraw in full from MB as soon as it goes in?

When I remember, yes. Normally gets picked up around this end of the month when I'm getting funds to the right places to fund RS's at month start.

norton66

2x Nero "specials" procured with my Zopa vouchers today; Spiced Pecan and Cinnamon roll lattes, nearly £10 worth - glad I wasn't paying for them lol.