Zopa Bank current account plus savings at 7.5%

GaryPearson99

flaneurs_lobster said:

GaryPearson99 said:

...then had an email saying they were temporarily reducing everyone's daily withdrawal to external banks from £10,000 to £400 a day. 

That's quite different to

GaryPearson99 said:

I think its legit, it came from usual Zopa email. It says some customers accounts, so not sure why mine.

So it's just you they think is dodgy....

How long has this restriction been in place? And have I read it right, you can't move more than £400 directly from your current account but there's no restriction on moving larger amounts to your Smart Saver account at then onwards to wherever you like?

It's been like it from 4 days after opening until  now, so about 10 days. You cannot move money from smart saver out of zopa, only back to current accounts. So I can not take more than £400 a day out of Zopa. I've never seen any bank ever impose these restrictions. It could look like they were short of funds. I'm not going to use accounts further until it's lifted. 

flaneurs_lobster

GaryPearson99 said:

flaneurs_lobster said:

GaryPearson99 said:

...then had an email saying they were temporarily reducing everyone's daily withdrawal to external banks from £10,000 to £400 a day. 

That's quite different to

GaryPearson99 said:

I think its legit, it came from usual Zopa email. It says some customers accounts, so not sure why mine.

So it's just you they think is dodgy....

How long has this restriction been in place? And have I read it right, you can't move more than £400 directly from your current account but there's no restriction on moving larger amounts to your Smart Saver account at then onwards to wherever you like?

It's been like it from 4 days after opening until  now, so about 10 days. You cannot move money from smart saver out of zopa, only back to current accounts. So I can not take more than £400 a day out of Zopa. I've never seen any bank ever impose these restrictions. It could look like they were short of funds. I'm not going to use accounts further until it's lifted. 

Forgive me if you've tried this but my Zopa "Smart Savings Hub" is linked to both my Zopa current account and to another CA. Can withdraw funds to either.

friolento

The only half logical explanation for the £400 limit I can think of is that they are performing some further checks on what appears to be a new account. Other banks sometimes lock the entire account for such checks. It’s quite odd though.

GaryPearson99

flaneurs_lobster said:

GaryPearson99 said:

flaneurs_lobster said:

GaryPearson99 said:

...then had an email saying they were temporarily reducing everyone's daily withdrawal to external banks from £10,000 to £400 a day. 

That's quite different to

GaryPearson99 said:

I think its legit, it came from usual Zopa email. It says some customers accounts, so not sure why mine.

So it's just you they think is dodgy....

How long has this restriction been in place? And have I read it right, you can't move more than £400 directly from your current account but there's no restriction on moving larger amounts to your Smart Saver account at then onwards to wherever you like?

It's been like it from 4 days after opening until  now, so about 10 days. You cannot move money from smart saver out of zopa, only back to current accounts. So I can not take more than £400 a day out of Zopa. I've never seen any bank ever impose these restrictions. It could look like they were short of funds. I'm not going to use accounts further until it's lifted. 

Forgive me if you've tried this but my Zopa "Smart Savings Hub" is linked to both my Zopa current account and to another CA. Can withdraw funds to either.

I've only got money in regular saver, main hub is zero. I therefore don't get option to pay elsewhere. I will add a payee to current account and see if it then allows it from smart hub.

flaneurs_lobster

GaryPearson99 said:

flaneurs_lobster said:

GaryPearson99 said:

flaneurs_lobster said:

GaryPearson99 said:

...then had an email saying they were temporarily reducing everyone's daily withdrawal to external banks from £10,000 to £400 a day. 

That's quite different to

GaryPearson99 said:

I think its legit, it came from usual Zopa email. It says some customers accounts, so not sure why mine.

So it's just you they think is dodgy....

How long has this restriction been in place? And have I read it right, you can't move more than £400 directly from your current account but there's no restriction on moving larger amounts to your Smart Saver account at then onwards to wherever you like?

It's been like it from 4 days after opening until  now, so about 10 days. You cannot move money from smart saver out of zopa, only back to current accounts. So I can not take more than £400 a day out of Zopa. I've never seen any bank ever impose these restrictions. It could look like they were short of funds. I'm not going to use accounts further until it's lifted. 

Forgive me if you've tried this but my Zopa "Smart Savings Hub" is linked to both my Zopa current account and to another CA. Can withdraw funds to either.

I've only got money in regular saver, main hub is zero. I therefore don't get option to pay elsewhere. I will add a payee to current account and see if it then allows it from smart hub.

Emphasis on hub "linked" to an external current account, not a payee of the Zopa current account. Check 'Manage' (top right) in the Smart Savings Hub then 'Linked accounts'. 

Albermarle

friolento said:

The only half logical explanation for the £400 limit I can think of is that they are performing some further checks on what appears to be a new account. Other banks sometimes lock the entire account for such checks. It’s quite odd though.

That would be my thinking. The OP has been identified as a possible suspect account for some ( or no valid) reason.

soulsaver

I guess I wouldn't see that message because I don't have substantial funds with them?  Outside the maxed RS  I only have c.£30 with them. 

friolento

I have well above £400 in various Zopa accounts.I have been a Zopa customer for years. As I didn't receive the email, I doubt their restriction has anything to do with the amount of your money they hold.

crumpet_man

flaneurs_lobster said:

allegro120 said:

friolento said:

kirkytracy said:

Thanks for your responses. We already have a certain amount saved up so a regular saver is not really what we are looking for. I already have it at 5.8% with Santander. 

The Santander Regular Saver is 5% AER. You probably mean the Edge Saver @ 5.84%. This isn't a Regular Saver account but an easy access account which pays decent interest on up to £4k, which you can deposit in one go. You can both have several of these (I would say 5 in total between you) - have a look in the recent Santander Edge Saver thread.

Santander allows only 2 per person. How do you get the 5th one?

2 personal each plus 1 associated with a joint current account (I'm told).

I haven't seen anyone confirming three edge current accounts.  I have one sole and one joint and cannot open another or convert an existing everyday account to edge.

ThePirates

crumpet_man said:

flaneurs_lobster said:

allegro120 said:

friolento said:

kirkytracy said:

Thanks for your responses. We already have a certain amount saved up so a regular saver is not really what we are looking for. I already have it at 5.8% with Santander. 

The Santander Regular Saver is 5% AER. You probably mean the Edge Saver @ 5.84%. This isn't a Regular Saver account but an easy access account which pays decent interest on up to £4k, which you can deposit in one go. You can both have several of these (I would say 5 in total between you) - have a look in the recent Santander Edge Saver thread.

Santander allows only 2 per person. How do you get the 5th one?

2 personal each plus 1 associated with a joint current account (I'm told).

I haven't seen anyone confirming three edge current accounts.  I have one sole and one joint and cannot open another or convert an existing everyday account to edge.

I have 2 sole Edge current and 2 sole Edge savings. No joint.