Zopa Biscuits Transfers..

sidneyyoungblood

A bit of advice please , signed up to a Zopa account but a bit confused on how the bonus system works.

Does £500 have to be transfered every month into the main account to get the bonus interest rates ?

Could I setup a direct debit from my starling account into the zopa main account and then an automatic transfer into the savings biscuit account and into the zopa regular saver or does it have to be manually?

thanks

friolento

If you don’t want to make your payments manually, you can set up Standing Orders , not Direct Debits, from your Starling to your Zopa current account, and from your Zopa to your Starling. You need to make the £500 deposit in your Zopa account month, which is probably not a calendar month. Zopa helpfully tells you whether you qualify for the next month’s bonus interest rate.

Ayr_Rage

You have to fund Biscuit with £500 per ACCOUNT MONTH, mine runs from the 22nd, the date of opening.

I am not sure if you could fund it by DD, just set up a Standing Order from Starling to Zopa Biscuit.

The app shows and reminds you of the qualifying date and running total of deposits if you make more than one.

That gets you the bonus easy access savings rate but I thought that had been withdrawn for now.

You can set up internal Standing Orders between your accounts (in any direction) and can have them daily, weekly, every 2 weeks, monthly or yearly.

Robin9

If you don't pay in £500  then the Savings Account interest looses it's bonus (for that month only)  

I pay my £500 by Standing Order, then transfer £300 into the Savings Account ASAP

Bobblehat

Robin9 said:

If you don't pay in £500  then the Savings Account interest looses it's bonus (for that month only)  

I pay my £500 by Standing Order, then transfer £300 into the Savings Account ASAP

Similarly, £500 per account month by SO from 3rd party CA into Zopa CA. Then, £300 to Zopa RS(7.1%) and £200 to Zopa Boosted Saver(4.75%), both by internal Zopa SOs. All set up once and forget! 

allegro120

Bobblehat said:

Robin9 said:

If you don't pay in £500  then the Savings Account interest looses it's bonus (for that month only)  

I pay my £500 by Standing Order, then transfer £300 into the Savings Account ASAP

Similarly, £500 per account month by SO from 3rd party CA into Zopa CA. Then, £300 to Zopa RS(7.1%) and £200 to Zopa Boosted Saver(4.75%), both by internal Zopa SOs. All set up once and forget! 

I use SOs for FD only because it's compulsory.  I understand why people use standing orders,  I used to run all my RS distributions and same-day in&out payments between current accounts to meet the requirements on SOs. At the time, I was very busy with work and had significantly fewer accounts.  In my current position SOs would be a nightmare , it's more convenient for me to do everything manually with maximising the return as a small bonus too

Similarly, I pay £500 into Zopa CA. £300 to Zopa RS and £200 is sent back to Cahoot.  I haven't used my Z-Boosted yet, Sunny Days are still covering all my EA needs,  but it's good to keep it running. This account has a potential to become useful at some point.  I think we all know that the storm of reductions is coming and it's a good time to equip ourselves with as many alternatives as possible