Why is my bank not recognising Zopa when I try to pay into my Smart Saver?
Updated 2 months ago
We’re aware that some customers are seeing a warning from their bank when they try to pay into their Zopa savings account.
This is because of something called ‘Confirmation of Payee’, which is designed to stop people accidently sending money to the wrong recipient. Any new payee you set up in your online banking now involves an extra check to ensure the name you enter matches the name on the recipient account.
We use a partner to process faster payments and every new Smart Saver account is registered instantly with them, allowing you to pay into your account straight away. However, it can take up to 24 hours from when you open your Smart Saver for your name to show as a match during the ‘Confirmation of Payee’ checks.
Despite possible warnings in the first 24 hours, customers are successfully paying into their Smart Saver accounts because the details are legitimate. Some customers send a smaller test payment first to make sure it arrives ok, then follow up with larger ones.
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