Why is my bank not recognising Zopa when I try to pay into my Smart Saver?

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.

How do I close my Smart Saver?

Head to the Zopa app and open your Smart Saver Tap ‘manage’ and then ‘account information’ Hit ‘close account’ If you have money left in your account, you’ll be prompted to withdraw Confirm you want to close your Smart Saver If you have any actively Boosted pots, you won’t be able to close your account just yet. You’ll need to give notice on any Boosted pots and once your savings are available to withdraw, follow the steps above Please be aware, this process only closes your Smart Saver – not your Zopa account. Your Zopa log in details and marketing preferences won’t be affected. Also, if you have another Zopa product, like fixed term savings, this won’t be impacted either. If you do want to close your Zopa account completely, check out this FAQ.

How do I close my Zopa fixed term savings?

To close your fixed term savings, you’ll need to wait for your term to complete and then withdraw your money from your savings holding account. Once everything’s been withdrawn, please get in touch and we’ll close your account for you. You'll need to provide the following verification details: Your full name Your date of birth Your email address Your address and postcode Please be aware, this process only closes your fixed term savings – not your Zopa account. Your Zopa log in details and marketing preferences won’t be affected. Also, if you have another Zopa product, like a Smart Saver, this won’t be impacted either. If you do want to close your Zopa account completely, check out this FAQ.

How do I make a complaint about my Zopa product?

Please visit our Complaints page to share your complaint with us. If you can, please use your Zopa-registered email address when writing to us so we can easily link it to your account. We'll let you know we've got your complaint within one working day, and then investigate and give you an initial response within three working days.

Why is the minimum I can save £1000 in your Fixed Term Savings accounts?

Part of building a strong bank is the ability to balance how much money we take in against the demand for borrowing that money. We've set upper and lower limits for our Fixed Term Savings account, so we know how much money we'll hold overall. If you would like to save less with us, you may wish to consider our Smart Saver savings account. With a Smart Saver, you can get started with as little as £1.

What happens if the account holder passes away?

In the event an account holder passes away, we will always strive to make the process for managing the account as simple as possible. To make any changes, such as early closure or withdrawals once the fixed term is complete, we’re legally required to obtain a certified copy of the death certificate and the Grant of Probate in the UK or Grant of Confirmation in Scotland. Our customer services team know what’s required to get these and can run you through this process.

Does the closure of P2P affect my fixed term savings account?

No, this won't affect your savings account in any way. Your interest rate and term of your fixed term savings remain exactly the same.

How do I withdraw money from my Zopa holding account?

To withdraw from your holding account, all you need to do is follow these steps. Login to your Zopa account Open your investment Select the ‘Access money’ button Click ‘Withdraw from holding account’ Select ‘Make a single withdrawal’, then enter the amount to be withdrawn on the next screen. Once done, your money should arrive back with you within 3 to 5 working days. You will also see an option to set up an automatic withdrawal. Automatic withdrawals are a simple way for you to send money from your Zopa holding account to your bank account, without having to log in and go through the manual process each time. You may find this useful if you are looking to gradually wind down your investment while limiting the amount of idle money sitting in your holding account. Learn more about automatic withdrawals.

What happens to my money when I save with Zopa?

The savings that we take in fund Zopa personal loans, car finance or credit cards for people across the UK. That means the money you save could be used to help someone with their home improvements or getting a new set of wheels. We don’t invest money that’s saved with us in any ventures outside of the Zopa products listed above.

Investor Fixed Term Savings offer

Our exclusive savings offer for investors is open. Between 7 December 2021 and 31 January 2022, investors who open a Zopa Fixed Term Savings account could earn up to £1,250 in cashback. Here are the details: We’ll be giving cashback worth 0.1% of the amount you save, multiplied by the length of the term you choose. So, if you wanted to save the maximum of £250,000 over five years, you’d receive £1,250 cashback. Our Fixed Term Savings accounts To open an account, you’ll need to save at least £1,000 and the maximum account balance is £250,000. We offer fixed terms running from 1 – 5 years. How to fund your Fixed Term Savings account While you can’t transfer your Zopa investment funds directly to a Zopa savings account, you can withdraw money to your nominated bank account and then deposit it into a Zopa savings account. If you need help withdrawing your funds to your bank account, check out this FAQ. If you need help funding your savings account, check out this FAQ. How to claim your cashback You’ll automatically qualify for cashback, as long as you open a Fixed Term Savings account and fund at least £1,000 before 31 January 2022. If you already opened a Fixed Term Savings account after 7 December 2021, you don’t need to take any action. We’ll send your cashback to your linked bank account before 28 February 2022. Once the cashback has been sent to your linked bank account, we’ll email you to confirm. For the full terms and conditions, head here. To check out our latest savings rates and open an account click here.

Investor cashback savings offer -- Terms and conditions

This offer is available to existing Zopa peer-to-peer investors who open a Zopa Fixed Term Savings account within the offer time period. Investors will only qualify for the cashback offer once their fixed term begins. This offer is also subject to the Zopa Fixed Term Savings account terms and conditions and if there is any inconsistency between these terms and conditions and the Fixed Term Savings terms and conditions, the latter will prevail. To open a Zopa Fixed Term Savings account, investors will need to deposit at least £1,000. The maximum savings amount per account is £250,000. The offer time period is 7 December 2021 – 31 January 2022 inclusive. The cashback on offer is equal to 0.1% of the amount deposited before the fixed term starts, multiplied by the length of the term chosen. For example, if an investor opened an account within the offer time period and saved £1,000 over a 5-year term, this would earn them £5 cashback. If the terms of the offer are met, the cashback will be sent to the investor’s linked bank account no later than 28 February 2022. Investors will receive an email to confirm after this has happened. Tax treatment depends on individual circumstances and may be subject to change in the future We may withdraw this offer at any time without notice. We may also amend and/or extend any or all elements of this offer at any time, without prior written notice. This offer can't be combined with any other offer, promotion, discount or scheme offered by us.

What happens when my Fixed Term Savings account ends?

We’ll get in touch to let you know when your Fixed Term Savings account is about to complete. On the day your savings account matures, we’ll transfer your funds to your holding account. You’ll then have two options: Re-save a portion or all of your funds into a new Zopa Fixed Term Savings account. Withdraw all your funds to your nominated bank account. Please note that if you choose to withdraw, you’ll need to withdraw the total holding balance to your bank account. So if you want to re-save a portion of your funds, you’ll need to do this first before withdrawing. To access your holding account, please follow the steps below: Log in to your account Click on the Fixed Term Savings accounts blue banner. Select the holding account. From there, you’ll be able to see your funds, along with the options to either re-save or withdraw.

I'm locked out of my account - what do I do?

It happens! We'll get you back in. Typed the wrong password too many times? Please contact us; we’ll ask a few questions to make absolutely sure you're you, and then we can unlock your account. Forgotten your password? To reset it, go to our login page and hit the "forgot password" link. We’ll ask you to enter the email address you use with Zopa, so we can email you a reset link. Forgotten your security questions? (investors only) Please contact us so we can help you reset them.

Why do I need to set up SMS two-factor authentication?

At Zopa, we work hard to protect your personal data and will always look for ways to tighten our security. That’s why setting up SMS two-factor authentication (2FA) will be a requirement for all Zopa accounts. SMS 2FA adds another layer of security when signing in to your Zopa account. It helps to stop hackers who may have got access to your password -- through a data breach or scam -- from getting into your account. How it works With this in place, after you enter your password, we’ll send a verification code to your mobile phone number for you to enter before you can access your account. From 6 December 2021, all Zopa customers will need to have SMS 2FA set up. See how to set up SMS 2FA here.

How do I set up SMS two-factor authentication?

There are a couple of ways you can set this up. The simplest option is to hit this link and follow the steps. Or, you can update your settings manually. All you need to do is: Login to your account Click your name in the top right-hand corner Select the ‘profile’ option Scroll down to the security section Click ‘Update your 2 factor authentication details’ and follow the steps

Can I set up Power of Attorney on a Zopa account?

Yes you can. There are a few things we’ll need from you to start the process. The original or a certified copy of the Power of Attorney, with a covering letter confirming the details of the account that the authorisation is being added to You’ll also need to supply one of the following: Two forms of ID, including one photo ID (either Passport or driving licence) and one proof of address (a bank statement or utility bill dated within the last three months) OR Your Zopa user ID and personal details if you already have a Zopa account and have previously submitted documents to confirm your identity These documents can be sent via email to investorhelp@zopa.com or post. If sending by post, please send them to: Zopa Ltd 1st Floor Cottons Centre 47-49 Tooley Street London SE1 2QG If you do send by post, we’ll return the documents via recorded delivery. Since these documents will need to be verified externally, we aren’t able to give an accurate time frame for when your Power of Attorney request will be approved. However, we’ll be happy to give you an update on the progress at any point and of course we’ll notify you as soon as the request is complete. The process can take 20-30 working days at most.

What can I do if I'm not receiving SMS verification codes for two-factor authentication?

If you're not receiving your text message (SMS) two-factor authentication code when trying to log in, please try the following steps: Check that your phone has a mobile signal (not your Wifi signal) to receive text messages Try turning your phone on and off Wait 5 minutes and then request the SMS code again