Zopa ISA

38 articles in this collection

Updated a month ago

Why do I have to fill out a paper form to transfer-in an ISA?

This frustrates us too. But some ISA managers insist that the transfer form is hand-signed before they'll start the transfer. So in the interests of...

Updated a month ago

How can I transfer my Zopa ISA to another ISA provider?

You will need to complete an ISA transfer form from the new ISA provider. They will contact us with your instruction and transfer funds...

Updated a month ago

I want to transfer my Zopa ISA to a new provider but some of my loans are in arrears/default. What happens?

We can't transfer any loans in default or arrears so they will need to stay in a Zopa account. When we get your transfer request, we'll sell as much...

Updated a month ago

How many historic ISAs can I transfer to Zopa?

As many as you like. They just need to be cash, stocks and shares or other innovative finance...

Updated a month ago

How often I can transfer my ISA?

You can transfer an ISA as often as you like, whether it's from a previous tax year or the current one. If you want to move an ISA you've opened...

Updated a month ago

If a loan defaults in this tax year, but isn’t recovered until next tax year, does that recovery count towards my annual allowance?

No, it doesn't. If a loan defaults in one tax year but is recovered in another, it simply adds back in to your IFISA balance. The only exception is...

Updated a month ago

I sent in the ISA transfer form. Can I change my product funding preference?

Sure. We'll send you an email once we've registered your IFISA. When you get it, hop on to your online account to update your funding preference in...

Updated a month ago

How long does it take to transfer my Zopa IFISA to a new provider?

While HMRC has specified timescales for transferring cash ISAs and stocks and shares ISAs, they haven't issued timescales for IFISAs yet. This is...

Updated a month ago

Do I need to declare my ISA earnings to HMRC?

You don’t need to declare any ISA interest, income or capital gains as the ISA Manager does this for...

Updated a month ago

What happens to my Zopa ISA if the platform collapses?

The loans your money is invested in are a contract between you and the borrower. A third-party administrator would take over the servicing of the...

Updated a month ago

I have a help-to-buy ISA – can I still open an IFISA this year?

Yes. A help-to-buy ISA is classed as a cash ISA. Under the rules, you're allowed to open one cash ISA, one stocks and shares and one innovative...

Updated a month ago

Do I have to transfer all the money from my historic ISAs to the Zopa ISA?

No. You can transfer all or part of your balances in other ISAs from previous...

Updated a month ago

What do I need to do if I want to withdraw money from my Zopa ISA?

If you wish to withdraw money from your ISA, you will be able to do so by either selling loans to other investors or turning off reinvesting. Your...

Updated a month ago

If I withdraw from my IFISA, what happens to my allowance?

The Zopa IFISA is flexible. This means that if you withdraw funds from your IFISA you have the option to replace them before the end of the tax year....

Updated a month ago

Can interest earned on my non-ISA Zopa investment count towards my Personal Savings Allowance (PSA)?

Yes, it can – interest earned on your regular investment account can count towards your...

Updated a month ago

I know I can only have one IFISA per tax year, but can I spread my allowance across multiple Zopa products?

You can utilise both Core & Plus as long as the total amount you fund into them (and in combination with any other cash or stocks & shares ISAs you...

Updated a month ago

I just opened an ISA with Zopa and now have another unique reference. Why do I need two unique references?

We’ve introduced an ISA-specific reference to help ensure we allocate your money to the right...

Updated a month ago

Can I split my historic ISA balances across Core and Plus?

Yes. When we receive your funds, you're able to log into your account and share the funds between Core and...

Updated a month ago

I've already opened an IFISA on another P2P platform, but want to open a Zopa IFISA instead. What do I need to do?

To move your IFISA to Zopa, just fill in our ISA transfer in form – available online when you sign up for an investor account with...

Updated a month ago

Is ISA money being prioritised above non-ISA money for matching?

No. All new money (ISA and non-ISA) goes into the same queues to be matched to borrowers. The only money that 'jumps to the front of the queues' is...

Updated a month ago

I want to transfer more than I said on my ISA form. Should I send another form?

Yes, you should fill out another form for the additional amount that you want to transfer to us – or alternatively, if we haven't already contacted...

Updated a month ago

My current ISA has penalties for withdrawing early. Can I send you a form now to process only when the penalties no longer apply?

Sorry, we operate on a first come, first served basis to balance supply and demand. Please only send us the form when you're happy for the transfer...

Updated a month ago

Why do you need my National Insurance (NI) number?

HMRC asks all ISA providers to collect your NI number so they can track your ISA activity. They check that you haven't oversubscribed (paid in more...

Updated a month ago

How does the Zopa Innovative Finance ISA work?

Just like our non-ISA investments. You invest in the same types of personal loans to the same types of borrowers. The ISA gets its own section in...

Updated a month ago

Is Zopa going to offer a Lifetime ISA?

Not just yet. Right now, only cash and/or stocks and shares can be held in a Lifetime...

Updated a month ago

How do I send money to my Zopa ISA?

When you open an ISA with us you will be issued a new, additional reference that is both unique and specific to your ISA account. You can fund your...

Updated a month ago

Who can open a Zopa Innovative Finance ISA?

If you're 18 or older and a UK resident, you...

Updated a month ago

What will happen if I try to fund more than the annual allowance into my Zopa ISA for the new tax year?

If you try to transfer more than £20,000 of new funds into your Zopa ISA, Investor Services will contact you to advise that you’ve gone above the...

Updated a month ago

What is my ISA allowance for this tax year?

The ISA annual allowance for the 2020/21 tax year is £20,000. This is the maximum amount of new money you can contribute to a single ISA or across...

Updated a month ago

What happens to my IFISA if I die?

Here's what we do if you hold a Zopa IFISA with us when you pass away: We'll ask to see a Death Certificate from an executor to confirm the date of...

Updated a month ago

I have sent you a transfer request form, but I no longer wish to transfer my ISA. How can I stop this?

You'll be able to stop it if your existing provider hasn't started the transfer yet. Give them a call and contact us on 020 7291 8331 as soon as...

Updated a month ago

Why am I being asked to redeclare before I fund my existing Zopa Innovative Finance ISA?

In short, it’s an HM Revenue and Customs (HMRC) rule. When you open an ISA, HMRC requires that you sign an ISA declaration form to confirm that...

Updated a month ago

How many ISAs can I hold and subscribe to in one tax year?

You can open one of each type of ISA per tax year – this includes cash, stocks & shares and IFISAs. You can hold multiple historic ISAs, but you can...

Updated a month ago

Can I move my existing Zopa loans into an ISA wrapper?

Not directly – it's not possible to wrap your active loans in an ISA as they are an existing asset. Current rules from HMRC only allow customers to...

Updated a month ago

How can I split my ISA annual allowance?

You can split your annual allowance across the three types of ISAs: cash stocks and shares innovative finance Don't break the golden rule though:...

Updated a month ago

I've already got an IFISA. Can I have more?

You can only contribute new funds to one IFISA each tax year, but you may hold multiple IFISAs from previous tax years. You can move historic funds...

Updated a month ago

How long will it take to transfer an existing ISA to Zopa?

Once you submit an ISA transfer form to us, we’ll initiate the process with your existing provider, but it’s up to them to administrate and send us...

Updated a month ago

Why is my ISA total more than my ISA allowance suggests?

When loan customers make a monthly repayment, the capital and interest they pay must be divided across many different investors due to how we...

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