That 1p in your account is part of the verification process, a micro deposit, did you confirm that back to eBay? If not then eBay still will not know the bank account you wish to use for receiving your payouts, and yes that amount will be held, until the verification process is successfully completed.
If that micro deposit has not been confirmed back and timed out, you need to contact eBay Customer Services to send 2 more. Be aware, they're not sent instantly, mine took 5 days to appear, keep checking that bank account the amounts as you saw 1p, are tiny easily missed. Once there, confirm those back to CS.
This is the easiest and quickest way to contact eBay Customer Services, for a Call Back option.
https://www.ebay.co.uk/help/eua?id=5275&mkevt=1&mkpid
Lines open 8 a.m. - 10 p.m. on weekdays
9 a.m. - 6 p.m. on weekends.
Automated agents will be available on chat outside of the above hours.
I do recommend contacting CS very first thing in the morning, when the lines first open, as there's more chance of Dublin answering.
@1951adrienne