This week Zopa Bank has crossed the £3 billion deposits milestone, while their customers have collectively “opened 150,000 accounts to grow their savings faster in today’s challenging environment.”
Zopa’s ambition is “to make the hundreds of billions in “zombie money” sitting idle in UK current accounts work harder.”
As noted in an update shared with CI, the Smart Saver is reportedly Zopa’s BEST BUY “hybrid” savings account (easy access/notice), “currently offering 2.86% AER for its easy access option and up to 3.26% for boosted accounts with a 95 days’ notice period.”
The FTS is Zopa’s fixed-term savings account “with a minimum deposit from just £1,000 earning a fixed rate of interest for the full term of 1-5 years, currently up to 4.5% AER for 5 years.”
Deposits with Zopa are “protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.”
Merve Ferrero, Chief Strategy Officer at Zopa, said:
“This is an important milestone that reinforces our belief that our proposition centred around fairly priced credit and attractive returns on savings has become a lot more relevant in today’s environment. Our fresh take on the saving needs of UK consumers drives every aspect of product innovation at Zopa. Savers should look for value and consider savings options that combine a high interest rate, good service, flexibility, and tools to manage their money instantly with a few taps from their smartphones”.
As mentioned in the announcement, the Zopa FTS savings account “has attracted £1 billion in 30 months.”
The Zopa Smart Saver account has “attracted £2 billion in less than 11 months.” It took 6 months “to hit the £1 billion mark, and just over 4 months to double that again to £2 billion.”
Over half of all Smart Saver funds today are “sitting with ‘boosted’ pots.” To date, Zopa customers have “opened 150,000 savings accounts.” These have “proven extremely popular, having already topped the best buy tables more than 20 times.”
Since launching its bank in 2020, Zopa bank has “attracted £3 billion in deposits, more than £2.bn of loans on balance sheet and issued close to 350,000 credit cards.”
Zopa bank has 850,000 customers. It helps them better “manage their money with award-winning credit cards, savings accounts, personal loans, auto finance, money management, and financial health tools.”
Users rate Zopa 4.5 out of 5 “on TrustPilot (classed as an ‘excellent’ rating).”
