UK’s digital bank Zopa has surpassed £5 billion in customer deposits.
The update from Zopa Bank comes four years after getting its banking licence and four months after exceeding its £4 billion deposits milestone.
The milestone reflects the convenience, accessibility and competitive rates offered with Zopa Bank’s savings accounts, according to a release.
Zopa Bank provides conveninent access, boosted pots (Smart Saver), fixed term savings, and ISA (Smart ISA) accounts that allow clients to select the interest rate and access requirements that fit their needs.
Customers may build a savings habit by setting up Zopa’s auto-save functionality, selecting a regular date and amount to regularly transfer into their primary Zopa savings pot.
Zopa Bank’s Smart ISA has been a driver in attaining the £5bn deposits mark, taking a considerable percentage of the £12.3 billion of inflows into ISA accounts in April 2024.
This update comes after Zopa revealed its first full year of profitability earlier this year. The bank claims 1.3 million users and continues to grow its customer base.
In May of this year, Zopa teamed up with Octopus Energy to enter the renewable energy sector with a BNPL offering for solar panels EV chargers.
As covered last month, The 2025 Fintech Pledge has successfully achieved more than 15 million actions in its goal to help millions of UK consumers strengthen their ability to withstand an economic shock, successfully achieving more than half its initial objective.
The Pledge has achieved this by “incentivizing unprecedented cross-industry collaboration and connecting consumers to financial technology platforms that a) make savings work harder, b) improve credit scores, c) manage and consolidate debts, d) lower bills and household outgoing costs, and e) determine if they are entitled to benefits and financial aid.”
Zopa Bank and ClearScore had reportedly launched the 2025 Fintech Pledge in 2022, “mobilising a cross-industry coalition of 55 Fintechs firms and their industry partners like Google Cloud, Salesforce, PayPlan and StepChange who joined forces to tackle the cost-of-living crisis at pledge2025.org.”
The campaign originally aimed “to achieve 10 million actions but its goal was extended to cover 50% of the UK adult population, supporting millions of people in taking a positive step towards improved financial resilience.”
