Challenger bank Zopa launches savings accounts

Hot on the heels of getting its banking licence in June, neobank Zopa is now launching a savings accounts.

People signing up for the digital bank’s new fixed term savings account will be able to enjoy rates of up to 1.3% over one to five years.

Zopa claims that prospective savers are set up an account in as little as four minutes and to then monitor their balance and interest in the Zopa app once their money is deposited.

There is are a few caveats though. Firstly, customers must deposit a minimum of £1,000 on the account. Secondly, their money is only protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

“Today people quite rightly want to know that their savings will deliver a return that helps them make the most of their money,” said Jaidev Janardana, CEO at Zopa. “Launching our fixed term savings product delivers the much needed choice and reassurance of rate that consumers are looking for.

“As a new digital bank, Zopa is using its innovative, agile approach to ensure we bring more choice and competition to people’s financial lives when they need it most. By leveraging our significant technological and financial services expertise we are able to offer good value, straightforward products and intuitive tools to help people manage their money.”

Zopa bagged a $104m investment in December 2019 in a round led by IAG Silverstripe.

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