Zopa Bank crosses £3 billion deposits milestone

This week Zopa Bank has crossed the £3 billion deposits milestone, while our 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.

The Smart Saver is 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”.

More context on today’s news:

Zopa bank has crossed the £3 billion deposits mark, with 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 sitting with “boosted” pots

To date, Zopa customers have opened 150,000 savings account which 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 £2bn of loans on balance sheet, issued close to 350,000 credit cards and 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).