Zopa bank reaches £2 billion in customer savings

Zopa bank has now crossed the £2 billion deposits mark, making it one of the fastest challenger banks to reach the milestone. With rising inflation, energy prices, and rent increases adding considerable pressure on consumer finances, Zopa’s ambition is to make the billions in “zombie money” sitting idle in UK current accounts work harder. · The Smart Saver is Zopa bank’s mobile only, “hybrid” (easy access / notice) saving account offering top table rates, targeted at users at the beginning of the saving journeys. Attracted £850 million in 7 months. · The Zopa FTS is Zopa’s fixed term savings account from £1000 earning a fixed rate of interest for the full term of 1-5 years. Attracted £1.15 billion in 24 months. Both accounts are FSCS protected and have proven extremely popular, having already topped the tables circa 20 times. Since launching its bank in 2020 Zopa has attracted £2 billion in deposits, more than £1.5 billion of loans on balance sheet, issued 350,000 credit cards, and tripled (3x) its revenue per customer.