What's a Zopa savings account and is it right for me?

Zopa’s savings account lets you split your savings across up to 20 ‘pots’ – so you keep your savings organised.

We offer four types of pots:

1.     Easy Access

Easy Access pots let you top-up and withdraw anytime – without any fees or penalties.

They’re great for savings you might need to access without much notice – such as an emergency fund.

2.     Notice

Notice pots let you set aside money you don’t need to instant access to – usually in exchange for a higher interest rate than our Easy Access pots. They help you remove the temptation to dip into your savings.

You can choose a notice period of 7, 31 or 95 days. This is the number of days' notice you’ll need to give before you can withdraw your money. The longer your notice period, the higher your rate.

When you’re ready to access your savings, simply give notice in the Zopa app. When your notice period has ended, your Notice pot will become an Easy Access pot, which you can withdraw from at any time.

Notice pots are ideal for planned expenses, like holidays or Christmas.

3.     Fixed Term

Fixed Term pots let you lock your money away for a period of 6 months to 5 years in exchange for a guaranteed interest rate – so you'll know exactly how much you'll earn at the end.

Any money you add to a Fixed Term pot will be locked away for your chosen term It's not possible to withdraw your money early, so you should only add what you can afford to lock away.

These pots are great for long-term goals, like a new car or wedding.

4.     Regular Saver

Regular Saver pots are exclusive to customers with a Biscuit bank account. They are our highest rate pot.

You can save up to £300 a month for 6 months and withdraw your money anytime with no fees or penalties.

We also offer a Cash ISA, where you can open Easy Access and Fixed Term pots and any interest you earn will be tax-free.  

A Zopa savings account could be right for you if:

·       You’d like to start saving from as little as £1 and up to a maximum of £250,000.

·       You like the flexibility and control of deciding when you need access to your savings.

·       You like to organise your savings into different pots at different rates.

·       You have a smart phone and are comfortable with mobile banking. Our savings account is only available in the Zopa app, allowing you to manage your savings 24/7.

Opening an account

To open a savings account, download the Zopa app and create an account – you’ll be prompted to choose the product you’d like to start with, so you can choose ‘Savings’ here.

If you already have a Zopa account, simply tap the ‘+’ button in the top right and select ‘Savings’.

Any money held in a Zopa bank account or savings account is protected up to £120,000 by the Financial Services Compensation Scheme (FSCS).