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 regularly without much notice – such as an emergency fund or shopping budget. 

2.     Limited Access 

Limited Access pots pay you a higher rate when you make no more than three withdrawals in 12 months. If you make a fourth withdrawal, your rate will drop until your next pot anniversary.  

Each year on your pot anniversary, your rate will reset and you’ll be able to make three more withdrawals within the next 12 months. 

Limited Access pots are ideal for savings you don’t need to dip into often – such as annual expenses or a new car. 

3.     Boosted 

Boosted pots let you set aside money you don’t need to instant access to – usually in exchange for a higher interest rate than our 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 Boosted pot will become an Access pot, which you can withdraw from at any time. 

Boosted pots are great for planned expenses, like holidays or Christmas. 

4.     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. 

We also offer a Cash ISA, where you can open Access and Fixed Term ISA 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. 

• 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).