Zopa launches savings account

As a base, the Zopa ‘Smart Saver’ offers a 0.72% return for immediate access to savings, which is 72 x the standard high street offering. Customers can then choose to ‘boost’ their rates all the way up to 1.05% by locking their money away for longer with a notice functionality.

The Zopa ‘Smart Saver’ also enables customers to have multiple saving Pots at different interest rates and with different access requirements, all in one place. It is FSCS protected and mobile-only.

To access funds in a boosted Pot, users need to provide notice of seven days for the Boost7 Pot earning 0.75% AER, notice of 31 days for the Boost31 Pot earning 0.85%, AER, and notice of 95 days for the Boost95 Pot earning 1.05% AER.

The Zopa ‘Smart Saver’ is the bank’s second savings product. It follows the launch of the Zopa Fixed Rate Savings account that amassed GBP 1 billion in customer savings in 18 months.