Zopa current account review
- Interest (AER)
- 2% AER
Our verdict
Zopa already has a suite of products for borrowing and saving, so it's a natural progression that it's adding a current account to its inventory.
Zopa's current account is an interesting offering. By opening the regular saver and paying in the maximum monthly payment of £300 you could earn £146 over 12 months. You'd also earn £30 in cashback if you have £1,500 of direct debits paid out. Getting paid interest on your account balance is also a handy feature, even if there are other accounts that pay a higher rate. As it's in beta phase the account is limited because you can't set up standing orders or have your salary paid in, so at the moment it can really only be used as an additional account for most people. However, although some features aren't available, the features that are do stack up against other products on the market.
Pros
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No monthly fees
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Fee-free debit card
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Easy-to-use app
Cons
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Overseas cash withdrawals may incur a fee
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Still in beta phase
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No branches, online only
Details
Product overview
| Interest (AER) | 2% AER |
Zopa’s current account is open for early access, but as of May 2025, it’s still in beta phase, meaning some features like having you salary paid in directly are not available yet. If you’re interested, you can apply through Zopa’s app, but as some functionalities are still being built, you shouldn’t rely on it as your only bank account just yet. In the meantime, you can compare other bank accounts in our guide.
What is Zopa’s current account?
This new current account is Zopa’s latest product. Because it’s still in beta phase, not all of its features work yet. Though it does pay cashback on direct debits, interest on balances in the account and comes with access to a regular saver.
How it works
It does still have some useful features available at present and you’re able to start using your account as soon as you open it.
You can earn 2% (fixed for 12 months) cashback on up to £1,500 of your direct debits paid from the account each year. That could earn you £30 over a year.
And it comes with access to a regular saver that pays 7.5% AER (7.25% gross) fixed for 12 months. You can deposit up to £300 a month, so in total that could accrue £146 in interest over a year.
It also pays 2.00% AER (1.98% gross) interest on the money you keep in your current account. This rate is fixed for 12 months.
It comes with a colourful Visa debit card that can be added to Apple Wallet or Google Wallet straight away, so you don’t have to wait until the physical card arrives before using it.
There’s no monthly fee, though you can only withdraw £200 in cash outside the UK every 30 days. After that, you’ll pay a 2% fee.
It’s limited in terms of payments as you can only pay into it using Faster Payments or BACS transfers, which was added in March 2025. That means there’s no cash deposits, SEPA or SWIFT payments. You also can’t set up standing orders or auto-saves into other Zopa savings accounts. However, all of that is coming in the future.
You can transfer money in from another current account or from a Zopa savings account.
Zopa is a licensed bank, authorised and regulated by the Prudential Regulatory Authority (PRA) and regulated by Financial Conduct Authority (FCA). Deposits are protected by the Financial Services Compensation Scheme (FSCS) up £85,000.
Who is Zopa’s current account for?
This account could be useful for someone who already has a Zopa product, such as a loan or ISA. But it’s also a good option if you want to earn cashback on direct debits or pay into a regular saver with one of the highest rates in the market. At present it’s only really useful as an additional account until it has its full functionality.
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