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British company Zopa was the forerunner in the UK’s peer-to-peer (P2P) lending market, and has been linking investors and borrowers through its loan products since it launched in 2005. There are currently 300,000 customers who either have investments or loans with its P2P business.
Zopa announced at the end of 2018 that it was pursuing a full banking licence and in June 2020 that licence was granted, which has seen it join the growing ranks of UK digital challenger banks.
The move means that the company’s new entity, Zopa Bank, will be offering savings accounts and a credit card, while the existing Zopa P2P brand will continue to offer personal and auto loans.
At the moment, Zopa Bank only intends to operate savings accounts and a credit card, which will both be digital-based services.
The credit card is yet to launch, but Zopa’s savings accounts opened for customer applications at the end of August 2020.
There are five savings accounts to choose from and they are all fixed term. The minimum savings amount required will be £1,000, and the bank will pay varying interest rates on customer deposits that are locked in for a fixed term of between one and five years.
To open a Zopa Bank savings account you must be aged 18 or over, have tax residency in the UK only (which excludes the Channel Islands and Isle of Man), and have an active UK current account in your name.
You can apply for a Zopa savings account through the bank’s website. You can also reach its customer support team by phone on 020 7291 8331 (8am-8pm Monday to Thursday and 8am-5pm on a Friday), or by email at firstname.lastname@example.org.
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