Zopa was established in 2005, but it wasn’t until 2020 that it launched as Zopa Bank and started offering savings accounts. It is a digital bank which looks to use technology to offer customers more innovative savings options.
Its savings products include a range of different accounts and terms, including easy access, notice and fixed rate. Learn more in our guide below.
Easy access savings accountsZopa's best easy access rate of 5.08% is significantly lower than today's market-best rate of 7.49%.
Cash ISAsZopa's best cash ISA rate of 5.08% is very slightly lower than today's market-best rate of 5.25%.
Fixed-rate bondsZopa's best fixed-rate bond rate of 4.9% is very slightly lower than today's market-best rate of 5.21%.
What is Zopa's best savings account with the highest interest rate?Remember that the best savings account will depend on what you want from your savings. If you're after fast access to your money then an easy access account should suit. However, if you're looking to happy to lock your money away for a period of time to unlock a higher rate, then a fixed-rate bond is a good option. Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below we've listed the different types of accounts Zopa offers plus the highest interest rate currently available.
|Savings account types include
|Easy access, cash ISAs, fixed-rate bonds
|Best easy access rate
|Best cash ISA rate
|Best fixed-rate bond rate
|Fixed bond terms
|1 year - 5 years
|Website, mobile app
How to open a Zopa savings account
How you open a Zopa savings account depends on which account type you are opening.
Its Smart Saver accounts are app-only. You will need to download the Zopa app and then answer a few questions in order to open an account.
Zopa’s Fixed Term Savings accounts can be opened online. To open an account, you must:
- Be aged 18 or over
- Hold tax residency in the UK only (excludes the Channel Islands and Isle of Man)
- Have an active UK current account that can be linked
What documents do you need to open an account?
For new customers, you may be required to upload documents to prove your identity and confirm your address. For the Smart Saver, you’ll be asked to upload your documents to the app. If you are applying for a Fixed Term Savings account, documents will need to be uploaded through the website.
Here are some documents you may need:
- Proof of identity like a UK passport or full driving licence
- Proof of address such as a utility bill, council tax statement or mortgage statement
- Recent bank statement to verify your linked bank account
Is Zopa safe?
Savings with Zopa are protected by the Financial Services Compensation Scheme (FSCS), which covers deposits up to a total of £85,000 across all your savings accounts with Zopa.
Zopa is regulated by the Financial Conduct Authority (FCA) and authorised by the Prudential Regulation Authority (PRA).
How to switch to Zopa
You can’t make a direct switch to Zopa. Instead, you will need to withdraw money to your nominated bank account and then use that to deposit into your Zopa savings account.
Just a note, your nominated bank account will need to verified by Zopa before you can transfer any funds to your savings account.
Pros and cons
- Decent interest rates. Both the Smart Saver and Fixed Term accounts offer competitive interest rates.
- Online and app. Account management done via the app or online.
- Varying terms. Fixed term accounts range from 1 to 5 years.
- No high street presence. Not ideal if you want to speak to someone face to face.
Customer service information for Zopa
|In-app or live chat
Our verdict: Is a savings account from Zopa worth it?
Zopa covers a lot of bases with its savings offerings. If you are looking for a fixed rate account, then you have plenty of options with terms ranging from 1 to 5 years. Under its Smart Saver account you will also have the option to access your money at anytime or boost the interest rate by putting notice periods in place for withdrawals. The rates on all of Zopa’s savings accounts are also pretty decent. Read our savings reviews to see how it stacks up against other savings providers and see if it is the right choice for you.
Frequently asked questions
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