Zopa

Zopa savings account review

Zopa offers a broad range of savings accounts with interest rates up to 5.08%.

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Decent interest rates. Both the Smart Saver and Fixed Term accounts offer competitive interest rates.
No high street presence. Not ideal if you want to speak to someone face to face.

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 accounts

Table: sorted by interest rate
Zopa's best easy access rate of 5.08% is significantly lower than today's market-best rate of 7.49%.
Name Product Account type Withdrawals Min. opening balance Interest rate Deposit protection Open via Incentive Apply link
Zopa – Smart ISA - Access ISA pot
Cash ISA
Instant access
£1
5.08% AER variable (Includes a bonus )
FSCS logo
protected
Open via: mobile app
Go to site
View details
Zopa – Smart Saver
Variable
Instant access
£0
4.54% AER variable
FSCS logo
protected
Open via: mobile app
Go to site
View details
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Cash ISAs

Table: sorted by interest rate
Zopa's best cash ISA rate of 5.08% is very slightly lower than today's market-best rate of 5.25%.
Name Product Interest rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description Apply link
Zopa – Smart ISA - Access ISA pot
5.08% AER variable (Includes a bonus )
£1
Monthly
Instant access
FSCS logo
protected
Open via: mobile app
Go to site
View details
Zopa – Smart ISA - 1 Year Fixed Term ISA pot
4.9% AER fixed for 1 year
£1
Monthly
Withdrawals not permitted
FSCS logo
protected
Open via: mobile app
Go to site
View details
Zopa – Smart ISA - 2 Year Fixed Term ISA pot
4.67% AER fixed for 2 years
£1
Monthly
Withdrawals not permitted
FSCS logo
protected
Open via: mobile app
Go to site
View details
Zopa – Smart ISA - 3 Year Fixed Term ISA pot
4.21% AER fixed for 3 years
£1
Monthly
Withdrawals not permitted
FSCS logo
protected
Open via: mobile app
Go to site
View details
Zopa – Smart ISA - 5 Year Fixed Term ISA pot
4.01% AER fixed for 5 years
£1
Monthly
Withdrawals not permitted
FSCS logo
protected
Open via: mobile app
Go to site
View details
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Fixed-rate bonds

Table: sorted by interest rate
Zopa's best fixed-rate bond rate of 4.9% is very slightly lower than today's market-best rate of 5.21%.
Name Product Interest rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description Apply link
Zopa – 1 Year Fixed Term Savings
4.9% AER fixed for 1 year
£1,000 - £250,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Zopa – 2 Year Fixed Term Savings
4.76% AER fixed for 2 years
£1,000 - £250,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Zopa – 3 Year Fixed Term Savings
4.5% AER fixed for 3 years
£1,000 - £250,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Zopa – 5 Year Fixed Term Savings
4.3% AER fixed for 5 years
£1,000 - £250,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Zopa – 4 Year Fixed Term Savings
4.3% AER fixed for 4 years
£1,000 - £250,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
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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 5.08%
Best cash ISA rate 5.08%
Best fixed-rate bond rate 4.9%
Fixed bond terms 1 year - 5 years
Opening options Website, mobile app
FSCS protection

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

Pros

  • 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.

Cons

  • No high street presence. Not ideal if you want to speak to someone face to face.

Customer service information for Zopa

Email support
Telephone support
In-app or live chat
Contact form
Branch support

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

Savings ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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