Zopa savings,latest reviews,interest rates, right now to guide.
The Zopa brand was known as a peer-to-peer lender, but it closed that part of its business late last year. It now has a banking license and is offering loans, credit cards, and savings accounts – the latest of which is the Smart Saver.
This lets you split your money into smaller pots and choose your own interest rates based on when you’ll need the money.
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Zopa savings account
The Zopa savings called the Zopa ‘Smart Saver’ provides a 0.72 percent return for instant access to money, which is 72 times more than the average high-street deal.
Customers can then opt to ‘raise’ their rates all the way up to 1.05 percent by using the notification functionality to lock their money away for longer.
Customers may also have numerous saving Pots with varied interest rates and access requirements all in one location with the Zopa savings all of which is FSCS-protected and only works on mobile devices.
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All your eligible deposits with Zopa are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
Zopa interest rates
Customers who use the Zopa savings earn 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 up to 1.05% by locking their money away for longer with a notice functionality.
- 1 Year at. 4.25%AER* Fixed | 4.16% Gross*
- 2 Years at. 4.40%AER* Fixed | 4.31% Gross*
- 3 Years at. 4.45%AER* Fixed | 4.36% Gross*
- 4 Years at. 4.46%AER* Fixed | 4.37% Gross*
- 5 Years at. 4.50%AER* Fixed | 4.40% Gross*
Zopa fixed term savings
Zopa savings helps you to start saving from £1,000 and earn a fixed rate of interest for the full term, which the company says is 72 x the standard high street offering.
But sadly, you can only save up to £15,000.
The Zopa Fixed term Savings account amassed £1 billion in customer savings in only 18 months, topping the savings tables 15 times.
They are giving fixed-rate savings accounts or sometimes also called fixed term accounts or fixed-rate bonds. As the names suggest, they’re accounts that give you a fixed rate of interest over a fixed period of time (the term).
Fixed deposits generate higher returns as compared to a savings account. Unlike the 4–5% annual interest that you earn on a savings account, fixed deposits fetch you more than 7% annually.
You can’t normally withdraw from a fixed term savings account before the maturity date.
How do I open a Zopa savings account?
You can open a Zopa savings account simply by following the procedure below.
Step 1: Visit the Zopa Savings account website.
Step 2: Choose a term to suit you
Step 3: Provide the necessary details on the next page for your Zopa account to be created.
Zopa contact number
The Zopa contact number is 020 7580 6060
Zopa reviews money savings expert
These Zopa savings reviews were retrieved from the Zopa reviews money savings expert discussion forum.
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- Hi i am thinking of using Zopa to borrow some money to buy a newer car.Was wondering what you thought of the company?
- Depends on your circumstances, take a look here if you haven’t already.
- They are good if it’s not your savings. If it’s a bit of ‘investment’ and excitement you’re after, then it’s worth a pumt. They do what they can to minimise problems/losses, but ultimately you’re not protected by the FCA/FSA £85k like you are in a savings account.
- OP said lend, meant borrow (original now edited). So probably unconcerned with the investment side of things.
Claire8606, I was reading an article about them this morning. Apparently they, and similar outfits, reject well over 80% of applications. Not to put a downer on things, but rejection is a possibility here.
- I managed to get a £4500 loan from them a few months ago without difficulty, and one of the best things for me was that you’re able to make penalty free repayments whenever you want (and it shows you what the new repayment will be before you hit the button), and you can also pay it off in full, which i’ve now done, and again it shows you the settlement figure at the click of a button.
The rate I got was 10.1% (based on £4500 over 2 years), which i thought was fair enough for my credit profile.
Applying was very easy, only took a couple of days with one very short phone call followed by an e-mail confirming their decision about 5 mins later!
Zopa savings reviews
These Zopa savings reviews were retrieved from online sources.
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- You can only set up this account if you have a mobile phone and a good signal which you need to log in every time, as you are only given a window of a few seconds to type in your security code.
- Easy to set up. All went well. Still going smoothly.
- Quite a painless experience, no problems.
- Good interest, efficient service and knowing you are helping others. Could not ask for more
- Consistent peer-to-peer lender over the last 11 years. Glad ZOPA hasn’t sold out to a bank or ditched its domestic investors to pursue Government help-out loans.
- I have used Zopa twice for loans over the last 5 years. I’ve been very happy with the service and they have me a great rate both times. The second rate was half the first one so I was very happy. Would use again if needed but hopefully I won’t need to.
- Great service, easy to deal with and great rates.
- Thanks for your professional service and prompt decision on the loan application and approval processes.
- Had a great experience with Zopa can’t really fault them they work with and for you rather than against would happily go with them again if I need another loan they just make it easy. On top of that there app is so easy to use
- Good but one star removed because Zopa chased for a final payment that had already been sent the previous week. They did not update their records and I did not appreciate emails/text messages/letters telling me I had missed a payment when I had not!
People often ask
Is it safe to save with Zopa?
Yes, it is very safe to invest with Zopa savings as they launched a savings account to help Brits better save in February 2022.
Is Zopa a bank?
Yes but Zopa is more of a Digital bank than the regular traditional banks.In December 2018 Zopa Bank was awarded interim banking licenses by the UK financial regulators, the FCA and PRA.
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