On Monday 24 August 2020 digital bank Zopa is launching it’s Fixed Term Savings account, offering UK savers the ability to earn rates of up to 1.3% over one to five years.
Savers can set up an account in as little as four minutes, and monitor their balance and interest in the Zopa app once their money is deposited. With accounts being fully managed online, customers can watch their money grow 24/7. There is a minimum deposit of £1,000 on the account and a competitive range of rates are available from 1 – 5 years. Customers’ money is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.
After gaining its full bank licence and launching its digital bank in June, this is the first offering from Zopa’s new suite of products that will provide much needed consumer choice. During a heightened time of uncertainty and record low savings rates, Zopa has launched a product that will offer consumers an attractive rate and certainty of return.
Jaidev Janardana, Zopa’s CEO said: “Today people quite rightly want to know that their savings will deliver a return that helps them make the most of their money. Launching our fixed term savings product delivers the much needed choice and reassurance of rate that consumers are looking for.
“As a new digital bank, Zopa is using its innovative, agile approach to ensure we bring more choice and competition to people’s financial lives when they need it most. By leveraging our significant technological and financial services expertise we are able to offer good value, straightforward products and intuitive tools to help people manage their money.”