Zopa deposits pass £3bn
More than £3bn has now been deposited into Zopa Bank, in the latest milestone for the former peer-to-peer lender.
The digital bank has reported that its customers have collectively opened 150,000 accounts. Since launching its bank in 2020, Zopa has attracted £3bn in deposits, more than £2bn of loans on balance sheet and issued close to 350,000 credit cards.
“This is an important milestone that reinforces our belief that our proposition centred around fairly priced credit and attractive returns on savings has become a lot more relevant in today’s environment,” said Merve Ferrero, chief strategy officer at Zopa.
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“Our fresh take on the saving needs of UK consumers drives every aspect of product innovation at Zopa.
“Savers should look for value and consider savings options that combine a high interest rate, good service, flexibility, and tools to manage their money instantly with a few taps from their smartphones”.
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Zopa offers two different savings accounts. The Smart Saver easy access account offers 2.86 per cent AER for its easy access option and up to 3.26 per cent for boosted accounts with a 95 days’ notice period. This account has attracted £2bn in less than 11 months.
The bank also offers a fixed term savings account with a minimum deposit of £1,000 which pays up to 4.5 per cent AER over five years. This account has attracted £1bn of deposits within 30 months.
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