The £3 billion deposits milestone was reached by Zopa Bank this week, and our clients have established a total of 150,000 new accounts to increase their savings rates in the current difficult economic climate.

The goal of Zopa is to increase the productivity of the hundreds of billions of “zombie money” that are now inactive in UK current accounts.

The Smart Saver, Zopa’s BEST BUY “hybrid” savings account (easy access/notice), offers an AER of up to 3.26% for boosted accounts with a 95-day notice period and 2.86% for simple access options. The FTS is a fixed-term savings account offered by Zopa with a minimum deposit as low as £1,000 and a fixed rate of interest that is currently as high as 4.5% AER for 5 years. Deposits with Zopa are covered by the UK’s deposit guarantee program, the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000 in total.

“This is an important milestone that reinforces our belief that our proposition centered around fairly priced credit and attractive returns on savings has become a lot more relevant in today’s environment. 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”.

Merve Ferrero, Chief Strategy Officer at Zopa.

The deposits of Zopa Bank have surpassed £3 billion. In just 30 months, the Zopa FTS savings account has attracted £1 billion.

In less than 11 months, the Zopa Smart Saver account has garnered £2 billion. To reach £1 billion, it took 6 months, and to double that amount to £2 billion, it took just over 4 months. Currently, more than half of all Smart Saver funds are “boosted” pots. Customers of Zopa have so far created 150,000 savings accounts. These have topped the best buy lists more than 20 times, demonstrating their enormous popularity.