Zopa Bank current account plus savings at 7.5%

kirkytracy

My partner has just received an email from Zopa offering him a current account with linked savings at 7.5%.

Has anyone had any experience with Zopa as a current and savings account customer? We are saving for a holiday to Australia and so want to get as much help as we can with interest but when I searched Zopa on here there were a few comments about people not being able to get there money out which was a bit worrying. Although I think I understand that they used to be peer to peer but are now a bank, have I got that right?

friolento

Zopa are a well known bank on this forum and perfectly fine. You can find plenty of Zopa discussion here, for example on https://forums.moneysavingexpert.com/discussion/6558436/zopa-current-account

The linked savings account is a Regular Saver, meaning it has a maximum monthly deposit limit (£300) and runs for 12 months.

subjecttocontract

They also have a market leading EA ISA paying 5.01%.

wmb194

kirkytracy said:

My partner has just received an email from Zopa offering him a current account with linked savings at 7.5%.

Has anyone had any experience with Zopa as a current and savings account customer? We are saving for a holiday to Australia and so want to get as much help as we can with interest but when I searched Zopa on here there were a few comments about people not being able to get there money out which was a bit worrying. Although I think I understand that they used to be peer to peer but are now a bank, have I got that right?

You don’t need to use it as your main bank. I just have it for the regular saver.

friolento

subjecttocontract said:

They also have a market leading EA ISA paying 5.01%.

That rate only lasts for 3 months. Then drops to a highly uncompetitive 3.8%.

flaneurs_lobster

kirkytracy said:

My partner has just received an email from Zopa offering him a current account with linked savings at 7.5%.

Out of interest, was there mention of cashback when paying by direct debit from the current account and if so, what were the amounts/rates mentioned?

Qyburn

kirkytracy said:

My partner has just received an email from Zopa offering him a current account with linked savings at 7.5%.

As stated that's a regular saver allowing up to £250 per month to be saved. That might be quite suitable for saving for a specific goal. There's a similar offer from Virgin, paying 10% interest.

refluxer

Qyburn said:

kirkytracy said:

My partner has just received an email from Zopa offering him a current account with linked savings at 7.5%.

There's a similar offer from Virgin, paying 10% interest.

IIRC, that Virgin RS was withdrawn not that long after it launched last year. It doesn't seem to be available at the moment.

subjecttocontract

friolento said:

subjecttocontract said:

They also have a market leading EA ISA paying 5.01%.

That rate only lasts for 3 months. Then drops to a highly uncompetitive 3.8%.

No. I just received an email from Zopa that says the bonus is extended for 1 year.

flaneurs_lobster

subjecttocontract said:

friolento said:

subjecttocontract said:

They also have a market leading EA ISA paying 5.01%.

That rate only lasts for 3 months. Then drops to a highly uncompetitive 3.8%.

No. I just received an email from Zopa that says the bonus is extended for 1 year.

Really. Interesting that it's not (yet) reflected in the ISA details in the app or online (app says 5.01/ 3 mths, online says 5.03 / 3 mths for new customers). 

subjecttocontract

Yes real!y. Do let us know if you find out. Perhaps it's only offered to existing account holders.