Zopa deposits hit £1bn after just 18 months as a bank
The fintech now plans to double its savings portfolio over the next year.
After repeatedly topping the savings tables over the past year and a half, digital bank Zopa today revealed it’s reached £1bn in customer deposits.
This morning Zopa said the milestone would just be the start and “over the next 12 months we plan to double our savings portfolio again to £2bn”.
Part of that growth will come from an upcoming Easy Access savings account, to complement Zopa’s existing range of 1-5 year fixed savings accounts that offer up to 1.75 per cent interest.
Its current rate of 1.36 per cent on a 1 year fixed saver beats rival Atom Bank by a percentage point, while Zopa’s 1.75 per cent on a 5 year fixed saver is beaten by its northern rival by five percentage points at 1.8 per cent with Atom Bank.