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Zopa launches new saver account with "highest returns" on the market

Called the Smart Saver, it offers multiple interest rates, depending on how frequently savers want access to their savings.

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Jaidev Janardana, Zopa’s CEO.

Zopa has launched its second savings account, claiming to offer the best interest rates in the market.

Called the Smart Saver, it offers multiple interest rates, depending on how frequently customers want access to their savings.

Zopa’s immediate access saver comes with a 0.72 per cent rate; a seven-day notice with 0.75 per cent; a 31-day with 0.85 per cent; and a 95-day notice with a 1.05 per cent rate.

Zopa claims that all, bar the immediate access saver, are market-leading interest rates.

According to MoneySupermarket, the leading immediate access saver is Atom, with a 0.75 per cent interest rate.

Customers can “boost” up from Zopa’s immediate access to longer notice periods if they choose, and can also run multiple savings accounts with Zopa at different rates.

The Zopa Smart Saver is the bank’s second savings product and follows the launch of its fixed-rate savings account.

Zopa has shifted from its P2P roots and was awarded a banking licence in 2000.

Merve Ferrero, chief strategy officer at Zopa, said: “The Zopa Smart Saver combines the best of both banking and fintech when it comes to helping customers save money.

"By building on the foundations of the easy access account but evolving it, Zopa offers a higher interest rate in a sustainable manner. At the same time, it gives users control over how and when they access their money based on their goals."  

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Merve Ferrero

Chief Strategy Officer

Zopa Bank

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