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Zopa’s Smart Saver reaches £100m+ deposits in 65 days

The digital bank aims to make use of the £225bn of “zombie money” sitting dormant in British current accounts.

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Zopa’s “hybrid” savings account Smart Saver has reached more than £100m in its first 65 days.

Launched in February this year, the account was introduced to help savers “level-up” their post-pandemic finances.

It is aimed at users at the start of their investing journey, and so far has amassed just under 20,000 customers.

The tech unicorn’s newest savings account offers up to 1.45 per cent annual equivalent rate (AER) and allows users to deposit money into different “pots” with different interest rates and access requirements.

Customers separate their savings into accounts they can access at any time, and personalised “Boosted” interest pots that require notice within the app before accessing in return for added interest.

The longer the notice period given to access the funds, the higher the interest rate.

Given the current cost of living crisis, rising inflation, energy prices and rent, this aims to ease the burden on consumers’ finances. 

According to the digital bank, Smart Saver will help Brits save more effectively post-pandemic by making use of the £225bn of “zombie money” sitting idle in current accounts. 

Over half of the funds are currently in “Boosted” pots, and the company says that more than 60 per cent of funded customers are creating at least one additional pot.

The most popular include savings that go towards Christmas, rainy days, holidays and new homes.

Having already attracted £115m in the first two months, the company expects deposits to reach £750m by the end of the year.

The company hit profitability a month ago, just four months after exiting the peer-to-peer lending world and 21 months after establishing itself as a bank.

Zopa also saw its deposits hit £1bn earlier this year, and has seen this rise to £1.2bn with more than £1.5bn of loans to date.

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