Zopa enables instant deposits for its successful 'Smart Savings' account

Just weeks after its ‘smart saver’ account reached over £100m in deposits, neobank Zopa has added open banking-powered deposits with the help of TrueLayer.

The new feature means customers can make instant account-to-account deposits from rival bank accounts without needing to use sort codes and account numbers.

Now customers can choose ‘Instant bank transfer’ from the payment screen on their Zopa app, and follow a quick open banking flow to initiate a deposit.

For Zopa, the addition is a win-win, given the fintech will no longer have to deal with the higher processing fees of card payments or the risk of misplaced faster payments due to account number typos.

“Over the next 12 months we plan on doubling our savings portfolio to £2 billion while continuing to find innovative ways to help our customers grow their money,” said Merve Ferrero,Zopa’s chief strategy officer.

“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.”

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

For their longest-notice rate, at 95 days, the bank currently pays an interest rate of 1.45 per cent.

Since launching the account in February, Zopa has quickly amassed over 20,000 customers who’ve collectively paid over £100m into Smart Saver accounts.