Zopa’s one-year fixed term savings rate has been given a top rating by financial analysis company Moneyfacts, just one month after Zopa Bank launched its debut savings products.
Earlier this week, Zopa increased the rates payable on its one-year fixed term savings account by 0.08 per cent, meaning that it now pays interest of 1.28 per cent monthly.
This makes it one of the most competitive savings accounts in the country, according to Moneyfacts.
“The account cements its position within the top 10 when compared to other accounts with similar terms and could be attractive to savers looking to supplement their monthly income,” said Eleanor Williams, finance expert at Moneyfacts.co.uk.
“Those able to meet the minimum investment of £1,000 may be pleased to note that while early access is not permitted, further additions are available within 14 days of account opening, therefore careful planning is advised.
“On balance, the deal earns an Excellent Moneyfacts product rating.”
Zopa unveiled five fixed-term savings accounts on 24 August, with variable rates available for the bank’s one, two, three, four and five-year savings products.
Earlier this month, Zopa Bank opened its credit card for applications, with annual rates from 9.9 per cent, and a representative APR of 34.9 per cent.