Zopa Bank’s newest savings account has attracted more than £100m in deposits just 65 days after launching.
The former peer-to-peer lender launched the Smart Saver account just after exiting the P2P sector in January 2021.
It is a hybrid easy access/notice savings account which is aimed at users at the beginning of their savings journeys. It currently offers up to 1.45 per cent AER.
The account was launched in February 2022, and just under 20,000 customers have opened an account since then, depositing a total of £115m.
Zopa said that it anticipates Smart Saver deposits to reach £750m by the end of the year.
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“Since launching a bank in 2020, Zopa has attracted £1.2bn in deposits, more than £1.5bn of loans on balance sheet, issued circa 250,000 credit cards becoming a top five credit card issuer in the UK, and tripled our revenue per customer,” said a Zopa spokesperson.
“[The Smart Saver account] will help Brits better save in a post-pandemic world by making the £225bn currently sitting idle in UK current accounts work harder.”
The account allows people to create savings pots to ringfence their money. Zopa said that some of the most popular pots include saving towards Christmas, rainy days, holidays and new homes.
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