Biscuit – the best free bank account for overall value

A current account is a type of bank account you use for everyday spending, like getting paid, paying bills, and buying things with a debit card.

You can pay money in, take it out and set up things like Direct Debits and standing orders to manage your regular payments.

Yes, you can have multiple current accounts. Many people in the UK have more than one account open and use different accounts for different things, such as having one account for day-to-day spending and one for travelling abroad.

When you apply for a Zopa bank account, we’ll run a soft search on your credit file to help verify your identity – but this doesn’t impact your credit score.

We’re not yet part of the Current Account Switch Service, but you can still make the move — it just takes a few simple steps:

1. Set up any Direct Debits from your Zopa account (you’ll need to cancel them with your old bank first).

2. Ask your employer (and anyone else who pays into your account) to update your bank details so your income is paid into your Zopa account.

3. Transfer your remaining balance to your Zopa account.

4. Download any statements from your old bank that you might need.

5. Contact your old bank if you want to close your previous account.

Interest on your Biscuit current account balance is calculated daily and then paid to you on a monthly basis.

The 2% AER on your balance is fixed for one year, while the 7.10% rate is variable — it can go up or down, usually in line with changes to the Bank of England base rate. But don’t worry, if it changes, we’ll always let you know in advance.

You could earn up to £256 a year with Biscuit – £30 through cashback, £137 from the Regular Saver, and £89 in interest on your Biscuit balance. This estimate is based on ONS and Bank of England data, assuming an average current account balance of £4,460, monthly savings up to the Regular Saver limit (£150–£300, depending on the bank), and up to £1,500 in annual direct debits.

You might be using an older version of the Zopa app. To see the bonus rate, update your app to the latest version. You can do this by going to the App Store (for iPhone users) or Google Play Store (for Android users) and selecting ‘Update’. Once updated, open the app and you’ll see the option to opt in for the bonus rate.

Biscuit is designed for people who want a rewarding, app-based current account. It’s great if you want to earn more interest, get cashback on Direct Debits, and spend abroad with no fees. If you need branch access, it might not be the right fit.

Good news – you’re already part of Biscuit! 

If you opened your Zopa current account during the beta phase, there’s nothing you need to do. 

• You’re already part of Biscuit – there’s no need to open a new account. 

• You get to keep your colourful limited-edition card (until it’s expired or replaced). 

• You’ll get all the new Biscuit features as they launch.

• Your existing cashback and interest rates are locked in for 12 months.

So, sit back, enjoy Biscuit and keep an eye out for new features arriving soon.