Extended Bonus Savings Rate Challenge Terms

These terms set out the eligibility criteria for the extended Bonus Savings Rate Challenge (the “Challenge”) and how the Challenge works. 

The Zopa account terms and Smart Saver terms will continue to apply alongside these terms. If there's any conflict between these terms and the Zopa account terms and Smart Saver terms, the Zopa account terms and Smart Saver terms will apply. 

The Challenge

We will give you an additional bonus rate (the “Bonus Rate”) on top of the existing standard interest rate for all your Smart Saver Access pots (excluding Regular Saver and Access ISA pots) each month for six months, if you maintain a balance of at least £10,000 in your Access pots or have at least one Direct Debit set up on your Biscuit bank account. 

We'll let you know the Bonus Rate before the extended Challenge commences. 

Eligibility

To enter the Challenge, you must have an open Biscuit bank account and Smart Saver. 

Obtaining the Bonus Rate

In order to qualify for the Bonus Rate, you will need to either: 

  1. maintain a balance of at least £10,000 in your Access pots; or 

  2. have at least one active Direct Debit set up on your Biscuit bank account. 

If at any point you don’t qualify for the Bonus Rate based on the criteria above, the Bonus Rate will end.  

Interest will be paid on each Access pot in accordance with the Smart Saver Terms. 

If we reasonably believe that any funds deposited into your Biscuit bank account are the result of fraud or other unlawful activity, we will not be required to provide you with the Bonus Rate for any of your Access pots. 

Ending the Challenge

If you or we close your Biscuit bank account and/or your Smart Saver account, your participation in the Challenge will automatically come to an end. 

Once the Challenge comes to an end, you will no longer receive the Bonus Rate and your Access pots will go back to the standard interest rate we offer at that time. 

Changing these terms

We may need to change these terms during the Challenge. If we do, we’ll rely on one of the reasons listed in section 16 of the Zopa account terms. 

 During the Challenge, we won't: 

  • change the Bonus Rate; 

  • increase the minimum amount you have to deposit;  

  • Increase the number of Direct Debits you need to have set up; or 

  • decrease the length of time you’ll get the Bonus Rate. 

However, we may reduce or remove the need to deposit a minimum amount of money into your account or set up a Direct Debit, with immediate effect from when we let you know. 

We’ll let you know if we change the terms.