What’s a Fixed Term Savings holding account?

When the fixed term on your Fixed Term Savings account comes to an end, your money will be automatically transferred to a Fixed Term Savings holding account — you’ll see this account on your dashboard.  

Your holding account is designed to temporarily hold your money until you withdraw it or move it to a different savings account in the Zopa app. The account is FSCS protected up to £85,000 and pays you a variable rate of interest.

Just so you know, holding accounts pay far less interest than Fixed Term Savings accounts, so it’s a good idea to not leave your money in there for too long. Your holding account will close automatically when you close your Fixed Term Savings account.