What is a Smart Saver account?

Smart Saver is a savings account that lets you allocate your savings into Access anytime and Boosted interest pots, all managed from our app. With Smart Saver, you get the flexibility and freedom to store parts of your money away for longer - and in return benefit from Boosted interest - while keeping some on hand for when you need it. Getting started You can start saving from as little as £1. To open a Smart Saver, you’ll simply need the Zopa app. How do Boosted pots work? Boosted pots are a great way to set aside some of your money, earn extra interest and remove the temptation to spend your savings. Here’s everything you need to know: When opening a Boosted pot, you’ll pick a notice period of 7, 31 or 95 days. This is the number of days' notice you’ll need to give before you can withdraw your money. While your money is in a Boosted pot, it earns a higher interest rate. The longer notice period you give, the higher your interest rate. When you want to access your savings from a Boosted pot, simply give notice inside the app and count down the days until you can withdraw your money. How do Access pots work? Access pots work like regular easy access savings accounts. That means any money held in an Access pot is ready to withdraw at the drop of a hat – all without incurring any penalties or fees. Withdrawals can be made from Access pots to any of your verified bank accounts from inside the Zopa app.

Is a Smart Saver account right for me?

Smart Saver could be right for you if: You’d like to start saving from as little as £1 and up to a maximum of £50,000. You like the flexibility and control of deciding when you need access to your savings. You like to organise your savings into different pots at different rates. You have a smart phone and are comfortable with mobile banking. Smart Saver is only available in the Zopa app, allowing you to manage your savings 24/7. Smart Saver offers two different ways to save, through our Boosted and Access pots. You can open as many pots of either type as you wish. Here’s how they work: Boosted pots Are designed to help you set aside some of your money at a higher interest rate and remove the temptation to spend. You set a notice period of 7, 31 or 95 days. This is the number of days' notice you’ll need to give before you can withdraw your money. While your money is in a Boosted pot, it earns a higher interest rate. The longer notice period you give, the higher your interest rate. When you want to access your savings, simply give notice inside the app and count down the days until you can withdraw your money. Access pots Access pots keep things super simple. You can withdraw your savings from Access pots whenever you want. Interest The interest rates for Smart Saver accounts are variable, so they can change from time to time. The rate you’ll get will also depend on whether you save in Boosted or Access pots. If you’d prefer to earn a set rate of interest, you may want to consider our Fixed Term Savings accounts instead. You can find out if this account is more suitable for you here.

Smart Saver You can open one Smart Saver account per person, and deposit up to a maximum of £50,000. Fixed Term Savings In each Fixed Term Savings account, you can save from £1,000 to £250,000. You can open multiple accounts, with up to £500,000 in total across them all.

Why can’t I fund more than £50,000 into my Smart Saver?

The maximum amount you can save into your Smart Saver is £50,000. If you’d like to save more than £50,000 with Zopa, you may wish to consider one of our Fixed Term Savings accounts. Your total savings across all accounts you have with us are protected by the Financial Services Compensation Scheme (FSCS) up to £50,000.

I don’t have the app, can I apply for a Smart Saver?

The Smart Saver account is app-only. You can only open a new Smart Saver account by downloading the Zopa app at this time.

How do I open a Smart Saver account?

Opening a Smart Saver account is quick and easy. You’ll need to use our mobile app and answer a few questions. Then voila, you can start saving and growing your money with us.

What is 'Boost' and when can I access my savings?

Boosting is a unique feature of the Smart Saver account, which allows you to increase the interest rate you receive. In return for the extra interest, you need to give notice within the app before you can access your savings. The longer the notice period, the higher the interest rate. If you have a Smart Saver account, you can create a Boosted pot by following the steps below: Open a pot and give it a name Tap ‘Boost’ or ‘Increase Boost’ inside the pot Choose a notice period of 7, 31 or 95 days From that date onward, money in a Boosted pot will earn a higher interest rate When you need to access the money in a Boosted pot, here’s what to do: Simply give notice inside the Zopa app Your pot will tell you when your savings will be available to access Once your notice period ends, your Boosted pot will become an Access pot, and you’ll be able to Boost again or withdraw your savings to your chosen bank account

What is a Fixed Term Savings Account?

With a Fixed Term Savings account, everything is 'fixed' –you commit your money for a fixed period of time and get a fixed rate of interest. With the Zopa Fixed Term Savings account you can save from 1 to 5 years. Money you save with Zopa is safe as it’s protected by the Financial Services Compensation Scheme (FSCS) up to a total of £85,000 across all your savings accounts with us. The most important thing to remember about this type of savings account is that you cannot access your money until the end of the agreed term, so you should only consider saving an amount that you know you won’t need until your term is up.

Is a Fixed Term Savings account right for me?

The most important thing to remember about this type of savings account is that you cannot access your money until the end of the agreed term, so you should only consider saving an amount that you know you won’t need until your term is up. As everything is fixed, you’ll know exactly how much interest you’ll earn by the end of your term. Some people find it easier to save when they know their money is stored away and the temptation to spend is removed. Fixed Term Savings tend to offer higher interest rates than other types of savings accounts because you’re committing your money to a term. If you want more flexibility in accessing your savings, you may wish to consider our Smart Saver account instead. You can find out if this account is more suitable for you here.

How do I pay money in?

Your Zopa savings account comes with a sort code and unique account number, which you can use to pay money in. Before paying into your Zopa savings account, make sure the bank account you’d like to pay in with has been verified by us. Once this is confirmed, here’s what you need to do: Head to your verified bank account to set up a new payee using your Zopa savings account details. If your bank says it can’t verify the details, it’s likely due to a new security check called Confirmation of Payee. Read more about why other banks might not recognise Zopa. Also, please be aware, we can only accept Faster Payments – BACS or CHAPS won’t currently reach us.

Can I see all the interest rates that were previously offered for Smart Saver?

Yes. You can view the interest rate history for Smart Saver by clicking here.

What happens when the fixed term ends?

We'll get in touch with you shortly before the end of the term to give you a heads up. When the term does end, we'll move your money into your savings holding account until you’re ready to withdraw. Rest assured, your savings holding account still offers FSCS protection and will pay you interest too, although it will be at a lower rate than your Fixed Term Savings account. Once your money is in your holding account, you have three options: Withdraw all your money at once into your linked account. Resave all your money into a new Fixed Term Savings account. First resave part of your money into a new Fixed Term Savings account, and then withdraw the remaining balance into your linked bank account.

When does the fixed term start?

When you open a Fixed Term Savings account, we give you 14 days to pay money in ahead of the fixed term itself. This means the fixed term kicks in on day 15. Once you’ve paid in £1,000 or more your money must be committed to the term. In terms of interest, you start earning that from the moment your money lands in the account, so you could earn up to two weeks of extra interest if you pay in straight away.

Can I download a tax statement?

Fixed Term Savings You can download a 'Statement of Account' from your Account Dashboard: If your Fixed Term account has matured, this statement will show you the total interest you earned throughout the term. If your Fixed Term account is still running, then this statement gives you a snapshot of progress to date. This shouldn't be used as a tax statement. To download a statement, go to your main dashboard and click on your Fixed Term Account(s). There’s a link to generate a statement in the Summary section for each account that you have. Smart Saver Please contact us if you wish to download a ‘Statement of Account’ for your Smart Saver.

Can I withdraw interest each month as income?

When you can withdraw interest on your savings: If you have a Smart Saver account and the interest earned has been paid into an Access pot. If you have a Fixed Term Savings account that has reached maturity and your savings are now in a holding account still earning interest. When you can’t withdraw interest on your savings: If you have a Smart Saver and the interest earned has been paid into a Boosted pot. First you need to give notice in order to be able to withdraw your interest or savings. If you have a Fixed Term Savings account and you have not reached the end of your term. In this case, you'll be earning interest on your interest but will only be able to withdraw these savings at the end of the fixed term.

What happens if I change my mind?

It depends on your type of savings account and how you’ve funded your account. Smart Saver If you have savings in Access pots you can withdraw your money at any time, using the Zopa app. If all of your money is in Access pots, you’ll also be able to close your account in the ‘Manage’ section of the Zopa app. If you have savings in Boosted pots you’ll need to give us notice inside the Zopa app before you can withdraw your savings and/or close your account. If you haven’t paid in at least £1 within 30 calendar days of opening the account (including the day of opening), we may close your Smart Saver account on the grounds of it being unused. Fixed Term Savings As soon as you reach the £1,000 minimum your money is committed to the term and only available to you again at the end the term. If you haven't paid in £1,000 by the time the paying in window ends, we'll close the Fixed Term Savings account and send anything you did pay in back to your bank.

When is interest paid?

Smart Saver We apply it to your savings account each month, on the calendar day your account was opened. However, if your account was opened on the 29th, 30th or 31st of a month, we'll pay interest on the 28th of every month. Should you close your Smart Saver, a final payment will be made on the day the account is closed. Fixed Term Savings We apply it to your savings account each month, on the calendar day your term began. However, if your term started on the 29th, 30th or 31st of a month, we'll pay interest on the 28th of every month, with a final payment made on the day the term ends.

Can I save as an ISA?

Our savings accounts are not available as ISAs right now. But all UK taxpayers get an annual Personal Savings Allowance, so depending on your income, you may not need to pay tax on the interest you earn. Find out more about the Personal Savings Allowance here.

How do I give notice on my savings?

For Smart Saver accounts, if you have savings in Boosted pots, you’ll need to give us notice before you can withdraw your money. Here’s how to do this: Open the Zopa app and go to your Smart Saver account Select the Boosted pot that you wish to get access to Tap ‘Give Notice’ and confirm your selection Sit tight and count down the days until your savings are ready! What happens when the notice period ends? Once your notice period ends, your Boosted pot will become an Access pot. You’ll then be able to Boost again or withdraw your savings to your chosen bank account.

How do I see if my bank account has been verified by Zopa?

To double check if your bank account has been verified by Zopa, all you need to do is follow these steps. Smart Saver Open the Zopa app and go to your Smart Saver account Tap ‘Manage’, then tap ‘Linked Accounts’ You’ll be able to see which bank accounts you’ve verified with us and can therefore pay in from Fixed Term Savings Login to your Zopa account and open your Fixed Term Savings account Head to the linked bank accounts section You’ll be able to see which bank accounts you’ve verified with us and can therefore pay in from. It will look like this: Get in touch with us if you are struggling to see this

How do I send you documents?

For any documents we ask to see, we have an upload tool you can use. If you have a Smart Saver, we’ll ask you to upload your documents in our app. If you have a Fixed Term Savings account, you’ll need to upload your documents through our website. Smart Saver If we need to verify that your bank account belongs to you, follow these steps: Open the Zopa app and click on your Smart Saver Tap ‘Manage’, then ‘Linked Accounts’ Tap ‘Verify’ for the bank account you wish to use You’ll then be able to upload a recent bank statement, dated within the last 3 months If we need to verify your identity: Simply open the Zopa app, click on your open application and you’ll be asked to upload your documents. Fixed Term Savings For Fixed Term Savings, verifying bank details and identity follow the same process. Here are the steps: Simply log in to your Zopa account online and click on your open Fixed Term Savings application You’ll then be taken to the tool to upload any documents we require from you

When can I withdraw my money?

Withdrawing from your Zopa savings is different depending on the type of account you have with us. Here’s everything you need to know. Smart Saver If you have savings in Access pots: You can withdraw your money at any time using the Zopa app. But remember, withdrawals can only be made to your linked bank account. Withdrawals normally take less than 10 minutes, but sometimes it can take up to 2 hours. If you have savings in Boosted pots: You’ll need to give us notice before you can withdraw your money. You can’t access your money early, not even for a fee. Once the notice period ends, you can withdraw your money directly to your chosen bank account, using the Zopa app. Fixed Term Savings With a Fixed Term Savings account, you won't be able to withdraw your money before the term ends. The great rates we offer depend on our ability to predict the flow of money into and out of Zopa. At the end of the fixed term, your savings will move to a holding account. It’s at this point that you can withdraw your savings to any of your verified bank accounts. As you can't withdraw your money early, it's really important you're comfortable locking away your money for the fixed term.

Do I have to pay tax on my interest?

All UK savings accounts pay you gross interest, which means nothing is taken off for tax. So, depending on your individual circumstances, you may need to declare your earnings to HRMC if they exceed your annual Personal Savings Allowance (PSA). Introduced in 2016/17, the PSA gives all tax-payers a tax-free savings allowance. If you're a basic rate tax-payer, you can earn up to £1,000 per year tax-free. Higher earners can earn up to £500 per year. When should I declare my earnings? For Fixed Term Savings accounts, you only need to consider paying tax on your earnings in the financial year the fixed term ends. For Smart Saver accounts, it’s different. You need to consider paying tax on earnings for the tax year during which the interest was applied to your account.

Can I save regularly?

Smart Saver With a Smart Saver account, you can top up whenever you like from a bank account that you’ve added and verified inside the Zopa app. Fixed Term Savings You can’t save regularly with a Fixed Term Savings account. You can only pay in during the first 14 days and then leave it until the term is complete. The good news is if you want to save more you can always open another Fixed Term Savings account.

When do I start earning interest?

You start to earn interest from the moment your money lands in your Zopa savings account. Interest is calculated daily and paid into each of your accounts or pots once a month. When the interest is paid may vary depending on the type of savings account you have with us. Here's everything you need to know. Smart Saver Your first interest payment will appear after a month , on the same calendar day you opened your account. If you opened your account on the 28th, 29th, 30th or 31st of a month, payments will be made on the 28th of every month into each of your pots. Fixed Term Savings When first opening your account with us, we give you 14 days to pay in, in order to meet the minimum deposit requirement of £1,000. Providing you have met this requirement, interest you build up during this time is added to your balance from the start of the fixed term, so you kick things off with a little bonus! Your interest payments will appear each month on the same calendar day as the completion of the 14 day funding window. If this window started on the 28th, 29th, 30th or 31st of a month, payments will be made on the 28th of every month.

How do I make a complaint about my Zopa product?

Please visit our Complaints page to share your complaint with us. If you can, please use your Zopa-registered email address when writing to us so we can easily link it to your account. We'll let you know we've got your complaint within one working day, and then investigate and give you an initial response within three working days.

Can I open a joint account?

Not right now, but it may be something we offer in future.

Can I save as a business?

Not right now. We only offer savings accounts for personal use.

Why is the minimum I can save £1000 in your Fixed Term Savings accounts?

Part of building a strong bank is the ability to balance how much money we take in against the demand for borrowing that money. We've set upper and lower limits for our Fixed Term Savings account, so we know how much money we'll hold overall. If you would like to save less with us, you may wish to consider our Smart Saver savings account. With a Smart Saver, you can get started with as little as £1.

Can I extend the paying in window for a Fixed Term Savings account?

The time you have to pay in can’t be extended, but if you don’t reach the minimum savings amount in time you can always open another Fixed Term Savings account. Remember, once you pay in £1,000 or more your money must be committed to the term.

Why do you give me 14 days to pay in?

You might not have all the money you want to save readily available, so to make things easier we give you 14 days to pay in to your Fixed Term Savings account before the fixed term starts on day 15. You can make multiple payments in during the first 14 days, but no more once the Fixed Term has started.

I’m a U.S. citizen or tax resident outside of the UK - can I open an account with you?

Unfortunately, not right now. To open a savings account with us you must have tax residency only in the UK. This also applies to all U.S. citizens, even if you no longer pay taxes in the U.S.

What do you mean by ‘tax resident’?

We know this is an odd term, but all it really means is where you primarily live and earn income, and therefore where you pay tax. If you live in the UK for six months or more of the financial year and receive an income, then you are a UK tax resident. If your situation is less clear, you can find much more detail on the Government Services and Information website here. You can save with us if: You are a tax resident in the UK only You can’t save with us if: You have dual tax residency with any other country/jurisdiction; or You are a U.S. Citizen

When my term ends can I start a new one straight away?

Yes, absolutely. We'll reach out to you shortly before the end of your term to let you know your options. Remember, you can have several Fixed Term Savings accounts running at the same time if you’d like to.

Why do you need my bank details when opening an account?

It's part of our commitment to anti-money laundering and your financial safety. All customers must pay in and withdraw with bank accounts that we’ve verified are active, UK based and belong to you.

Can I open an account by post?

We’re afraid not. We do everything online where it's safer and faster. You can open a Fixed Term Savings account via our website and a Smart Saver through our app.

How safe is my money? What is 'FSCS' protection?

As a licensed UK bank, the savings you have with us are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, even if you have savings elsewhere. FSCS exists to protect customers of finance providers that have failed. In the event of Zopa failing, the FSCS will compensate you if we are unable to pay back your money. You can save more than £85,000 with us, but any money over that amount wouldn't be protected. You can visit the FSCS website here

Can the interest rate change?

This depends on the type of savings account you have with us. Here’s a breakdown of the details: Smart Saver If you have a Smart Saver account, the interest rate is variable, which means it can change over time If your interest rate increases, we’ll apply the new rate immediately and let you know about the change via email. If your interest rate decreases, we’ll let you know by email 14 days before it’s implemented. For Boosted pots, we'll send you an email 14 days plus the Boost notice period before applying the new rate. You can find more information in the Terms & Conditions for your account. Fixed Term Savings If you have a Fixed Term Savings account, the interest rate is set for the entire Fixed Term – so you know exactly how much interest you’ll earn. At the end of your term, we’ll move your savings into a holding account. While in the holding account, your savings will earn interest at a significantly lower rate, until you’re ready to withdraw. The interest rate for savings inside the holding account is variable so can change over time.

If you don't have a branch how do I get help?

You can fire any questions you have at our multi-award winning customer services team. The most popular way to reach them is via chat. Just log in to your account here or via the app.

My tax residency has changed – what should I do?

While you have an active savings account, it’s possible your tax residency status could change. If this happens, please let us know as soon as you can. Once confirmed, we’ll have to close your savings account(s) and transfer your money back to you. This will include all the interest you’ve earned up to the point of account closure, and there are no fees or penalties.

What happens if the account holder passes away?

In the event an account holder passes away, we will always strive to make the process for managing the account as simple as possible. To make any changes, such as early closure or withdrawals once the fixed term is complete, we’re legally required to obtain a certified copy of the death certificate and the Grant of Probate in the UK or Grant of Confirmation in Scotland. Our customer services team know what’s required to get these and can run you through this process.

Why did I receive more money than I withdrew?

Behind the scenes, all the numbers you see on your account actually run to eight decimal places, which allows us to be more accurate when calculating interest. When we move your money between accounts, we round numbers up to whole pence, which is why you might end up with one or two more than you expected.

How long do money transfers take?

It can take up to two hours to transfer money into and out of your savings account, but most transfers take around 20 minutes. We work with another bank to send and receive money, which is why it doesn’t happen straight away.

Why do I need SMS two-factor authentication to open a savings account?

We care deeply about protecting your personal data here at Zopa. That's why when you open a Fixed Term Savings account with us, you'll need SMS two-factor authentication. Two-factor authentication (2FA) keeps your account safe by adding an extra security check to the login process. This means that even if someone else has your password, they still won't be able to log in to your account. How it works With SMS two-factor authentication enabled, you'll need to enter the following when logging in to your Zopa account: Your Zopa email and password A one-time 6-digit security code sent to your mobile device via text message (SMS)

What happens to my money when I save with Zopa?

The savings that we take in fund Zopa personal loans, car finance or credit cards for people across the UK. That means the money you save could be used to help someone with their home improvements or getting a new set of wheels. We don’t invest money that’s saved with us in any ventures outside of the Zopa products listed above.

Can I set up Power of Attorney on a Zopa account?

Yes you can. There are a few things we’ll need from you to start the process. The original or a certified copy of the Power of Attorney, with a covering letter confirming the details of the account that the authorisation is being added to You’ll also need to supply one of the following: Two forms of ID, including one photo ID (either Passport or driving licence) and one proof of address (a bank statement or utility bill dated within the last three months) OR Your Zopa user ID and personal details if you already have a Zopa account and have previously submitted documents to confirm your identity These documents can be sent via email to investorhelp@zopa.com or post. If sending by post, please send them to: Zopa Ltd 1st Floor Cottons Centre 47-49 Tooley Street London SE1 2QG If you do send by post, we’ll return the documents via recorded delivery. Since these documents will need to be verified externally, we aren’t able to give an accurate time frame for when your Power of Attorney request will be approved. However, we’ll be happy to give you an update on the progress at any point and of course we’ll notify you as soon as the request is complete. The process can take 20-30 working days at most.

What is my savings holding account?

When a fixed term account ends, the account closes, and all the money is automatically transferred to your savings holding account. Your savings holding account is designed to temporarily hold your money until you save again in a new fixed term account or withdraw to your bank. It is FSCS protected and pays you some interest at a variable rate. To clarify for our existing peer-to-peer investors, your savings holding account is entirely separate from your investment holding account.

How is interest calculated?

We top up interest daily and pay it into your Fixed Term Savings account once a month. You then start to earn interest on that interest, so each month you earn a little more than the last one until the end of the term. This is known as compound interest.

How do I open a Fixed Term Savings account?

You can open a Fixed Term Savings account via our website. Simply choose a term to suit you, then follow the steps through to open an account. If you're a new customer, we'll need to know a bit more about you; if you're an existing customer there's only a few questions to answer. That's all there is to it. You can have your account open quicker than it takes to make a brew.

What does 'AER' mean?

AER stands for 'Annual Equivalent Rate' and represents your actual return each year. The interest rate we apply to your money is called the gross rate. We calculate interest every day and it builds up until we pay it into your account once a month. This allows you to benefit from compound interest, which is where your interest also starts to earn interest, so each month you'll earn slightly more than the last one. The AER takes this into account and is why it’s a little bit higher than the gross rate. Savings accounts can work slightly differently between providers and is why AER exists as it provides a standardised way to compare them easily

Help home

Savings

Find answers to our most frequently asked questions.

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I'm considering saving with Zopa

What is a Smart Saver account?
Is a Smart Saver account right for me?
How much can I save?
Why can’t I fund more than £50,000 into my Smart Saver?
I don’t have the app, can I apply for a Smart Saver?
How do I open a Smart Saver account?
What is 'Boost' and when can I access my savings?
What is a Fixed Term Savings Account?
Is a Fixed Term Savings account right for me?
How do I pay money in?
Can I see all the interest rates that were previously offered for Smart Saver?
What happens when the fixed term ends?
When does the fixed term start?
Can I download a tax statement?
Can I withdraw interest each month as income?
What happens if I change my mind?
When is interest paid?
Can I save as an ISA?
How do I give notice on my savings?
How do I see if my bank account has been verified by Zopa?
How do I send you documents?
When can I withdraw my money?
Do I have to pay tax on my interest?
Can I save regularly?
When do I start earning interest?
How do I make a complaint about my Zopa product?
Can I open a joint account?
Can I save as a business?
Are there any fees to pay?
Why is the minimum I can save £1000 in your Fixed Term Savings accounts?
Can I extend the paying in window for a Fixed Term Savings account?
Why do you give me 14 days to pay in?
I’m a U.S. citizen or tax resident outside of the UK - can I open an account with you?
What do you mean by ‘tax resident’?
When my term ends can I start a new one straight away?
Why do you need my bank details when opening an account?
Can I open an account by post?
How safe is my money? What is 'FSCS' protection?
Can the interest rate change?
If you don't have a branch how do I get help?
My tax residency has changed – what should I do?
What happens if the account holder passes away?
Why did I receive more money than I withdrew?
How long do money transfers take?
Why do I need SMS two-factor authentication to open a savings account?
What happens to my money when I save with Zopa?
Can I set up Power of Attorney on a Zopa account?
What is my savings holding account?
How is interest calculated?
How do I open a Fixed Term Savings account?
What does 'AER' mean?
Why do you need to see a bank statement?
Why do you need to verify my identity?
Can I withdraw my money before the end of the term?
Why do you need to verify my bank account?
What documents might I need?

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