Which banks are compatible with auto-save?

The following banks are compatible with auto-save: Bank of Scotland Barclays First Direct Halifax HSBC Lloyds Nationwide Building Society NatWest Royal Bank of Scotland Santander Ulster Bank

Can I download a 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). Under the Overview tab, there’s a link to generate a statement titled 'Statement of Account' in the documents section Smart Saver You can download monthly statements for your Smart Saver inside the Zopa app. The monthly statement will show all deposits, withdrawals, interest and money movements inside your Smart Saver for the given month. To view a statement, tap into your Smart Saver, select ‘Manage’ then ‘Statements’. New monthly statements become available on the first calendar day of each month and are organised by year and month.

What’s the maximum amount I can transfer via auto-save monthly?

The maximum you can save monthly is £1,000.

What’s the maximum amount I can transfer via auto-save weekly?

The maximum you can save weekly is £200.

Why is my auto-save limit £1,000?

To give you the flexibility to save towards your goals, we agree with your bank that £1,000 is the limit you can transfer each month using auto-save. Of course, you’re in control of the amount that will actually be transferred regularly to your Smart Saver.

Why can’t I see auto-save in my app?

The auto-save feature uses new open banking technology and only some banks currently have this capability. You’ll only see auto-save if your linked account is from a bank that supports this feature as part of their open banking services. Don’t worry, the number of banks that offer auto-save is growing. Check out the list here.

Auto-save makes it much easier to add money to your savings account. It lets you choose the amount and how often you want to automatically transfer it to your Smart Saver. Then you can simply sit back and watch your savings grow, without doing anything. Of course, you can always change the savings amount and frequency depending on your financial situation, or cancel auto-save anytime.

How can I find auto-save?

If you’ve already transferred money to your Smart Saver, you can find auto-save in the app by tapping Add money. If this is your first time transferring money to your Smart Saver, you’ll find auto-save by tapping Start saving. Please note that you’ll only see auto-save if your bank currently supports this feature as part of their open banking services. Don’t worry, the number of banks that offer auto-save is growing. Check out the list here.

How do I pay into my Smart Saver?

If you head to the Zopa app, open your Smart Saver and hit the ‘add money’ button you’ll be given two different options for paying in: 1. Instant bank transfer This is a fast, simple and secure way to top up your Smart Saver directly from your current account banking app. We use our partner TrueLayer to connect to your linked bank account to make the transfer. Heads up, you’ll only be able to use the instant bank transfer feature if your verified account is from a bank that offers open banking. 2. Manual bank transfer Your Zopa savings account comes with a sort code and unique account number, which you’ll be shown if you select this option. Before paying into your Zopa savings account using these details, 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.

How do I pay into my fixed term savings account?

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.

It's been over 2 hours and my payment still hasn't arrived, why?

We're aware that in some instances, payments are taking longer than two hours to appear in your Smart Saver. A common reason for this is that your bank is reviewing the payment and hasn't yet sent it to us. In these cases, your bank statement will give the impression the payment has already been sent when it hasn’t. Once your bank has reviewed the payment, they’ll either send the payment to us, or it’ll be returned to your bank account. If you would like an update on your payment, we would advise that you contact the bank you're making the payment from.

Why do you need to verify my bank account?

Before you can deposit or withdraw money, we need to verify that the bank details you’ve given us are for an active UK bank account in your name. By only allowing your savings to move between your verified bank accounts and your Smart Saver, we can keep your savings safe and secure, while also complying with money laundering regulations. Please note that you won’t be able to withdraw to a non-verified bank account, and if you attempt to pay in from a non-verified bank account, the funds will be returned.

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. If it it has been over 2 hours, please see this FAQ.

Why can't I see my verified bank account when I add money via instant bank transfer?

You’ll only be able to use the instant bank transfer feature in Smart Saver if your verified account is from a bank that offers open banking. Don’t worry though, you can still add money by heading to your verified bank account and setting up a new payee using your Smart Saver account details.

How can I check my auto-save details?

To check your auto-save details, go to your Smart Saver in the app, select Add money, then Auto-save. You’ll see all the details and options to cancel or edit your auto-save.

How do I edit my auto-save?

To edit your auto-save, just follow the steps below: Go to your Smart Saver in the app Select Add money and then Auto-save You’ll see the option to edit your auto-save

How do I cancel my auto-save?

To cancel your auto-save, just follow the steps below: Go to your Smart Saver in the app Select Add money and then Auto-save You’ll see the option to cancel your auto-save

How do I set up auto-save?

It’s easy to set up auto-save. Just follow the steps below: If you’ve transferred money to your Smart Saver, click Add money in the app. Otherwise, tap Start saving. Select the Auto-save option Set an amount, frequency, and date for your transfer. You can change your preferences anytime.

How is interest calculated on my Smart Saver and why does it sometimes not add up?

We calculate interest payments to 8 decimal places, which allows for a greater level of accuracy and fairness. But, when reporting interest payments to you, we can only display whole pence, which go to a maximum of two decimal places. That means £1.38675628 of interest earned will show in your account as £1.38 Over time, this can lead to small differences between the interest payments applied to your account and your total savings balance. This is due to ‘micro-pennies’ – all those numbers after the second decimal place – adding up to more than one penny. We know this is a bit confusing, so here’s an example to clear things up: A savings account has a total balance of £100.00. In the first month, the account receives an interest payment of £0.16832555, bringing the total balance to £100.16832555. To report whole pence, the interest earned is displayed as £0.16, and the new total balance is displayed as £100.16. Next month, the account receives an interest payment of £0.16316989, bringing the total balance to £100.33149543. The interest earned for that month is displayed as £0.16, but the new total balance is displayed as £100.33. So, although the interest amount displayed was £0.16 each month, the total balance displayed is £100.33. That extra £0.01 is a result of the micro pennies adding up month-on-month.

Why can’t I fund more than £85,000 into my Smart Saver?

The maximum amount you can save into your Smart Saver is £85,000. If you’d like to save more than £85,000 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 £85,000.

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 £85,000. 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 £85,000. 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.

How do I close my Smart Saver?

Head to the Zopa app and open your Smart Saver Tap ‘manage’ and then ‘account information’ Hit ‘close account’ If you have money left in your account, you’ll be prompted to withdraw Confirm you want to close your Smart Saver If you have any actively Boosted pots, you won’t be able to close your account just yet. You’ll need to give notice on any Boosted pots and once your savings are available to withdraw, follow the steps above Please be aware, this process only closes your Smart Saver – not your Zopa account. Your Zopa log in details and marketing preferences won’t be affected. Also, if you have another Zopa product, like fixed term savings, this won’t be impacted either. If you do want to close your Zopa account completely, check out this FAQ.

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.

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.

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 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.