Savings

40 articles in this collection

Updated 2 weeks ago

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

You can fire any questions you have at our multi-award winning, London-based customer services team. Just visit our contact page at...

Updated 2 weeks ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

How do I send you documents?

For any documents we ask to see, we have an upload tool you can use. Simply log in to your Zopa account online, click on your open application and...

Updated a month ago

Why do you need to see a bank statement?

It's part of our responsibility as a regulated bank to understand where our customers' money is coming from. The bank statement helps us confirm the...

Updated a month ago

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...

Updated a month ago

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 Fixed Term Savings account with us you must have tax residency only in the UK. This also applies to all U.S....

Updated a month ago

Why do you need to verify my identity?

It's part of our responsibility as a regulated bank to understand who our customers are. If we can't verify your identity using our electronic...

Updated a month ago

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...

Updated a month ago

Do I have to pay tax on my interest?

All UK savings accounts now pay you gross interest, which means no tax is taken off. So, depending on your individual circumstances, you may need to...

Updated a month ago

When is interest paid?

We add it onto your Fixed Term Savings account each month, on the calendar day your fixed term began. If your fixed term started on the 29th, 30th...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

What's 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...

Updated a month ago

My tax residency has changed – what should I do?

Over the course of a Fixed Term Savings account, it’s possible your tax residency status could change. If this happens please let us know as soon as...

Updated a month ago

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 before the fixed term...

Updated a month ago

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...

Updated a month ago

Can I extend the paying in window?

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...

Updated a month ago

Can I withdraw my money before the end of the term?

No, you won't be able to. The great rates we offer depend on our ability to predict the flow of money into and out of Zopa in future. As you can't...

Updated a month ago

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...

Updated a month ago

What happens if I change my mind?

It depends on how far you've got with paying money in. If you've paid in £1,000 or more: As soon as you reach the £1,000 minimum your money is...

Updated a month ago

How do I pay money in?

When your Fixed Term Savings account is open, you'll get a sort code and account number that’s unique to the account. Then you can start to pay money...

Updated a month ago

Can I save regularly?

Not 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...

Updated a month ago

How much can I save?

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...

Updated a month ago

Are there any fees to pay?

No, nothing at...

Updated a month ago

Can I save as a business?

Not right now. We only offer Fixed Term Savings accounts for personal...

Updated a month ago

When does the 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...

Updated a month ago

Can I open a joint account?

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

Updated a month ago

How do I make a complaint about my Zopa product?

Please email complaints@zopa.com with details of your complaint. If you can, please use your Zopa-registered email address so we can easily link it...

Updated a month ago

What happens when the 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...

Updated a month ago

What is my savings holding account?

When your fixed term ends all the money is automatically transferred into your savings holding account. Your savings holding account is designed to...

Updated a month ago

How long do money transfers take?

It usually takes around 30 minutes to transfer money in and out of your Fixed Term Savings account, so don’t be worried if it doesn’t show straight...

Updated a month ago

When do I start earning interest?

We give you 14 days to pay in when you first open a Fixed Term Savings account, and you start to earn interest from the moment your money lands in...

Updated a month ago

Why do you need to verify my bank account?

Before you can deposit or withdraw money, we need to check the bank details you’ve given us are for an active UK bank account in your name. Once...

Updated a month ago

Why did I receive more money than I withdrew?

You may have noticed that the amount you withdrew from your holding account had gone up by a penny or two once it landed in your bank. Don’t worry,...

Updated a month ago

Can I withdraw interest each month as income?

No, you won’t be able to. Interest is added to your account monthly for the agreed fixed term and this way you'll earn interest on your interest!...

Updated a month ago

What documents might I need?

As a regulated bank, we must make sure we know who our customers are. Sometimes we ask for documents to support applications, such as: An in-date...

Updated a month ago

Can I save as an ISA?

Our Fixed Term Savings account is not available as an ISA right now. But all UK taxpayers get an annual Personal Savings Allowance, so depending on...

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