Zopian Launch - Current Accounts Terms 


These terms apply to your current account with us (Zopa Bank Limited) during Zopian testing, and apply alongside any other agreement you have with us, including the Zopa App Terms and the Supplementary Data and Tools Terms. In the event of any inconsistency between these agreements, these terms will prevail.    

It’s important that you read and understand these terms as they form our agreement with you, the account holder. You should keep a copy for your records. You can request a paper or alternative format copy of these terms free of charge, by emailing us at contactus@zopa.com.  


  1. Welcome to your Zopa current account   

    1. Eligibility: To be, and continue to be eligible for a current account you must: 

      1. be aged 18 or older; 

      2. be a permanent Zopa employee who has satisfied our background checks; 

      3. have tax residency status in the UK only (this excludes residents of Channel Islands and the Isle of Man); and 

      4. have an existing Smart Saver, Fixed Term Saver, Credit Card, Unsecured Personal Loan (UPL), Hire Purchase Finance or Move your Money (MYM) account with us. 

    2. Opening and accessing your account: You can only open, view and manage your current account through the Zopa App. 

    3. Duration of the agreement: This agreement runs for the duration of our testing (see Closing your account below for further details on when we can close your current account). 

    4. How you can use your current account: Your current account is for your use only. Initially it can be used to: 

      1. receive payments from accounts within the UK only; and 

      2. purchase goods and services from merchants displaying the Visa logo, using the debit card that we will provide you with, in each case, up to a maximum account balance of £200. 

    5. We will make additional functionality available during Zopian testing. When we do, we’ll let you know when this is available for your use. 

  2. Contacting Each Other 

    1. Contacting us: You can contact us between Monday to Friday 9am - 5pm by: 

      1. Slack: #ca-help; or 

      2. Email: ca.help@zopa.com. 

    2. Contacting you: We may contact you (including the delivery of essential servicing messages) about your current account via Slack, email, post, SMS, push notifications and/or telephone.  

    3. It’s important you keep the operating system on your device up to date, as you may not be able to receive communications we send via the Zopa App if you use an unsupported operating system (see the Zopa App terms for further details).  

    4. You should check your details regularly and tell us as soon as possible if any of your contact details change. You are responsible for ensuring your contact details are accurate.  

    5. Any communications we send you will be in English. 

    6. Statements: We will not send you monthly statements, but we will provide you with details of all transactions within the Zopa App in a format which you can store and reproduce if required. 

    7. If we introduce statement functionality during Zopian testing, we will make available a monthly statement in the Zopa App, free of charge on or around the same date each month, unless there have been no transactions on your current account since your last statement. 

  3. Deposits to and payments from your current account 

    1. Deposits into your current Account: You can make deposits into your current account up to the £200 balance limit or any other limits we put in place. Deposits into your current account can be made by Faster Payments from UK bank accounts only, although we may introduce new functionality during Zopian testing which will also enable you to deposit funds to your current account from any Smart Saver account you have with us.  We may close your current account if you attempt to deposit money from an account outside of the UK in breach of these terms (see Closing your account below). 

    2. Deposits sent by CHAPS will not reach us and we cannot process deposits sent by cheque. 

    3. We will credit deposits into your current account on the same calendar day the money is received.  Unless we let you notify you otherwise, you will not earn interest on any deposits you make into your current account (see Fees, Charges and Interest below). 

    4. You must ensure that your correct account number and sort code are used when making a deposit into your current account.  

    5. Payments from your current account:  You will be able to use your debit card to purchase goods and services from merchants displaying the Visa logo, provided you have sufficient funds in your current account and up to a £200 per transaction limit. You will also be able to make payments by Faster Payments and Direct Debit to another UK bank account once we make this service available. 

    6. Once available, where we receive an instruction via Faster Payments, we will process your payment as soon as we have received your instruction.  

    7. We may treat your instruction as having been received on the next working day if we receive an instruction either after 11.30pm or on a day that is not a working day. 

    8. Once we have received your instruction to make a payment, we will aim to send the funds to your chosen account within two hours. The funds will always be sent to your chosen account by the end of the next working day.  

    9. You will not be able to cancel a payment from your current account once we have received your instruction. 

    10. Withdrawals: Initially, you will not be able to make cash withdrawals using your debit card. We will notify you if we make cash withdrawals available. 

    11. Account limits: We may set additional limits on the deposits you can make, the payments you can make from and the balance you can hold in your current account. We will notify you of any new limits or if we propose any changes to these limits, unless for security reasons we are unable to do so. 

    12. Transactions funding investment activity: You are not permitted to use your debit card to fund any investment activity (including the purchase of cryptocurrency or tokens from similar exchanges). 

    13. Refusing a payment instruction: We may refuse to execute a payment from your account where: 

      1. there is a technical, legal or regulatory reason which might cause us to breach a requirement or expose us to legal action;   

      2. we suspect fraudulent or criminal activity; 

      3. you have breached any of these terms; 

      4. there are insufficient funds in your current account; 

      5. the deposit or withdrawal exceeds any limit which applies (for security purposes or otherwise); 

      6. you fail to provide us with appropriate identification, or any other information we reasonably request; or  

      7. your instruction is not clear or contains errors or missing information. 

  4. Fees, Charges and Interest 

    1. No fees, charges or interest will be payable for the duration of this agreement.  

    2. We will notify you if we introduce functionality that will let you earn interest on money you hold in your current account. 

  5. Using your debit card abroad 

    1. Provided you have sufficient funds in your current account and subject to any limits in place, you can use your debit card abroad to purchase goods and services from merchants displaying the Visa logo.  

    2. A transaction in a foreign currency will be converted to pounds sterling using the Visa exchange rate on the day the transaction is applied to your current account. This may be different to the rate on the day the transaction took place as the payment scheme exchange rate changes daily. You can find the current exchange rates at https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html. 

    3. Initially, you will not be able to make cash withdrawals using your debit card whilst abroad. We will notify you if we make cash withdrawals available. 

  6. Security 

    1. You must keep safe the security details you use to access and/or use your current account. This includes: 

      1. never writing down your security details (e.g. passwords, login details and PINs), in a way that can be understood by somebody else; 

      2. not allowing anyone else to have or use your security details and not disclosing them to anyone else; 

      3. changing your security details immediately and telling us as soon as possible if you know, or suspect that, anyone knows your security details; and 

      4. making sure any device you use is secure and complies with any security requirements we tell you about.  

      5. If you don’t do the above, we won’t be legally responsible for any loss you suffer. 

    2. If your debit card or debit card details are lost or stolen, or you think someone knows your details, you should contact us (see Contacting Each Other above) so we can deactivate your debit card and send you a replacement debit card.  If you find a debit card after you have reported it as lost or stolen, you must destroy it and not use it. You must also co-operate with us and the police to investigate any unauthorised transactions. 

    3. If we request, you’ll need to provide us with all the information you have about any loss, theft or misuse of your debit card. We may also ask you to report the matter to the police, or we may give information to the police about it. 

    4. If we need to contact you about any actual or suspected fraud or security threats to your current account, we will do this using the most secure way of contacting you which may include contacting you via email, letter or any other means of communication we consider appropriate in the circumstances. 

  7. Liability 

    1. Unauthorised transactions: If a payment is made from your current account without your permission, and you are entitled to a refund, we will refund the amount of the transaction (including any interest you have missed out on). We will refund the payment as soon as practicable after we become aware of the unauthorised withdrawal (unless we suspect you have acted fraudulently). 

    2. You will not be entitled to a refund if you have: 

      1. acted fraudulently; or 

      2. failed to notify us within 13 months of the date of the payment. 

      3. In these circumstances, we may hold you liable for any losses incurred. 

    3. Unless you have acted fraudulently, you will not be responsible for any losses that arise from an unauthorised payment: 

      1. after you have told us that your security details have been lost or stolen; 

      2. if we don’t provide you with a way to notify us that your security details have been lost or stolen; or 

      3. if we haven’t checked that it was you who authorised the withdrawal in the way we’re legally required to. 

    4. Transactions where the final sum taken was not reasonable: If you use your debit card to authorise a transaction without knowing what the final payment would be, (e.g. when you check into a hotel), and you later find that the amount charged to your Current Account is higher than reasonably expected we will refund the full amount to you provided: 

      1. the payment was made in the UK or the European Economic Area; and 

      2. you ask us for the refund within 8 weeks of the date when the payment was charged to your current account. 

    5. If you request a refund in these circumstances, we’ll conclude our investigation within 10 business days of receiving all the information we need. We may ask you for additional information to help us decide whether you’re entitled to the refund and we'll then either refund you or refuse the refund and tell you why we have refused your claim. 

    6. You can’t ask for a refund if we have, or the relevant merchant has, provided you with information about the transaction at least 4 weeks before your payment is due and you gave consent for the transaction directly to us. 

    7. We can’t guarantee that you’ll always be able to use your debit card or debit card details and we won’t be responsible for any loss if your debit card can’t be used due to circumstances we can’t control. 

    8. You’ll be responsible for all transactions made with your debit card if we can show that you acted fraudulently. 

    9. Incorrectly executed payments: If we fail to process a payment, fail to process a payment correctly in accordance with your instructions or process the payment late, you may be entitled to a refund. 

    10. If you are entitled to a refund, we will refund the amount of the payment (including any interest you have missed out on) as soon as practicable. 

    11. You will not be entitled to a refund if you have: 

      1. given us the wrong details (for example, the wrong sort code or account number); or 

      2. failed to notify us using the below details as soon as you become aware of the incorrect payment and in any event within 13 months of the date of the payment, or the date the payment should have been taken. 

    12. If you give us the wrong details, we will take reasonable steps to recover your funds. If we are unable to do this, and you ask us, we will give you any information we have to help you recover the funds. 

    13. If we process a payment later than we are legally required to, we will compensate you or the recipient for any missed interest or charges that have been incurred because of our delay in processing the payment. 

    14. If we receive a deposit from you but we do not credit it to your current account when we should have done by law, as soon as we become aware of the error, we will immediately credit the amount of the deposit to your current account (including any interest you have missed out on). 

    15. We will also make immediate efforts to trace any incorrect payment and notify you of the outcome, if you ask us. We’ll do this free of charge. 

    16. If you become aware that any funds have been paid into your current account incorrectly, you should let us know straight away. Where funds have been paid into your current account incorrectly, these should be promptly returned in accordance with our instructions. We are entitled to correct your current account balance to address any incorrect payments made to it. 

  8. Refusing a payment or limiting your use of the current account 

    1. We may refuse to authorise a payment, limit the use of your debit card or cancel or suspend your use of the current account for any of the following reasons: 

      1. to protect the security of your debit card; 

      2. if we’re worried there may be unauthorised or fraudulent use of your debit card or that a crime has been or is about to be committed in connection with the use of your debit card or current account;  

      3. if you have insufficient funds in your current account to fund the payment or if the payment would exceed any spending limits in place on your current account;  

      4. if you have broken the terms of this agreement in a serious way;  

      5. if allowing you to use your debit card would mean that we may break a law, regulation, code or other duty that applies to us, or could expose us to action or criticism from any government, regulator or law enforcement organisation;  

      6. where we are required by law or regulation to suspend the use of your debit card; 

      7. if the device you use to access the Zopa App uses an unsupported operating system and you are unwilling or unable to update it to a supported version (if this happens you will not be able to use the Zopa App and manage your current account);    

      8. where the transaction would be in breach of this agreement, for example a transaction to fund investments; or 

      9. you abuse, threaten, harass or intimidate any of our employees. 

    2. We are not responsible for any loss you incur as a result us stopping the use of your debit card in this way. 

    3. We will try to tell you before we carry out any measures to stop the use of your debit card. If it is not practicable to do so and where permitted by law, we will tell you immediately afterwards and we will give you the reason we have done so. 

    4. We will remove any restriction imposed on your debit card and/or current account, as soon as the reason(s) for imposing any restrictions have been resolved. 

  9. Overdrafts

    1.  Unarranged overdrafts: If you make a payment without having sufficient funds in your current account and your payment is authorised by us, you will have entered into an unarranged overdraft. 

    2. If you enter into an unarranged overdraft, you should promptly apply funds to your current account to take you out of a negative balance. We will also be entitled to demand payment of the full balance of any overdraft immediately. 

  10. Changes to your agreement  

    1. We may make changes to these terms for the following reasons: 

      1. to comply with industry best practice, including fraud prevention practices; 

      2. to respond to changes in law, regulation, guidance or decisions of the court, our regulators or the Financial Ombudsman Service;  

      3. to make reasonable changes to respond to changes in the banking system;  

      4. to comply with instructions, indications or guidance from our regulators or other relevant authorities; 

      5. to make improvements to our services which are of benefit to you;  

      6. to improve the security features of our services including the features of the Zopa App;  

      7. to correct mistakes, ambiguities, inaccuracies or omissions where it is reasonable to do so; or 

      8. to make these terms easier to understand or fairer to you. 

    2. We’ll always aim to let you know about any change to these terms before it happens, except where the changes are to your advantage or the circumstances require us to act more urgently, such as in response to regulatory change. In this case, we will make the changes straight away.  

    3. Where we give you prior notice of any proposed change to these terms and you are not happy with the change, you can contact us at any point before the change comes into force to deactivate your debit card. We will then close your current account at the end of Zopian testing period (see Closing your account below). If you do not request that we deactivate your debit card, you will be treated as if you have accepted the change from the date it comes into force. 

  11. Closing your account 

    1. When we will close your current account: We will close your current account when Zopian testing has come to an end. We expect this will be between August to September of this year, however this is subject to change. 

    2. Where we are closing your current account under the above paragraph, we will give you one week’s advance notice of closure. 

    3. Immediate account closure: We may close your current account immediately, in advance of the end of Zopian testing if:  

      1. you fail to comply with any of these terms;  

      2. we believe you have acted fraudulently, funded your current account in whole or in part by the proceeds of crime, or have otherwise behaved improperly (such as acting in an abusive or threatening manner towards our staff);  

      3. we believe that by continuing with the agreement we may breach a legal or regulatory requirement or if continuing the agreement would expose us or another company in our group to legal or regulatory action;  

      4. your employment with Zopa ends for any reason; or  

      5. you die, become subject to insolvency (bankruptcy) proceedings or no longer meet the eligibility criteria for the current account (see Eligibility above).  

    4. When you may close your current account:  As we’re looking to test out the functionality of our current account, we’d rather you didn’t stop using your current account before we’ve finished our testing.  

    5. If you no longer want to take part in the testing, you can let us know (see Contacting Each Other above) and we will deactivate your debit card immediately, but your agreement won’t be terminated until the end of Zopian testing period, provided you have not entered into an unarranged overdraft. 

    6. If we or you close your current account for any reason outlined above, unless we are prevented from doing so by law or regulation, we will transfer any balance to the account in your name that you last transacted with. Where we don’t have any account details for you, we will contact you to confirm where the funds should be sent. 

  12. Complaints 

    1. If you have any questions, concerns or issues with your current account, please get in touch with us, so we can look to resolve these (see Contacting Each Other above). 

    2. If your question, concern or issue remains unresolved or if you feel it has not been handled satisfactorily, you can raise a complaint by:  

      1. calling us: 020 7580 6060 

      2. emailing us at: complaints@zopa.com; and 

    3. We will acknowledge your complaint within one business day, and then investigate and send you an initial response, which should take no longer than 3 business days.  

    4. If we’re unable to resolve your complaint within 3 business days, we will keep you informed of our investigations until we are able to provide you with a final response. 

    5. If you don’t agree with our final response you may refer your complaint to the Financial Ombudsman Service, who can be contacted at: 

      1. telephone: 0800 023 4567 (calls to this number are now free on mobile phones and landlines) 

      2. website: www.financial-ombudsman.org.uk   

    6. You can find out more about the Financial Ombudsman Service on their website above. 

    7. Money you deposit with us is protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This means that any deposits you hold above this limit (including money you have deposited with us by a savings product, or indirectly via a third party we partner with) will not be protected. Visit www.fscs.org.uk for more information.   

  13. Using your information 

    1. We’ll use the information you give us, to provide you with and manage your current account. For more information about how we will handle your information (including our use of data analytics) and your rights in respect of your information, please review our privacy notice available at www.zopa.com/privacy-notice.  

    2. As part of our testing, we’ll be looking to fix bugs and issues you encounter with your current account. This may mean providing colleagues with access to your data in order to resolve bugs and issues. We’ll take steps to ensure that where colleagues do have access to your data, that this is only to the extent necessary to fix such bugs and issues.  

    3. We’ll also share your information with third parties that help deliver the current account product. Further details can be found in our privacy notice.  

    4. We’ll also share your information with ClearBank, who (acting as a data controller) will provide the transactional and payment services needed to facilitate the payments you make to and from your current account. Further details of how ClearBank will process your information can be found in their privacy notice available at www.clear.bank/privacy-notice.  

    5. You can ask us to provide you with a copy of the information we hold about you, to delete or correct information, to stop processing information and to receive your information in a structured format. 

    6. You can lodge a complaint with the Information Commissioner’s Office (www.ico.org.uk) if you’re unhappy with how we’ve handled your information. 

    7. If you have any questions relating to how we use your information or your rights under data protection law, you can contact us at privacy@zopa.com.  

    8. You expressly consent to us accessing, processing and retaining your personal information for the provision of payment services to you. You can withdraw your consent by closing your current account.  This consent is unrelated to the grounds we rely on to process your personal data generally under data protection law, which are detailed in our privacy notice.  

    9. This does not affect any rights or obligations you or we have under data protection law. 

    10. Information from your current account will not be used by us for any assessment of your job performance or other employment related matters, unless we suspect you have used your current account for fraudulent or criminal activity, in which case, this may result in criminal charges being brought against you and disciplinary action (including dismissal) in accordance with our Disciplinary Procedure (set out in the Staff Handbook). 

  14. Tax 

    1. If we have notified you that we pay interest on balances in your current account, we will pay you gross interest, which is without any deduction for tax. You may be liable to pay tax on your annual earnings based upon your personal circumstances. 

    2. If you exceed your annual Personal Savings Allowance as granted to UK taxpayers by the UK Government, it's your responsibility to declare your earnings to HMRC. Visit https://www.gov.uk/apply-tax-free-interest-on-savings for more information. 

    3. If you become, or plan to become, a tax resident outside of the UK, you must inform us as soon as practically possible as this breaches the eligibility criteria for your current account (see Eligibility above). We will need to close your current account and any savings account you have with us, with immediate effect when you become a tax resident outside of the UK, and return the full balance up to the date of closure to the account in your name that you last transacted with. Where there is no such account, we will contact you to confirm where the funds should be sent. 

    4. Other taxes or costs may exist that are not paid or imposed by us. 

  15. General 

    1. About us: Zopa Bank Limited is a company incorporated in England & Wales under company registration number 10627575, having its registered office at 1st Floor, Cottons Centre, 47-49 Tooley Street, London, SE1 2QG. 

    2. How we are regulated: We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our firm registration number is 800542. We are also registered with the Office of the Information Commissioner under registration number Z879078) and we are a member of Cifas – the UK's leading anti-fraud organisation.  

    3. Governing law and courts: These terms, any dispute relating to these terms, as well as our dealings with you before this agreement is made, are governed by the laws of England and Wales, and will be dealt with by an English or Welsh court.  

    4. If you live in Scotland or Northern Ireland, you can choose the courts of Scotland or Northern Ireland respectively to deal with your claim. 

    5. Transfer of rights and obligations: We may transfer our rights and our obligations under this agreement to someone else, including information about you and how you have managed your current account. We will tell you if we do this unless there are circumstances which mean that the servicing of your current account will not change. Your rights under this agreement and any legal rights you have, will not be affected by any transfer. You cannot transfer any rights or obligations you have under this agreement to anyone else.