Fixed Term Savings accounts

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.

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.

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 withdraw your money early, it's really important you're comfortable locking away your money for the fixed term.

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.

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 this doesn't sounds quite right for you, we also have Smart ISA or Smart Saver accounts.