Fees and Useful Information
This document sets out useful information about your Zopa bank account, including the benefits you can choose from and the interest rates and fees that apply.
Interest
The interest rate you will earn on the money in your Zopa account from the date you sign up to our benefits package (if you haven’t selected to boost your account interest rate as detailed below) | 1.00% - Annual Equivalent Rate (AER), this is the rate you will earn after a full year, including the compound interest you’ll get from us adding gross interest to your Zopa account balance each month; and 1.00% - Gross Rate, this is the rate of interest we apply to your money, without any deductions for tax. |
Changes to your interest rate | We may change the rate of interest on your Zopa account (see the Changes to your agreement section of your Zopa account terms for details of when and how we can make changes to the interest rate). |
You can find details of your current interest rate in the Zopa app.
Fees
| Fees | Details | Amount |
| General account fee | Free | |
Non-UK cash withdrawal fee | Fee applied when you use your debit card abroad to withdraw up to £200 cash in any 30-day period. | Free |
Non-UK cash withdrawal fee | Fee applied when you use your debit card abroad to withdraw more than £200 cash in any 30-day period. This applies whether you make a single cash withdrawal for over £200 or you make multiple cash withdrawals over any 30-dayperiod which add up to more than £200. The fee will be taken from the money in your Zopa account shortly (usually 1 or 2 business days) after the day you make any cash withdrawal that results in you withdrawing more than £200 in the 30-day period. | 2% of the total cash withdrawn in the 30-day period above £200. For example, if over a 30-day period you withdraw a total of £320, by withdrawing £220, followed by two additional withdrawals of £50, you will pay a total of £2.40 as this is 2% of £120. A fee of £0.40 would be applied shortly after the £220 cash withdrawal, as this is 2% of £20, and a fee of £1 applied shortly after the day of each £50 cash withdrawal. |
Flexible monthly benefits
You can select one of the following benefits to apply to your Zopa account on a monthly basis, with each monthly benefit period running from the date you opened your Zopa account to the day before that date in the subsequent month. E.g. if you opened your account on 1 June your first monthly benefit period will run from 1 June to 30 June and your second monthly benefit period would run from 1 July until 31 July.
If you opened your Zopa account on 28th, 29th, 30th or 31st of the month, your account open date will be 27th of each month. E.g. if you opened your Zopa account on 30 January, your monthly benefit period will run from 27th of each month to the 26th of the following month.
Available monthly benefits
Boosted Zopa account interest rate | You will earn an additional 1.75% (AER) on top of the current standard interest rate that applies to your Zopa account. This additional interest will be paid to your account each month, along with the standard interest that applies to your Zopa account. |
Cashback on Direct Debits | We will pay you 3% cashback per month on any Direct Debits that are paid from your Zopa account (up to a maximum Direct Debit value of £150 per month and maximum cashback value of £4.50 per month). This cashback will be paid into your Zopa account monthly on the same day we pay interest to your Zopa account. |
Cashback on eating out | We will pay you 3% cashback per month on any debit card payments that are paid from your Zopa account for dining spend (up to a qualifying spend of £150 per month and maximum cashback value of £4.50 per month). This cashback offer covers payments made to venues directly or when you purchase the food through a third party (like Just Eat or Deliveroo), as long as we can link the payment to dining. |
Changing your benefit
If you want to change your selected benefit for the upcoming month, you can do so as many times as you want up to the end of the day before the start of your next monthly benefit period. After this point, your benefit is fixed for the month, and any change you make, will apply from the start of the next monthly period. If you don’t make any change, your current benefit will continue.
E.g. if you opened your Zopa account on 06 March and, currently have selected the Cashback on direct debits offer but want to change to the Boosted Zopa account interest rate offer, you will be able to change to the Boosted Zopa account interest rate or another benefit up to midnight on 04 March. After this point, any change you make to your benefit will not apply until 06 April.
In most cases any change to your benefit will be implemented within a few hours, however, there may be circumstances outside of our control which means we’re not able to apply the change as quickly as we would like. If this happens, we will ensure that you don’t miss out on any interest or cashback as a result of our delay.
Refunds on cashback offers
If you have selected one of our cashback offers (on direct debits or dining) and receive a full or partial refund in respect of a direct debit or debit card payment that qualified for cashback, we may adjust the amount of the cashback we pay you based on the proportion of the refund you receive.
E.g. if you make a debit card payment to a pizza delivery restaurant for £50, but receive a £25 refund because the food was late, provided you have not already exceeded the £150 per month cap on spending, we will pay you £0.75 cashback, which is 3% of the £25 you ended up paying to the merchant, rather than the full £1.50 we would have paid you on the original £50 transaction.
Spending limits
We may set limits on the payments which can be made into and from your Zopa account and the balance you can hold in your Zopa account. We may also set limits on the amount of cash you can withdraw using your debit card.
We will tell you about any limits that apply to your Zopa account and when we are making changes to these limits, unless for security reasons we are unable to do so. You can find details of spending limits that apply to your Zopa account in the Manage section of the Zopa app.
This may not be the most recent version of this ‘Fees and Useful Information’ document. For up-to-date information you should visit www.zopa.com/current-account.