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Zopa ups rates on multi-pot savings account

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Written by: Emma Lunn
29/03/2022
The digital bank has increased the interest rates on its Smart Saver accounts, making the account a best buy.

Smart Saver is a ‘hybrid’ savings account, offering both an easy access ‘pot’ and pots with various notice periods.

When Smart Saver was launched last month, it offered a basic interest rate of 0.72% for easy access and up to 1.05% on notice accounts. Zopa now pays 1% AER on easy access and up to 1.25% AER on notice pots.

The increased interest rates mean users can now set up a ‘pot’ paying 1.05% interest and give seven days’ notice of withdrawals; a pot with 31 days’ notice paying 1.15% interest; and a pot with 95 days’ notice paying 1.25%.

The new rates mean Zopa tops the best buy tables for both easy access and notice savings accounts.

Zopa says Smart Saver has already attracted close to 10,000 new customers who have collectively deposited £8m in the account.

Merve Ferrero, chief strategy officer at Zopa bank, said: “With consumer’s finances under a huge amount of stress, such as the unprecedented rising energy costs, it is paramount that people are getting competitive rates to make their savings work harder. With Smart Saver, saving has never been easier, and now everyone can benefit from the best rates on the market in just a few taps from their smartphone.”

Smart Saver was introduced in February 2022 to help younger savers ‘level-up’ their post pandemic finances. It is mobile only and Zopa says it is designed for younger users at the beginning of their saving journeys.

The account allows users to have multiple saving pots at different interest rates and with different access requirements, all in one place. Customers can open a mix of up to 20 pots in total combining all types of accounts.

Smart Saver is Zopa’s second savings product. It follows the launch of the Zopa Fixed Rate Savings account  in August 2020. Zopa says the account massed £1bn in customer savings in only 18 months, topping the savings tables 15 times.

Since becoming a bank in 2020, Zopa has also launched a credit cardenergy switching and broadband switching. It closed its peer-to-peer operations at the start of this year.

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