Zopa review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Zopa suits savers who want a variable rate on easy access with nothing deducted each month, and the minimum deposit is only £1. The service is digital-only and skips the credit check, so anyone who prefers a branch or a fixed-term product will find more suitable options elsewhere.
Key facts
- Best for
- Fee-free easy-access savings with a variable rate and a £1 minimum deposit.
- Headline rate
- 2.95% to 4.65%↗
- Rate type
- Variable↗
- Minimum deposit
- £1↗
- Deposit protection
- FSCS up to GBP 85,000↗
- Access terms
- Withdraw or add money anytime, no notice or penalties↗
- Monthly fee
- £0↗
- Account kind
- Easy access↗
- Legal entity
- Zopa Bank Limited↗
- Headquarters
- United Kingdom↗
- Founded
- 2005↗
- Support channels
- Chat, Phone, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- zopa.com
Everyday accounts
Facts checked September 26, 2026, 6 sources
Apps and profiles
Pros and cons
Pros
- You can add or withdraw money at any time with no notice period and no withdrawal penalties.
- A headline rate of 2.95% to 4.65%, above the 3% seen across the savings listings.
- Deposits sit under the FSCS protection scheme: FSCS up to GBP 85,000.
- Currency conversion on the Zopa account is charged at 0%, so spending abroad adds nothing in conversion fees.
Cons
- The service is digital-only (digital only and no credit check), so there is no branch counter for anyone who wants in-person help.
- The rate is variable, so the 2.95% to 4.65% headline can fall whenever the base rate drops.
- Cash machine withdrawals are free up to £200 only, and taking more out costs extra.
Who it suits
- Savers who want their money back the same day without tying it into a fixed term.
- Anyone starting small, since the minimum deposit is £1.
- People happy to open and manage the account from a phone or computer.
Who should look elsewhere
- PayPal Colombia, if the savings pot lives inside a payments wallet rather than a bank account, with a headline rate of 3.3%.
- AXI Card Tarjeta y Credito, for anyone focused on card credit and borrowing at 21.59% rather than on saving.
- Plazo ES, for savers chasing a headline rate of 24.19% and happy with a different account structure.
Fees and currency costs
The easy-access savings account has no monthly charge, so nothing is taken from the balance each month. The minimum deposit is £1, low enough to open with a small transfer and add more whenever you choose. With the running fee set at £0, the only things that move your money are what you pay in and the rate applied to it.
Who runs it
Zopa Bank Limited runs the account, and it is based in the UK. The business has been going since 2005 and the Prudential Regulation Authority is its regulator, under licence 800542. Support comes through chat, phone and help centre, giving a chat line, a phone line and a help centre for anyone who would rather ask a person than read a screen.
How Zopa compares
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Where Zopa is available
- Available
- United Kingdom
- Licence in United Kingdom
- Prudential Regulation Authority (800542), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep money in the Zopa easy-access savings account?+
The monthly fee is £0, so nothing is deducted each month for holding the account. The minimum deposit is £1, a small enough starting point to open with a modest transfer and add more later. There is no term to serve either, so no early exit charge applies.
What rate does Zopa pay on savings, and can it change?+
Zopa lists a headline rate of 2.95% to 4.65%, above the 3% seen across the savings listings. The rate is variable, so the figure can move as the base rate changes rather than staying locked. The account is easy-access, so there is no term to serve at the top end either.
Is my money safe with Zopa?+
Savings in the account are covered by the FSCS, with protection stated as FSCS up to GBP 85,000. The provider is Zopa Bank Limited, regulated by the Prudential Regulation Authority under licence 800542, so the balance sits with a regulated bank rather than an investment platform.
Can I get my money out whenever I want?+
Yes. The account is set up as easy access, and you can withdraw or add money at any time with no notice period and no withdrawal penalties. Because there is no fixed term to run out, the balance can move to another provider on short notice if a different rate starts to look better.
Who runs Zopa and where is it based?+
The account is provided by Zopa Bank Limited, based in the UK (GB) and operating since 2005. It is regulated by the Prudential Regulation Authority under licence 800542. The business runs as a digital bank, so the account is handled through the app and website.
What support can I get from Zopa?+
Help runs through chat, phone and help centre, so a question can be raised by chat, by phone or through the help centre without a branch visit. The service is digital-only, which keeps support in the same channels as the app. For self-serve questions, the help centre is the quickest starting point.
Do I need a credit check to open a Zopa account?+
No credit check applies, and the provider is listed as digital-only, both covered by digital only and no credit check. The account can therefore be opened and managed from a phone or computer, with the decision made without a credit file search. The same digital flow handles the balance afterwards.
Sources
- zopa.com checked September 26, 2026
Backs: Deposit protection, Headquarters, Legal entity, Support channels, Licences
“has its registered office at: Zopa Bank, Level 12, 20 Water Street, Canary Wharf, London E14 5GX”
- zopa.com/about/our-story checked September 26, 2026
Backs: Founded
“In 2005, we built the first ever peer-to-peer lending company”
- zopa.com/savings checked September 26, 2026
Backs: Headline rate, Rate type
“Compare Zopa savings pots interest rates: Withdraw anytime 2.95% (2.91%), Limited Access Up to 4.56% (Up to 4.46%), Fixed Term Up to 4.65% (Up to 4.55%). Data correct as of 14 September 2026.”
- zopa.com/savings/easy-access-savings checked September 26, 2026
Backs: Access terms, Account kind, Minimum deposit, Pricing model, Monthly fee
“Need flexibility? Add or withdraw money whenever you like, with no notice or penalties.”
- zopa.com/zopa-account-fees-and-useful-information-300726 checked September 26, 2026
Backs: Free ATM withdrawals
“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”
- zopa.com/current-account checked September 26, 2026
Backs: Features, Currency conversion fee
“Biscuit is a digital-only account, so you can pay in by bank transfer but not cash ... There's no hard credit check, so your credit score won't be affected”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Term.
Related by the facts
Zopa
Fee-free easy-access savings with a variable rate and a £1 minimum deposit.