With ambitions to attract £2bn in deposits over the next year, Zopa Bank has launched a ‘hybrid’ savings account, allowing customers to combine easy access and fixed rate accounts at from a single dashboard.
As a basis, the Zopa ‘Smart Saver’ offers a return of 0.72% for immediate access to savings. Customers can then choose to increase their rates by up to 1.05% by locking in their money longer with a notification feature.
Zopa research with the targeted younger age group shows that while eight in 10 adults under 30 want to organize their savings around goals, an equally large majority want to create barriers and limits to saving. access to some of their money to prevent themselves from dipping into savings. for expenses.
Merve Ferrero, Chief Strategy Officer at Zopa, said, “The Zopa Smart Saver combines the best of banking and fintech when it comes to helping customers save money. By building on the basics of the Easy Access Account but scaling it up, Zopa delivers a higher interest rate in a sustainable way. At the same time, it allows users to control how and when they access their money based on their goals.
The Zopa Smart Saver is the bank’s second savings product. It follows the launch of the Zopa Fixed Rate Savings Account which amassed £1billion in savings for customers in just 18 months, topping savings charts 15 times.
Ferrero says: “Over the next 12 months, we plan to double our savings portfolio to £2 billion while continuing to find innovative ways to help our customers grow their savings.”