Zopa

Who they are

Zopa began as the world's first peer-to-peer lending company in 2005 and gained a full banking licence in 2020. It was founded in Buckinghamshire by a team from the internet banking company Egg Banking. For over fifteen years Zopa connected borrowers and investors directly, then made a deliberate pivot. After 16 years of delivering positive returns for investors, it closed the peer-to-peer side of its business in 2021 to fully focus on Zopa Bank.

Today it operates as a fully regulated digital bank. It is now trusted by over 1.5 million people across the UK, looks after more than £5 billion in savings, and is rated Excellent on Trustpilot. Zopa Bank offers deposit accounts, personal loans and credit cards , all managed through its app. A current account was launched in March 2025. For savers deciding whether to trust a newer name, that long operating history and the move to full banking status matter.

Savings accounts

Zopa's headline savings product right now is the Biscuit Current Account's linked regular saver, which pays a rate of 7.10% AER variable. That is one of the highest regular-saver headline rates in the UK market at time of writing, though it is worth understanding how regular savers work before getting too excited. You drip-feed money in each month, so your average balance across the term is roughly half your total deposits - meaning the actual cash interest earned is more modest than the headline implies. The DepositScout data also shows the account carries a minimum balance of £0, and deposits are protected up to £120,000 under FSCS rules. The rate is variable, so it can move.

Zopa's broader Biscuit account bundles in other features - interest on your current-account balance, cashback on direct debits, and fee-free card spending abroad - which makes it worth considering as a package rather than purely a savings vehicle. The cashback on bills is capped, so run the maths against your own spending before treating that headline as the full story.

Switching to Zopa

There are no cash switching offers in the DepositScout data for Zopa at present, so if a sign-up bonus is your primary goal you may find other providers more compelling right now. That said, the Biscuit account is designed to reward you for using it as a main account - the regular-saver rate and the current-account interest are both contingent on paying money in each month, which naturally suits someone routing their salary through it.

The app experience is generally described as fast and straightforward. Zopa's Trustpilot rating is strong, and the Current Account Switch Service means moving your direct debits and standing orders is handled automatically, usually within seven working days.

Is it right for you?

Zopa suits savers who want a digital-first bank with genuine fintech roots, solid FSCS protection, and a competitive regular-saver rate they can pair with everyday spending perks. It is less obviously suited to someone hunting a one-off switching bonus or needing branch access.

The 7.10% regular-saver rate is the headline number here, but go in clear-eyed: it is variable, it applies to a monthly drip-feed rather than a lump sum, and the total interest earned over the term will be smaller than the percentage alone suggests. For the right saver - someone disciplined about monthly contributions and happy with app-only banking - Zopa is a genuinely interesting option.

As always, rates move. Check the live figures shown on this page before you apply.