After hitting over £100m in deposits, Zopa is helping customers deposit more of their money.
Image source: Merve Ferrero/Zopa.
Just weeks after its ‘smart saver’ account hit over £100m in deposits, neobank Zopa added open bank deposits with the help of TrueLayer.
The new functionality means customers can make instant account-to-account deposits from competing bank accounts without the need to use sort codes and account numbers.
Now customers can choose “Instant Bank Transfer” from their Zopa app payment screen and follow a quick open banking flow to initiate a deposit.
For Zopa, the addition is a win-win, given that the fintech will no longer have to deal with the higher processing fees of card payments or the risk of misplaced faster payments due to mistyped phone numbers. account.
“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 money,” said Merve Ferrero, Director of Zopa’s strategy.
“By building on the foundations of the Easy Access Account but scaling it, 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. »
Smart Saver offers customers several interest rates, depending on how often they want to access their savings.
For their longest notice rate, at 95 days, the bank currently pays an interest rate of 1.45%.
Since launching the account in February, Zopa has quickly amassed over 20,000 customers who have collectively paid over £100m into Smart Saver accounts.