Zopa have recently introduced a new current account! The real game-changer is its 2% cashback on all direct debits paid from the account, enticing customers with a brilliant reward. The only way to manage the account is through Zopa’s app. It’s the smarter way to easily maximize your money and rewards all in one place. This new offering is another big step for Zopa. With a full UK banking license in hand, Zopa plans to grow its reach in the increasingly competitive app-oriented banking scene.
Make your first 12 months even better with a guaranteed cashback rate of 2% on all purchases! That means you could make money every year on up to £1,500 worth of eligible direct debits. After the introductory period, the cashback rate will be variable. Its customers can get up and running in minutes from downloading the Zopa app to completing account opening. They can receive help via in-app chat or by calling customer support. This convenient and customer-centric focus is designed to make banking easier and enhance overall consumer satisfaction.
Beyond cashback Zopa has a high-interest savings account with an AER of 7.1%. Our regular saver account product enables consumers to save a maximum of £300 a month. Locking in a 4% interest rate. Don’t miss out on interest earnings! Deposits with Zopa are backed up to £85,000 by the Financial Services Compensation Scheme so customers know their money is safe.
Along with the current account, Zopa is issuing a contactless Visa debit card. Plus, it’s got no monthly fee, which is why it appeals to the value-seeking consumers. Although it is great to see Zopa offer an arranged overdraft facility, Zopa doesn’t actually currently offer this service. The new account won’t work easily with the bank industry’s voluntary, centralised current account switching service. This limitation might make it less attractive to some prospective customers.
Zopa’s unique social lending strategy has made big waves in the UK’s banking scene. Andrew Hagger, a financial expert, commented on the launch, stating, “On the face of it, this looks like a good deal … It’s always good to have some fresh competition in the banking market.” He wants customers to feel confident they won’t face any deal-diminishing changes after year one. He is keen that the offer continues to be attractive, useful and mutually beneficial.