Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.
Competition within the savings market increased today with the launch of a range of fixed rate savings accounts from Zopa.
Although the new savings accounts being offered by Zopa are not chart-topping, they are still competitive. All the accounts can only be opened and managed online or via mobile app and require a minimum deposit of £1,000. The new accounts are:
Zopa was originally founded as a peer-to-peer (P2P) company but gained its full banking licence in June and now operates as a digital bank. As such, its savings products are under the Financial Services Compensation Scheme (FSCS), which protects balances of up to £85,000 per banking licence.
Commenting on the launch of the savings accounts, Jaidev Janardana, CEO at Zopa, said: “Today people quite rightly want to know that their savings will deliver a return that helps them make the most of their money. Launching our fixed term savings product delivers the much-needed choice and reassurance of rate that consumers are looking for.
“As a new digital bank, Zopa is using its innovative, agile approach to ensure we bring more choice and competition to people’s financial lives when they need it most. By leveraging our significant technological and financial services expertise, we are able to offer good value, straightforward products and intuitive tools to help people manage their money.”
The news of the new savings products launched by Zopa will be welcomed by savers who have faced months of falling rates after interest rates were cut to a historic low in March and a new Term Fund Lending scheme was launched in April. Saying this, Zopa has not launched chart-topping rates, but, if its savings products prove successful, it could look to increase rates or launch a wider range of products in the future.
Savers looking to get the best rates in the fixed term savings charts will have to consider a challenger bank, as no high street bank or building society is currently offering the top rates. The best rate overall comes from Bank of London and The Middle East (BLME), which pays an expected profit rate of 1.50% gross on anniversary on the seven-year version of its Premier Deposit Account.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.
I accept. Read our Cookie Policy