The new current account that offers cashback and 7 per cent savings interest
Digital Bank Zopa officially entered the current account market with the launch of the new proposal “Biscuit”, which promised customers with high interest rates and cash repayment awards.
The movement is aimed to disrupt traditional banking by offering a saving account of 2 percent interest and 7.1 percent of the online debtor’s existing account balances.
The “biscuit” account provides a 2.00 percent AER (annual equivalent ratio) in balances kept in the current account itself.
Beyond interest rates, customers can also benefit from a 2.00 percent cash return on household bills that are valid up to direct debts up to £ 1,500 per year.
The account is linked to a normal savings option that allows customers to gain 7.1 percent interest for deposits up to £ 300 per month.
After a period of 12 months, this regular savings account is currently switched to an easy access saving account, which currently offers a rate of 3.50 percent.
Zopa Bank confirmed that customers would have another regular savings flexibility to continue to benefit from the higher rate.
Merve Ferrero, the chief strategy manager of Zopa Bank, shared the strategic intention behind the new product and said that “Biscuit aims to value great value in daily expenses and savings”.
A survey conducted by Zopa showed that about one quarter (24 percent) chased the refund of cash, and had more than one -fifth (19 percent) (19 percent) (19 percent) (19 percent) (19 percent) (19 percent) (19 percent) (19 percent) (19 percent) (19 percent) to find value or rewarded for their loyalty to have more than one bank account and financial products.
One -third of the respondents know that they prefer important expenditures to leave most of their invoices close to the day or close to the salary day, so that they spend much money.
At eight (12 percent), a person uses mobile banking to stay above some “no expenditure” days and more than one -third (37 percent) financial situation for the week.
The research was conducted in June by Onepoll between 2,000 people who employed throughout England.
Rachel Springall, a financial expert in MoneyfactSCompare.co.uk, said, “Another Challenger Bank hopes to run the money more for them.
“The advantages of traditional current accounts tend to change depending on how a customer uses it.”
Zopa account, “to meet different needs to open various accounts can be suitable for consumers who do not want to open,” he said.
MS Springall said it is vital to find out exactly how much customers find them from any account.
