Zopa launches current account with cashback and 7.1% on savings | Banks and building societies

The war for the bank customers has concentrated this week, a new player entered the UK current account market and cash on the bills and provided access to a savings account paying 7.1%.

Digital Bank Zopa hopes for the advantages of loan interest and free expenditures abroad. -The anahtars pull the first daily account.

Since 2005, the company has been launched as a “inter -spousal” credit platform, bringing savings looking for savings better with individuals looking for loans.

He then closed the operation between the spouses-and now a full-fledged digital bank.

Zopa’s released current account account is called biscuit-a name that makes it a PUNS on how to watch the rise of the dough ”. The company has to open it in the Zopa application that takes minutes.

The account does not have a monthly fee and comes with a contactless visa debit card. Unlike many other Fintech companies, Zopa points out that deposits protected by the Financial Services Compensation Program up to £ 85,000 have a full UK banking license.

Although the biscuit is not true for everyone, overseas card expenditure fee and existing account balances have some good features, including 2% (1.98% gross) interest, and there is no limit to what you can earn. The ratio is fixed for 12 months and then variable.

For direct debts paid from the account, it will pay a 2% cash per month per month, which is guaranteed for 12 months to the maximum direct bank value of £ 1,500 per year.

The digital bank also offers a regular savings account by paying 7.1% (6.87% gross), which you can pay up to £ 300 per month. Assuming that this rate remains the same for the next 12 months, you can earn up to £ 137 per year.

You can contact the bank in -app or telephone, and he says he can connect external accounts from a single place to manage and pay customers’ money.

Nevertheless, there are disadvantages. Zopa is for people who are happy to use an application -based account. If you need a branch access, look elsewhere. Also, you cannot pay cash or check to the account.

It does not offer a loan deposit at the moment and is not compatible with the current account switching service of the banking industry, which aims to make your current account from another bank from another bank from another bank.

Andrew Hagger, a personal finance expert and the founder of the Moneycomms website, says: şturkı The opposite of this seems to be a good agreement… It is always good to have a new competition in the banking market. ”

Hagger, Starling, such as other competitor banks offers in -the -way interest, but then to withdraw. “I hope this will not be undermined after the first 12 -month fixed ratio bid,” he adds.