Zopa Bank Review
Zopa Bank is a UK digital bank that evolved from the world's first peer-to-peer lending platform, founded in 2005. It now offers the Biscuit current account, Smart Saver, personal loans, credit cards, and car finance through a polished app-based experience. Biscuit combines everyday banking with 2% AER variable interest on current account balances, 4% cashback on eligible bills, and access to a 7.10% AER Regular Saver. Eligible deposits are protected by the FSCS up to £120,000.
Key Features
| FSCS Protection | Yes — eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000 per person |
| Monthly Fee | £0 — no monthly fee on the Biscuit current account |
| Current Accounts | Yes — Biscuit current account with debit card, 2% AER variable interest on balances, cashback on eligible bills, and Regular Saver access |
| Savings Accounts | Yes — Smart Saver pots, access savings, fixed-term savings, and a Regular Saver linked to Biscuit |
| Regular Saver | Yes — Biscuit customers can access a 7.10% AER variable Regular Saver |
| Cashback | Biscuit offers 4% cashback on eligible bill payments, subject to limits and terms |
| Credit Card | Yes — Zopa offers a credit card with no annual fee, subject to eligibility |
| Apple Pay | Yes — Apple Pay support is available |
| Spending Abroad | Zopa advertises fee-free spending abroad with the Biscuit card, but always check latest card terms before travel |
| App Features | Smart Saver pots, Regular Saver access, credit score tools, Borrowing Power, spending notifications, card controls, loan management, and Apple Pay |
| Loans | Yes — personal loans from £1,000 to £35,000, subject to eligibility and credit assessment |
| Car Finance | Yes — car finance options are available |
| Business Banking | No — Zopa is focused on personal customers rather than business banking |
Zopa Bank at a Glance
- Zopa offers the Biscuit current account, Smart Saver savings pots, personal loans from £1,000 to £35,000, a credit card, and car finance. Biscuit has no monthly fee, pays 2% AER variable interest on current account balances, offers 4% cashback on eligible bill payments, and gives access to a 7.10% AER Regular Saver. Zopa is fully digital and FSCS protected up to £120,000 on eligible deposits.
Zopa Bank Services
Zopa provides app-based personal banking products including the Biscuit current account, Smart Saver, access and fixed-term savings pots, a Regular Saver linked to Biscuit, personal loans, credit cards, and car finance. Customers can manage products through the Zopa app, use Apple Pay, receive transaction notifications, track borrowing options, and access support through live chat and phone channels.
✅ Pros
- Free Biscuit current account
- 2% AER variable interest on Biscuit current account balances
- 4% cashback on eligible bill payments
- Access to a 7.10% AER Regular Saver with Biscuit
- Smart Saver pots for organising savings
- Access and fixed-term savings options available
- Personal loans from £1,000 to £35,000
- Credit card available
- Car finance available
- FSCS protection up to £120,000 on eligible deposits
- Trusted by over 1.5 million customers
- Best Banking App winner at the British Bank Awards 2026
- Best Credit Card Provider winner at the British Bank Awards 2026
- Strong app-based product management
⚠️ Cons
- Digital-only bank with no branch network
- Cash deposits are not supported
- Cheque deposits are not supported
- No joint account currently advertised
- No business banking options
- Credit products are subject to eligibility and credit checks
- Savings rates and cashback terms can change
- Less established as a main current account than Monzo, Starling, or Chase
- Not ideal for users who need in-person banking or regular cash handling
Why We Like Zopa Bank
We like Zopa because it combines everyday banking, savings, cashback, and credit products in one polished digital app. Biscuit is particularly strong because it has no monthly fee, pays interest on current account balances, offers cashback on eligible bills, and gives access to a high-interest Regular Saver. Zopa is also a strong option for users who want savings pots, personal loans, credit cards, and car finance from the same app.
How We Compare Digital Banks
Compared with full-service digital banks like Monzo, Starling, and Chase, Zopa is strongest for users who want a mix of cashback, balance interest, savings, and credit products. Monzo and Starling still offer more mature everyday current account tools, while Chase remains strong for simple cashback-led spending. Zopa stands out through Biscuit's combination of 2% AER variable interest, 4% cashback on eligible bills, Regular Saver access, Smart Saver pots, and borrowing products.
Financial Information Disclaimer
The information on this website is provided for general guidance only and may not always reflect the latest fees, rates, or terms offered by each bank. While we do our best to keep content accurate and up-to-date, you should always check the bank's official website or app before applying for an account. Nothing on this site constitutes financial advice.
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