Independent BankAdvisor review
Zopa Bank Overview
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.
Quick facts
FSCS protection
Protected up to £120,000
Trustpilot rating
4.6 / 5
Monthly fee
£0
Current account
Yes
Account summary
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, 1% AER variable interest on balances, and a monthly choice of boosted interest or cashback |
| Savings Accounts | Yes — Access pots at 2.95% AER, Limited Access up to 4.56% AER for eligible new savers, notice-linked Boosted pots from 3.08% to 3.55% AER, and fixed terms up to 4.65% AER |
| Cashback | Biscuit offers 3% cashback on up to £150 a month of Direct Debits or of eating out, as an alternative to boosted interest |
| 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, 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 started in 2005 as the world's first peer-to-peer lending platform and became a licensed bank later. That order matters: the lending side is mature and central here, not an afterthought bolted onto a banking app.
- Its current account, Biscuit, is unusual in paying interest on the balance and cashback on household bills at the same time. That makes Zopa a genuine main-account contender rather than a savings sidecar.
Zopa Bank services
The Biscuit current account, Smart Saver pots covering both access and fixed terms, personal loans, credit cards and car finance — all run from one app, with Apple Pay, transaction notifications and support by live chat or phone.
The borrowing range is what separates Zopa from most app-only rivals. Where they tend to offer an overdraft and stop, Zopa lends across cards, loans and car finance, so it is worth comparing on its borrowing terms and not only on the rate it pays you.
May suit
- OKFree Biscuit current account
- OK1% AER variable interest on Biscuit balances, or 2.75% AER with boosted interest
- OK3% cashback on up to £150 a month of Direct Debits, as an alternative to boosted interest
- OKFixed-term savings pots paying up to 4.65% AER, including 4.60% AER at six months
- OKLimited Access and notice-linked Boosted savings options
- OKSmart Saver pots for organising savings
May not suit
- !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
Our Assessment of 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, and lets customers choose cashback on bills or boosted interest each month. Zopa is also a strong option for users who want savings pots, personal loans, credit cards, and car finance from the same app.
Continue Reading
Continue with the Complete Zopa Bank Review
You've read the summary. Our Complete Review examines the account in much greater detail, helping you understand how it performs in everyday banking before you decide.
- Detailed feature analysis
- Fees and charges explained
- Everyday banking experience
- Account strengths and limitations
- Protection and eligibility
- Comparison with similar UK banks
How Zopa Bank compares
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 balance interest, its monthly choice of cashback or boosted interest, 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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