Zopa Bank Account Review – Is It Worth Joining the Beta?

Zopa has launched a brand-new current account, currently in its beta phase, meaning you’ll need to join the waiting list and hope to be accepted. But is it worth the wait? Let’s take a look at what makes this account so useful.

Why Consider the Zopa Bank Account?

The Zopa bank account offers several enticing perks, particularly for savers and those looking to maximise cashback on their bills.

1. High-Interest Linked Saver Account

One of the biggest attractions of this new account is the ability to open a linked saver account offering 7.5% interest on up to £300 per month. Over a year, this could earn you up to £146 in interest—far better than most standard savings accounts.

2. 2% Cashback on Direct Debits

Another standout feature is the 2% cashback on direct debits, capped at £1500 per year. This means you can earn up to £30 annually just by paying your bills through the account.

Interestingly, some users online have reported success in setting up a single £1500 direct debit to another savings account and earning the £30 cashback right away. Cashback appears to be paid on the month anniversary of opening the account, making this an easy way to maximise the benefit.

3. Fixed Rates for 12 Months

The rates for both the linked saver account and the cashback offer are fixed for 12 months from when you open the account. This provides some certainty in an ever-changing financial landscape.

The Downsides – Should You Move Your Money Here?

While the Zopa bank account has some great perks, it does have one notable downside: low interest on cash balances. The account offers just 2% interest on standard balances, which is significantly lower than many competitor accounts. If you tend to keep large amounts of money in your current account, you may be better off storing it elsewhere in a higher-interest savings account.

Is It Worth Signing Up?

If you’re eligible for the beta, this account could be a fantastic way to earn easy cashback and high interest on savings. However, you should keep your main cash reserves in a higher-yielding savings account to make the most of your money.

To learn more and join the waiting list, check out Zopa’s official guide here: Zopa Beta Bank Account.