Digital Bank ZOPA has officially entered the current account market with its new offer, “Biscuits,” Promising Customer High launch Interest rates And Cashback Award.
This step looks at the online lender to disrupt the traditional Banking Claiming 2 percent interest on current account balance and a rate of 7.10 percent in a linked savings account.
The “biscuit” account offers 2.00 percent AER (annual equivalent rate) on the balance conducted within the current account.
Beyond interest, customers can also benefit from 2.00 percent cashback Domestic billThe annual direct debit applies to £ 1,500.
The account is associated with a regular saver option, allowing customers to earn 7.10 percent interest on deposits up to £ 300 per month.
After a 12 -month period, this regular savings account infection into an easy access savings account, currently offering a 3.50 percent rate.
The Zopa Bank has confirmed that customers will have a more regular saver flexibility to continue profit from high rate.
The Chief Strategy Officer at Zopa Bank, Marse Ferroro shared strategic intentions behind the new product, stating that “the biscuits aims to provide great value during everyday expenses and savings.”
A survey commissioned by Zopa indicated that about a quarter (24 percent) people chase the cashback offer while in about the fifth (19 percent) many in the fifth (19 percent) Bank account And financial products can be rewarded for financial products, their loyalty to find value.
One of the people involved in the survey said the third (33 percent) said that they prefer their bills and important outgoinges, who leave their account or leave them close to payday, so they know how much money they have spent.
One in eight (12 percent) people have some “no expenses” days during the week and use mobile banking to stay on top of their finance more than a third (37 percent).
The research was done by Vanpol, among 2,000 people in the UK, who are in employment in June.
Rachel Springall, an finance specialist on MoneyfactScompare.co.uk said: “It is exciting to see another challenger bank launched an ongoing account for consumers, which are expecting their money work difficult for them. Digital banks are providing some attractive benefits and are a fresh option for major high road banks.
“The allowances of traditional current accounts are different based on how a customer uses.
He said the ZOPA account “may be suited to consumers who do not want to open a variety of accounts to cover different requirements”.
Ms. Springal said that it is important that customers work how much they will earn completely from any account.