Digital bank Zopa has decided to launch a fixed term savings account.
In Brief:
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Zopa is a peer-to-peer lending platform.
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It has recently gained a banking licence and began launching its bank offering this year.
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The fixed term savings account requires a minimum deposit of £1000.
What does this mean?
Zopa plans to develop a whole suite of digital banking products since earning its licence, so the savings account will be the first. It hopes to offer competitive rates at a time when they are at an all-time low. If Zopa can attract customers through this product, they will then be able to avail or products it develops in the future.
