Zopa Bank has launched a new “Smart Saver” account for younger users.
In Brief:
It's designed as a mobile only solution for those at the beginning of their saving journey.
Users can have multiple pots at different interest rates with different requirements.
The easy access accounts have an interest rate of 0.72% while “locking away” the money for longer means a rate of up to 1.05%.
What does this mean?
The account will bring savings and money management all in one place, offering faster payments, and no financial penalties for withdrawals. Zopa says it hopes to help people manage their finances after the Covid-19 pandemic since one third of UK adults have less than £600 in savings.
