Zopa Launches Current Account with Market-Leading Cashback and Interest Offers
Zopa Bank, the digital banking pioneer that transitioned from peer-to-peer (P2P) lending to a licensed bank in 2020, has officially entered the UK current account market with the launch of its flagship “Biscuit” account.
The mobile-first Biscuit account can be opened in minutes with fully automated onboarding. Customers receive instant access to virtual cards, along with the ability to link external bank accounts, offering a seamless and centralized money management experience.
Zopa is betting on generous financial incentives to attract customers. Biscuit offers:
- 7.1% AER on deposits up to £300/month
- 2% AER on all balances
- 2% cashback on bill payments
According to Zopa, the account can generate an average of £256 per year in combined cashback and interest for users.
“Stepping into everyday banking is a natural next step in Zopa’s mission to build the Home of Money for its customers,” said Jaidev Janardana, CEO of Zopa Bank.
“We believe British consumers deserve better than having to constantly chase deals or accept poor experiences.”
Zopa’s move comes as consumer behavior shifts toward value-seeking and flexibility. Research commissioned by the bank shows that 25% of UK consumers actively chase cashback offers, and nearly 1 in 5 maintain multiple financial accounts to maximize value, avoid fees, or benefit from better service.
Since becoming a bank, Zopa has built a customer base of 1.5 million, issued over £13 billion in loans, and achieved two consecutive years of profitability—a rarity among digital challengers.
With the launch of Biscuit, Zopa aims to position itself as a serious contender in the current account space, offering a compelling alternative to traditional and neobank providers alike.
