Zopa is launching its first fixed term savings account, with rates of up to 1.3 per cent interest over a one to five-year period.
The account is the first product launch after the FinTech secured its full banking licence and launched banking services in June. Zopa had previously offered peer-to-peer lending services globally, since launching in 2005.
The savings account, which can be set up online in as little as four minutes, can be fully managed online with 24/7 access to deposits, with a minimum deposit of £1,000.
Customers’ money is protected by the Financial Service Compensation Scheme up to £85,000.
Jaidev Janardana, Zopa’s chief executive officer, said: “Today people quite rightly want to know that their savings will deliver a return that helps them make the most of their money.
“As a new digital bank, Zopa is using its innovative, agile approach to ensure we bring more choice and competition to people’s financial lives when they need it most.
"By leveraging our significant technological and financial services expertise we are able to offer good value, straightforward products and intuitive tools to help people manage their money.”
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