Latest news with #Zopa
Daily Mail
6 days ago
- Business
- Daily Mail
Dozens of banks slash easy-access rates - what you need to do NOW to get the best savings deal
Savers who opened a top easy-access account or Isa this year are being urged to act now as savings rates plummet in the aftermath of the Bank of England rate cut last week. Less than a week since the base rate was cut to 4 per cent, more than 20 savings providers have slashed easy-access savings accounts and Isas, according to rate scrutineer Moneyfacts Compare. Those saving with big names including Chip, Plum, Zopa, Atom Bank, Trading 212 and Monument - providers which had some of the most competitive rates on the market - have already seen rates drop either on the day of the base rate announcement or the following day, analysis by price comparison website Finder found. Monzo has also cut its easy-access saver 3.25 per cent to 3 per cent. Tomorrow, Chase's boosted saver, one of the highest rates on the market, will also drop from 5 per cent to 4.75 per cent. On the same day, Co-op Bank will reduce its Base Rate Tracker savings accounts by 0.25 per cent. Other cuts have been scheduled for later in the month - on 22 August, Moneybox will reduce its standard cash Isa rate from 3.75 per cent to 3.5 per cent, while Aldermore will drop its savings account and Isa by an even bigger margin - going from 3.55 per cent to 3.15 per cent. Customers with savings in leading high street banks should also take action in the coming weeks. NatWest and RBS customers will see rates on multiple accounts drop on 28 August, with Digital Regular Savers and Flexible Savers at both banks falling from 1.15 per cent to 1.06 per cent. Meanwhile, those with Santander Good for Life Isa or Rate for Life account will both have interest rates lowered by 0.25 per cent from 2 September, with the former going from 4.25 per cent to 4 per cent and the latter going from 4.5 per cent to 4.25 per cent (on balances over £1,000). It is made worse by the fact that inflation is predicted to rise to 4 per cent, meaning more savers could see their pots eroded in real terms, as more savings rate cuts are expected over the next few weeks. As it stands, less than a third of standard savings accounts, including fixed-rate bonds and Isas, pay more than 4 per cent and less than 10 per cent of all accounts pay a variable rate of over 4 per cent. How to get the best savings deal It can be a minefield for savers trying to bag a top easy access deal that doesn't come with any tricks or catches. Savers getting the top rates will have to tread carefully if they intend to dip in and out of their savings on a regular basis. They need to look closely through the 'best buy' easy access saving accounts to weed out restrictive terms and conditions. For a true easy access deal, you should look for the account that has the highest rate but with no bonus period, no restrictions on withdrawals and no requirement to take out an additional product to qualify for the account. The best easy-access account with no strings attached comes from Kent Reliance and pays 4.41 per cent. It is followed by Hodge Bank wich pays 4.4 per cent. There are higher rates on offer for example Cahoot's Sunny Day saver which pays 5 per cent, but you can only stash up to £3,000 in this account to get the rate. Rachel Springall, financial expert at Moneyfacts Compare says: 'It is essential consumers stay in tune with market movements and switch to ensure they are not getting a raw deal. Over the past week the Moneyfacts Average Savings Rate has dropped from 3.5 per cent to 3.47 per cent.'
Zawya
08-08-2025
- Business
- Zawya
HSBC takes extra space in Canary Wharf due to HQ squeeze
LONDON: HSBC has signed a lease to take extra space in Canary Wharf before shifting its global headquarters away from the East London financial district, according to a company memo seen by Reuters, owing to a shortage of space at its planned new base in the central City of London area. The banking giant has signed a contract to take a number of floors at 40 Bank Street, not far from the 45-floor skyscraper it currently occupies in Canary Wharf, the memo said. HSBC is taking 210,000 square feet in the Bank Street building, said a source close to the matter. The lender is moving its headquarters in London to a building roughly half the size near St Paul's Cathedral, but had realised it would lack sufficient space and had been assessing other options, Reuters previously reported. Bloomberg had previously reported that HSBC was in discussions about leasing the space at 40 Bank Street. HSBC's decision will provide a boost to Canary Wharf, which has seen the value of its offices decline since the COVID-19 pandemic and due to several planned departures including HSBC and law firm Clifford Chance. Several companies have signed up for space in the district in recent months, as return-to-office mandates have contributed to a shortage of quality space, particularly in the central City of London. Spanish bank BBVA has signed a lease to take 250,000 sq ft in Canary Wharf, landlord Canary Wharf Group said this week, while fintech Zopa is moving its headquarters to the district.
Finextra
07-07-2025
- Business
- Finextra
Zopa opens Manchester office
London-headquartered digital bank Zopa is opening an office in Manchester as it bids to create a 500-strong workforce in the city. 0 Opening in central Manchester next month, the office will initially provide space for a team of 50+ employees, with roles focused on product, engineering, and specialist operations. It "could" grow tenfold to over 500 staff over time, says Zopa. The bank is planning to tap into the city's thriving tech ecosystem, strong financial services presence, and deep talent pool. With over 10,000 digital and tech businesses, a flourishing startup scene, and five major universities enrolling over 100,000 students, Manchester has become one of Europe's fastest-growing tech hubs. Iain Kendrick, chief people officer, Zopa, says: "With more than 85% of our customers based outside the capital, expanding into Manchester allows us to be closer to our diverse, nationwide customer base, access new talent, and accelerate our ambitious growth journey. Manchester has the energy, connectivity, and capability we need to support our next stage of expansion as we make Zopa a top-choice employer across regions." A P2P lending pioneer, Zopa pivoted to become a bank in 2020 and has since amassed 1.5 million customers, lending more than £13 billion and securing two straight years of profitability. In June it marked a major milestone, finally launching its first current account, Biscuit. As it grows the business, the firm is also expecting to move to its landmark new headquarters in London later this year, doubling its office footprint for around 900 employees.
Yahoo
04-07-2025
- Business
- Yahoo
Zopa Bank expands to Manchester
Zopa, the digital banking, has revealed plans to expand operations in Manchester by adding up to 500 jobs over time. The company is slated to open a new office in central Manchester by August 2025 to enhance its UK footprint and invest in talent and innovation. The new office will initially accommodate a team of over 50 employees, concentrating on product development, engineering, and specialist operations. Zopa has indicated that this number could expand to more than 500 as the company grows. This regional expansion is in line with Zopa's objective to be closer to its customer base, which predominantly resides outside of London, expecting to provide access to a broader talent pool and support the company's growth plans. This follows its recent venture into everyday banking with the introduction of Biscuit, its new bank account offering. This account, which customers can set up in a matter of minutes, features interest on balances, cashback on bills, and savings rates, all managed via Zopa's mobile application. In May, Zopa raised £80m in Additional Tier 1 (AT1) capital from a combination of existing and new investors. The funds are intended to strengthen Zopa's balance sheet in anticipation of the launch of its bank account, while avoiding dilution for current shareholders. Founded in 2005, Zopa has customer base of 1.5 million in the UK. The company issued over £13bn in loans, manages more than £5bn in customer savings and has over 600,000 credit card users, as reported on the company's website. "Zopa Bank expands to Manchester " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Finextra
04-07-2025
- Business
- Finextra
Zopa to open office in Manchester, UK
Zopa, the digital bank pioneer trusted by 1.5 million customers, has announced the opening of a new office in central Manchester. 0 Set to launch as early as August 2025, the move represents a significant step in Zopa's ambition to grow its footprint across the UK and reflects the company's ongoing investment in innovation and talent. It follows Zopa's entry into everyday banking with Biscuit, its flagship bank account, that delivers the highest value on the market alongside mobile-first ease and convenience. Zopa selected Manchester for its new office due to the city's thriving tech ecosystem, strong financial services presence, and deep talent pool. With over 10,000 digital and tech businesses, a flourishing startup scene, and five major universities enrolling over 100,000 students, Manchester has become one of Europe's fastest-growing tech hubs. The Zopa Manchester office will initially provide space for a team of 50+ employees, with roles focused on product, engineering, and specialist operations. It could grow tenfold to over 500 staff over time. Iain Kendrick, Chief People Officer said: "With more than 85% of our customers based outside the capital, expanding into Manchester allows us to be closer to our diverse, nationwide customer base, access new talent, and accelerate our ambitious growth journey. Manchester has the energy, connectivity, and capability we need to support our next stage of expansion as we make Zopa a top-choice employer across regions.' Leader of the Council Bev Craig added: 'Manchester has an active and ever-growing digital and tech community that is attracting key businesses that can take advantage of the ecosystem we have built in the city to support organisations to thrive. The new Zopa office is a continuation of this and further bolsters our reputation internationally as an important centre for fintech – while also supporting Manchester's own growth ambitions in the tech sector, creating great employment opportunities to our residents.' Joe Manning – Managing Director MIDAS said: 'Zopa's choice of Manchester reflects our city-region's fantastic digital landscape and financial services strength. Our vibrant community of thousands of tech companies, dynamic startup culture, and major universities producing skilled graduates create an ideal environment for innovative banking. This investment demonstrates how our city-region has become a magnet for leading fintech businesses seeking growth opportunities. We look forward to welcoming them to Manchester.' The expansion underscores Zopa's remarkable trajectory as one of the fastest-growing digital banks in the UK, having had an exceptionally strong year with continuous double-digit growth, and increased profitability. Continued innovation and partnerships with household brands like Octopus Energy and John Lewis, amongst others, helped Zopa double pre-tax profits to £34.2 million in FY2024. With sustained, profitable growth, Zopa is expected to move to its landmark new headquarters later this year, doubling its office footprint – in addition to opening the new regional office in Manchester. Unlike many fintechs, Zopa holds a full UK banking license, meeting the same regulatory standards as traditional banks. Deposits are protected up to £85,000 by the FSCS. One of the UK's highest rated and most celebrated financial brands, Zopa has been recognised with over 10 British Bank Awards, holds a Trustpilot rating of 4.6/5, and has one of the highest customer satisfaction scores in the industry.
