Peer-to-peer lender Zopa given green light to launch digital bank

British peer-to-peer lender Zopa is to launch a digital bank after being awarded a full UK licence. The new bank will be offering a fixed term saving account and plans to follow that with a credit card later this year.

Zopa hopes to pull in new customers with the Zopa Fixed Term Savings Account, which will feature competitive rates, can be opened in under 7 minutes and will be protected by the Financial Services Compensation Scheme (FSCS), which safeguards your money up to £85,000.

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