Zopa Launches Biscuit Account: 2% Cashback & Market-Leading 7.1% Regular Saver – Is It Worth It?

Zopa’s New Biscuit Current Account: Key Features at a Glance

Zopa Bank has officially launched its first current account – Biscuit – offering:

• 2% cashback on direct debits (capped at £30/year)

• 7.1% variable rate regular savings account

• Fee-free spending abroad

• Interest on balances (2% AER)

How Does Biscuit Compare to Competitors?

The Good: 7.1% Regular Savings Account

The standout feature is undoubtedly the 7.1% regular saver:

• Save £300/month (£3,600/year)

• Potential £137 interest (if rate stays unchanged)

• Currently market-leading for 1-year terms

*However, note it’s a variable rate – First Direct’s 7% fixed may be more reliable.*

The Not-So-Good: Cashback Limitations

While 2% cashback sounds impressive:

• Only applies to direct debits (not everyday spending)

• Capped at £1,500/year (£30 max cashback)

• £2.50/month is underwhelming vs competitors

Who Is This Account Best For?

✅ Savvy savers wanting the highest regular saver rate
✅ Frequent travelers needing fee-free spending abroad
❌ Not ideal for those seeking substantial cashback rewards

Verdict: Should You Switch?

Zopa’s Biscuit account offers a competitive savings rate but disappointing cashback. It’s worth considering if:

1. You’ll maximize the 7.1% saver

2. You need fee-free foreign transactions

3. The £30/year cashback is a nice bonus rather than main draw

For better rewards, Chase UK (1% uncapped cashback) or First Direct (7% fixed saver) may be better options.