Smart Saver T&Cs update - 29 October 2024

We’re making a change to our Smart Saver Terms to give more certainty on Boosted pot interest rates. We've outlined which clauses we've added or amended below, along with a brief explainer for each.

Additions to Clause 4 (Interest)

4.2: The interest rates we pay on funds you place into Boosted pots, unlike Access pots, are linked to the Bank of England base rate. This means that if the base rate increases or decreases in the future, the interest rate on your Boosted pot(s) will change (up or down) by the same amount. You can see the current Bank of England base rate at: www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate. We also reserve the right to make changes to the rate of interest payable on your Boosted pots, other than due to changes in the base rate.

This clause explains that Boosted pot interest rates will be tied to the Bank of England base rate, but that we do reserve the right to change the interest rates on Boosted pots for reasons outside of the base rate in rare circumstances.

4.7: If you have funds in a Boosted pot and the base rate changes, the interest rates on your Boosted pot will change (up or down) in line with the base rate change. We’ll let you know the date your interest rate was amended, within 2 business days of the base rate change. Your new interest rates will be available to see in the Zopa app.

This clause explains that if the base rate changes, your Boosted pot interest rate will change by the same amount within 2 business days.

4.10: When you move funds from a Boosted pot to an Access pot, your interest rate won’t be linked to the Bank of England base rate anymore. The interest rate payable on your Access pot will be displayed in the Zopa app.

This clause explains that Access pot rates aren't directly linked to the base rate.

Amends to Clause 4 (Interest)

4.9: For all other rate changes which are to your disadvantage, we will make the change as set out below:

  • for funds in an Access pot, we will notify you by email at least 14 calendar days before the change is implemented. You will be free to close your account (without penalty) at any time in accordance with these terms;

  • for funds in a Boosted pot, we’ll give you notice by email of at least 14 days plus the period of time the funds are locked away for so that you can opt to give notice and close the Boosted Pot before the interest rate change takes effect.

This clause explains that if we decrease your Boosted pot interest rate for reasons outside of changes to the base rate, we'll notify you by email 14 days (plus your Boosted pot notice period) before it's implemented.
You'll no longer be notified in advance when Boosted pot interest rates change as a result of changes to the base rate.

View our full Smart Saver Terms.