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How to Cancel Zopa Savings

You can close your Zopa Savings account entirely through the app in minutes. Your full balance plus interest transfers to your bank within 1-2 working days, though fixed-term accounts incur early withdrawal penalties.

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Quick Facts

Cancel online?
Yes
Pause option?
No
Refund policy
Your full balance plus accrued interest transfers within 1-2 working days. Early withdrawal penalties on fixed-term accounts are deducted.
After cancellation
Zopa retains account records for 6 years under FCA rules, then securely deletes them unless legally required otherwise.

Cancellation Steps

Go directly to Zopa Savings cancellation page

  1. Sign in to the Zopa app

    Launch the Zopa app or visit app.zopa.com and log in with your email and password.

  2. Go to your savings account

    Tap 'Savings' or 'My Accounts' on the home screen, then select the account you wish to close.

  3. Review your balance and penalties

    Check your balance and accrued interest. Fixed-term accounts show the exact early withdrawal penalty before you proceed.

  4. Confirm closure and withdraw funds

    Tap 'Withdraw' or 'Close Account', select your verified bank account, and confirm closure. You'll receive an email confirmation.

Tips & Things to Know

  • For fixed-term accounts, Zopa shows the exact penalty amount - compare it against keeping funds locked until maturity.
  • Verify your bank account details in the app beforehand as transfers cannot be redirected once initiated.
  • Leave the account open with zero balance to retain access to future interest rates rather than fully closing it.

Your Consumer Rights

  • FCA regulated - Zopa is authorised and regulated by the Financial Conduct Authority (firm reference 541774).
  • FSCS protected - Your savings are covered up to £85,000 per depositor under the Financial Services Compensation Scheme.

Frequently Asked Questions

Can I close my Zopa Savings account at any time?
Yes. Easy-access accounts close with no penalties. Fixed-term accounts incur early withdrawal penalties if closed before maturity.
Will I get my money back?
Yes. Your full balance plus accrued interest transfers to your bank within 1-2 working days. Early withdrawal penalties are deducted from fixed-term accounts.
How much is the early withdrawal penalty?
The exact penalty appears in the app before you confirm closure, calculated based on your account type and time remaining.
How long does closure take?
The app process takes about 5 minutes. Funds arrive in your bank account within 1-2 working days depending on your bank.
Can I reopen my account after closing it?
Yes, but you'll need full verification again, which may take several business days. New accounts open at current interest rates.

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