The Biscuit current account has lost its best-known trick, and gained a menu. Zopa has told customers they must now choose one of three benefits: a 2.75% AER variable rate on their balance, cashback of 3% when eating out, or the same 3% on direct debits. For existing customers the new setup does not start until 27 September, according to the money-saving site Be Clever With Your Cash. This is Money, reporting on 28 August 2026, framed the same shake-up as a trade: a standard balance rate halved, 2 per cent down to 1, with the 7.1 per cent regular saver shut to newcomers.
The catch with the boosted rate
The 2.75% looks generous beside the new 1% standard rate, which has no cap on the balance. But the mechanics here matter. Pick the boosted rate and you give up the cashback, and Be Clever With Your Cash says that includes the 1% already paid on your balance. Even at 2.75%, the site adds, the figure is a long way short of the best savings rates and current accounts around. Its view is that the boost only makes sense for money you plan to spend soon.
Cashback is a smaller prize than before. The old deal gave 4% back on bills, capped at £2,000 of direct debits across a year, so £80 at best. The new one pays 3% on spending of up to £150 a month, in either eating out or direct debits. That works out at £4.50 a month, or £54 a year, and only if you take that option and nothing else.
The regular saver goes
The bigger loss is the 7.1% regular saver. Zopa first shortened it to a six-month term rather than twelve. Now it is ending. Existing holders keep theirs until the term runs out but cannot renew. Savers could put in £300 a month, which earned at most £38 across the six months.
A saver review dated 15 October 2026 on CoolCuration says Zopa has dropped the product during 2026 and that the old page now redirects. Its author says a pot of their own still earns 7.10% AER and takes deposits. New saving goes through Zopa’s Smart Saver instead, and its the easy-access pots pay 2.95% AER, a variable rate. The same page points to rivals: First Direct’s regular saver at 7.00% AER fixed, and Club Lloyds Monthly Saver at 6.25% AER fixed, though both require their own current accounts.
Be Clever With Your Cash also names current-account-linked regular savers paying up to 8% at Lloyds, Santander, Bank of Scotland and Halifax.
Spending abroad is fee-free at the real Visa exchange rate, with up to £200 of cash withdrawals a month before a 2% fee applies. And Zopa still promotes the account. Express says Biscuit pays 1% AER variable on all balances and that MoneySavingExpert has rated it top of its table on cashback and perks, and for people who save regularly.
Sources
- Zopa Biscuit current account review: 3% cashback and free coffee – Be Clever With Your Cash
- Zopa Regular Saver: Closed to New Savers – CoolCuration
- Bank launches new savings account and Cash ISA paying up to 5% interest – Express
- Zopa shakes up Biscuit current account perks… but axes 7.1% regular saver: How does it compare? – This is Money
