Would you say that the 71 percent regular saver offered by the new Zopa Bank Biscuit current account is tasty?

Zopa Bank's enticing regular saver is their entry into the current account market

How does the interest rate stack up against the market as a whole?

A new savings rate that leads the market is being offered to savers as Zopa attempts to break into the current account market.

Customers can now access an alluring regular savings rate of 7.1 percent with the new Biscuit current account, which was introduced by the app-based challenger bank. It is currently among the top regular savings rates available.

Existing account holders can also receive 2% cashback on direct debit bills up to £1,500 annually and 2% on all balances earned.

According to Zopa, users could earn 256 in total annually by combining cashback and interest.

Additionally, there are no fees associated with spending abroad.

How tasty is it that the 7.1 percent rate yields a return higher than both inflation and the Bank of England base rate?

The functioning of Zopa's Biscuit current account.

Fixed rate savings accounts that have previously topped the best savings rate tables are already available from Zopa.

But in order to take advantage of the special Regular Saver rate of 7.1 percent, you will need to open a new Biscuit current account with Zopas.

Then, if the rate doesn't change, you could deposit up to £300 a month and make up to £137 annually.

Your earnings will also be increased by the interest on your entire current account balance and cashback on bills.

The account can be opened by downloading the Zopa Bank app to your smartphone, and it is open to UK citizens who are at least 18 years old.

How is Zopa's Biscuit account doing?

Zopa is among the best investments due to its consistent saver rate of 71%.

For current account holders, First Direct and the Co-op offer 7% on monthly contributions up to £300 and £250, respectively.

At 7.5 percent, Principality Building Society is currently the best buy. You can make payments of up to £200 per month, but you must fix your cash for six months.

Although you can contribute more to your Zopa account than to Principality, the rate is variable and could change at any time, just like many other regular savers.

It is uncertain how long the savings rate will remain in place, particularly if interest rates decline, as this might simply be a strategy to draw in new clients.

Additionally, using an app to manage your finances requires you to be tech-savvy and content.

If you intend to transfer more money, you will also need to manually adjust any direct debits because Zopa Bank is not a member of the Current Account Switch Service.

However, this account might be worth looking into if you are comfortable managing your finances on a smartphone, particularly if you can lock in the regular savings rate of 7.1 percent before it changes.

The value of regular savings accounts is examined in a different article.