Zopa.com has reported a vast increase in the number of people aged 50 and over using its services. Zopa - Zone of Possible Agreement - is a website that introduces people looking to lend money to those needing to borrow cash . Lenders set the rate at which they are willing to lend, and their money is then distributed among around 50 borrowers, minimising the impact of any one borrower defaulting on their loan .
More than 15,000 people aged over 50 have turned to Zopa.com, and are enjoying an average interest rate of 8.1 per cent on their savings . The number of members aged over 50 has increased by nearly a third, while there has been a 100 per cent increase in the number of people aged 60 and over using the website. 20 per cent of the website's members are now aged over 50, which is unusual for a purely web based lender.
With elderly people largely reliant on the interest on their savings account for income, they have needed to look for alternative and more lucrative savings accounts of late. The decision by the Bank of England to slash the base rate to 0.5 per cent has seen pensioners' incomes decimated.
Elderly Savers Shun Banks in Favour of Zopa
Financial Services > e-banking > Banking news
Elderly Savers Shun Banks in Favour of Zopa
Mon, 28 Sep 2009
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