The Top Fixed Interest Savings Discussion Area

Malchester

You could use 2 accounts. Put what you can into Marcus and open another fixed rate account of a year (or different length) for thd rest of the funds

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81865398#Comment_81865398

Yes, that's the plan. My query is on the use of both fixed and variable wording of the Prosper/Al Rayan offering.

EDIT: It's clearer on the Prosper website where only FIXED is used. Variable not mentioned, so I'll open tomorrow.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81865404#Comment_81865404

I wonder if it is because Al Rayan is a sharia bank and so should not be paying interest.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81865522#Comment_81865522

Yes, it is because Al Rayan is a Sharia compliant bank. It is a consequence of them being unable provide any guarantees on future profit, since uncertainty is key to compliance.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81865572#Comment_81865572

It seems there is no uncertainty on the Prosper website... It clearly says 4.5 fixed with the examples of returns after one year backing that up.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81865597#Comment_81865597

Well if Prosper is willing to make good any shortfall then they can say that. Prosper will be on the receiving end of any claims/complaints in the unlikely event Al Rayan has to decrease the expected profit rate on the underlying account.

soulsaver

@ccluedo

BoS (& HFax?) w/d: In branch: up to £250,000 with valid identification

Payment limits | Payments & transfers | Bank of Scotland

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81865819#Comment_81865819

Thanks @soulsaver, I was aware of that but annoyingly my local branch closed in '24 and the nearest one now is a 60 mile round trip which I can't fit in today.

katejo

https://forums.moneysavingexpert.com/discussion/comment/81865398#Comment_81865398

But the Marcus offer has expired now. I tried to do it last week.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81866562#Comment_81866562

Update to the above. I managed to transfer the full amount to Marcus from BOS over the phone after jumping thru LOTS of security hoops.

@katejo I opened the account two weeks ago with a 14 day funding window. (had to be funded by today.)