Does anyone have any experience with Prosper for a Cash ISA?

seriously

Their new rate seems to be very good:

https://www.moneysavingexpert.com/savings/best-cash-isa/#topeasy

No transfers in, rate drops after 1yr

Prosper - for new customers only , 4.7%

- 2.78% variable + 1yr 1.92% 'Prosper boost'
- No transfers in

- Min. £10,000, Max. £20k a yr- Open via app- Interest paid: monthly (bonus paid after 12mths)

- Is a flexible ISA

The reviews for the app on Google play are bad though. Anyone have experience with them and the app in general?

Also there's one thing in the blurb that I don't quite understand: "Any money that's pending is also held in Griffin Bank, and is protected if Prosper goes bust, but may not be if Griffin Bank did."

What does money pending mean and why would the money not be protected if Griffin is the bank in this case?

kaMelo

I was going to open their Cash ISA as it's a top rate and a flexible ISA, until I noticed what happens to the bonus interest.

The bonus interest is paid out of the ISA to your nominated account after twelve months (or upon closure) so losing the tax free status, rather than being paid into the ISA. That's enough for me to look elswhere.

I'm not sure where you've seen that about FSCS protection not applying to Griffin bank, The terms I've read state that funds in your wallet are deposited in a holding account with Griffin bank which is FSCS covered for £120,000.

https://www.prosper.co.uk/help/en/articles/10057273-are-my-savings-covered-by-the-fscs

Jazzking

I've gone it as 4.7% for new cash, along with a £100 bonus (PROSPERCASH) makes it a good deal and I can live with the bonus element being taxable (so effectively 4.31% on the rate alone, disregarding the £100).

Edit to add, the app seems fine, but not had much need to do anything with it since making the deposit to my wallet and moving into the ISA.

ETA again - the bonus isn't treated as interest so is non taxable, if that is what was putting you off

BigBlueSky

Looks like they've upped the rate now to 4.71% AER including the bonus

seriously

https://forums.moneysavingexpert.com/discussion/comment/81936139#Comment_81936139

https://www.moneysavingexpert.com/savings/best-cash-isa/#topeasy

Click on Prosper - for new customers only and read the last line. Maybe I'm reading it wrong but that's for the heads up on the interest being paid out.

seriously

https://forums.moneysavingexpert.com/discussion/comment/81937236#Comment_81937236

£100 makes it a lot more attractive now, wow thanks for the posting that! Does the £100 show as pending/tracked after you opened your account?

https://www.prosper.co.uk/cashback-offer

I found this link but there doesn't seem to be any other details for T&Cs. I mean I understand it sounds like it's as straightforward as it gets but usually there are lots of little bits of information.

I already have two flexible cash isa accounts opened for this year (25-25) where I had money in them but they are empty as of right now.

1. Am I correct in thinking I can open this 3rd account with Prosper and stick £20k in it? I don't have to do anything like a transfer or anything as long as i don't exceed £20k across all 3?
2. Also if I keep £10k for 6 months in a Prosper Cash ISA but then move it all (via a regular withdraw i.e not transfer) to another flexible Cash ISA later, as long as I keep the Prosper account open, in another 6 months I should get the bonus right?

Jazzking

https://www.prosper.co.uk/documents/100-cashback-offer-q42025-terms-and-conditions?lid=2txofv80eaan

Here's the terms. I got an email confirming I'd activated the offer after I registered and put the code in.

seriously

https://forums.moneysavingexpert.com/discussion/comment/81937666#Comment_81937666

Thanks!

https://forums.moneysavingexpert.com/discussion/comment/81937568#Comment_81937568

This was indeed 4.71% last night but I've just checked and it back to 4.7% now. That's strange..

sccowl

Similar query to @seriously

We doing a building project so money will only be in for part of the year, with regular withdrawals. I'm assuming interest calculated daily for main and bonus but is that a safe assumption. Fine if it's paid monthly and bonus at end of year, not bothered about timing, but obviously want to get it paid. I'm reviewing T&C's but any advice welcome

SFCooper

MSE classifying interest payment:

“Interest is paid back into your ISA each month. The underlying interest rate is paid by Griffin Bank, but the 'boost' will be paid by Prosper.”

aroominyork

I opened a Propser Cash ISA at 4.6% on 9 March with £20k transferred in from a Trading212 ISA. What rate do I get if I add £20k next week for the new tax year? Do I get the same 4.6% (variable) until 9 March 2027?