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

Iaapita

https://forums.moneysavingexpert.com/discussion/comment/81950015#Comment_81950015

I opened an account on Friday and just left it unfunded. No idea if the 4.6% will be available in the new tax year.

Wolvesinwales_2

https://forums.moneysavingexpert.com/discussion/comment/81950615#Comment_81950615

I did the same ready to invest on Tuesday, after seeing it has now dropped to 3.7% I queried it this morning and got this reply.

KTog

Re interest payments - I noticed some of their pages said paid into a nominated account at the end of the year, other pages said paid monthly into the account - so I asked them linking both different pages.
Their response (4th April 2026) :

Thank you for your message and for highlighting the conflicting information on our website regarding the Prosper Cash ISA bonus (Boost) payments.

To clarify: for Cash ISAs opened on or after 30 March 2026—including any you open for the upcoming financial year—the Boost will be paid monthly, directly into your Cash ISA account. For Cash ISAs opened before that date, the Boost is paid as a lump sum to your nominated bank account after 12 months or when you close your account.

Your standard interest is also paid monthly into your Cash ISA, tax-free.

We appreciate you bringing the website inconsistency to our attention. If you would like your feedback to be formally referred to the relevant team for review, I can arrange for a colleague to do this for you.

aroominyork

£20k added today and it's showing in the existing 4.6% account.

Mcrib

https://forums.moneysavingexpert.com/discussion/comment/81950003#Comment_81950003

I'm in a similar situation. Just to clarify, I opened Prosper last tax year, got the 4.6% rate, funded with £15000 and now its a new tax year, I can put another £20000 in today and get the 4.6% rate on the new funds as well? I hope thats right.

SKIZMSE

Trying to open a Prosper Cash ISA as a newbie. Does the message 'Our next cash ISA rate will launch in the new tax year' refer to 27/28 or are they delayed by the Easter weekend and likely to open up 26/27 accounts for newbies any time now?

poseidon1

Always curious what level of due diligence and research ( if any) people do before entrusting their savings with these fledgling unknown fintech savings institutions such as Prosper and Tembo.

Typically there is little or no trading history, and in my opinion problematic balance sheets wholly dependant on the deep pockets of 'Angel' investors to keep the businesses afloat.

Prosper is a particular example. The business ( which of course is not a bank) indicates it was originally established in 2019 named Formore Technologies LTD there is no trading history or indication what it was actually set up to do, and was controlled by people with no relationship to the present Prosper owners.

A name change in 2023 to Prosper was preceded by introduction of the current Prosper board so seems Formore Technologies just a convenient corporate vehicle to reverse into. Companies House filings below make useful reading in that respect, currently showing a net balance sheet value at April 2025 of just under £3.3 million for the Prosper business

https://find-and-update.company-information.service.gov.uk/company/11923629/filing-history?page=1

Since Prosper is a long way from being profit making, the introductory bonuses must apparently being paid out of shareholders equity funds in the hope this will attract sufficient volumn of savers to increase their margins between interest received compared to that paid to savers.

As for their partnering with Griffin Bank Ltd ( which underpins the FCSC protection ), this is yet another loss making newcomer to the Fintech space, albeit with a slightly healthier net balance sheet of around £15 million from the last published accounts in September 2024 ( September 2025 accounts due in June 2026).

I don't know about anyone else, but I prefer my savings institutions to be PLCs preferably trading on LSE (not private companies) with balance sheets in the 100s of Millions.

The quiet but abrupt departure of fintech Zero Ethical Savings due to lack of new equity investments from backers, should give savers pause for thought when considering fledgling savings companies.

QuestionMaster3

On 6th April 2026, Martin Lewis promoted Prosper Cash ISA paying 4.60% variable. Today (7th April 2026) there is no reference to it at all on his list of best paying ISAs despite the interest rate they'd quoted still being a top rate with other ISA providers. Anyone know why it's disappeared? Also, my partner tried to open an account with Prosper today and cannot upload his photo. I found a telephone number to ring them and the number came up as "Form Orbits" - not Prosper and the receptionist had no idea who Form Orbits were even though the telephone number I dialled was supposedly for Prosper. Both Form Orbits and Prosper have their registered offices at the same address i.e. 167-169 Great Portland Street, London W1W 5PF. Something smells fishy here and we're not prepared to open an ISA each with so many suspicious issues. Anyone else had problems with Prosper? And, why just a day later does MSE no longer have any reference to Prosper? Any help gratefully listened to by this newbie to the forum. Thanks.

Wolvesinwales_2

https://forums.moneysavingexpert.com/discussion/comment/81953519#Comment_81953519

I had similar, I questioned it and the reply is above in my earlier post.

The Bot did say a human would respond but I've had no response, dodged a bullet I think if this is what their customer service is like.

winkowinko

1. It isn't listed because it's no longer available.

2. They have always responded to my emails. sameday.

3. You obviously dialled an incorrect number. Don't think they even offer phone support.