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

DLIT08

The poor quality of Prosper website (missing/dead-end links, made me worry about their viability. The App is pretty poor too. So decided to test their customer service. Even more poor than their website! The website chat bot just repeats itself but if you ask a complicated enough question it's gives you their phone number and places your chat fir the next agent. OVER AN HOUR LATER, STILL NO AGENT. I called the number, which was answered, with "reception" no company name! Asked if it was Prosper and said that it was. Asked for customer services to which I got a reply there's nobody available.

Feels like a tin pot outfit. Not sure I want to go thru the pain or the risk even with the FSCS alleged protection.

where_are_we

Prosper cash ISA does not allow transfers in. I have a cash flow problem and do not have the available cash at the moment to fund a new 26-27 cash ISA. However I have a Principality 5 access flexible cash ISA @4.2% funded with previous years money. My plan is to withdraw £20K from Principality cash ISA and use this money to fund new Prosper 26-27 ISA @4.6%. Then before the end of 26-27 tax year I will replenish Principality cash with the £20K that I have withdrawn in order to maximise my total ISA savings.

Are there any downsides to this plan.

How soon do you have to fund the Prosper ISA? Can I open it today and fund it as soon as I receive the Principality withdrawal?

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/81954391#Comment_81954391

Not surprised about the poor resourcing of the 'back office".

My due diligence indicated this particular loss making start up business is operating with minimal staffing, and reliance on their Fintech expertise to try and build a viable ongoing business as a savings and investing institution.

It is only their introductory bonus which seems to be pulling in punters to their cash ISA, and since there is no visible corporate profitability to pay the bonus (at the end of the 1 year term) it is evidently funded from the equity owners pockets.

Be interesting to see if the business survives long enough for punters to see their 'Prosper Boost', which under the circumstances cannot be guranteed.

Wolvesinwales_2

https://forums.moneysavingexpert.com/discussion/comment/81954418#Comment_81954418

If I understand you correctly this will not work.

You cannot replenish previous year's contributions once you have withdrawn them. I made this mistake last year when a transfer out of one was dragging on, being impatient I withdrew it instead then quickly realised I'd lost a year's allowance.

NebulaNova

How do I activate the £100 cashback offer before I open the ISA please?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81954715#Comment_81954715

I don't think you have understood it correctly then - you can replenish prior year money withdrawn from a flexible ISA, as long as you do so in the same tax year in which the withdrawal was made. Did your scenario definitely involve a flexible ISA?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81955008#Comment_81955008

The £100 offer has expired.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81955024#Comment_81955024

It accepts the offer code though?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81955030#Comment_81955030

This was posted on the previous page yesterday and clearly suggests not:

where_are_we

Opening Prosper Cash ISA @4.6% not entirely seamless. Usual fintech issues with passport photo and selfie but got there after a couple of attempts. Linked current account with Prosper via true layer ok. Set up wallet but got email saying that they were running a few checks. Checks completed the next day so now ready to fund. I will move funds out of my flexible cash ISA which has had contributions from previous years in order to fund new Prosper Cash ISA. I will put in £19,900 in order to keep £100 of my 26-27 ISA allowance intact for any good offers that might come along.