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

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81955779#Comment_81955779

Why do you add £19,900 and not the full amount?

where_are_we

https://forums.moneysavingexpert.com/discussion/comment/81955784#Comment_81955784

Check out

The Cashback for Bank or Investment Accounts Discussion Thread

I have benefited from some of these offers eg invest £100 in a Stocks and Shares ISA. Very lucrative. So you need to have some of your 26-27 ISA allowance unused to fund with new money. Come to think of it, I`m not sure if I could withdraw £100 from my new Prosper Cash ISA into which I deposited £20K new money this tax year to fund such an offer and then not replenish it. Then use that £100 to fund a cashback ISA offer. Would that mean I haven`t exceeded my £20K 26-27 annual ISA allowance?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81955815#Comment_81955815

Yes, the Prosper cash ISA is flexible, giving you the opportunity to withdraw current year money and redeposit it into another ISA (within the same tax year) without this counting towards your annual contribution allowance.

where_are_we

https://forums.moneysavingexpert.com/discussion/comment/81955890#Comment_81955890

Then I will deposit £20K in new Prosper Cash ISA @ 4.6%

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81956098#Comment_81956098

*straddled

I wasn't commenting on your specific situation but was simply correcting your broader assertion that:

If I understand you correctly this will not work.

You cannot replenish previous year's contributions once you have withdrawn them.

as the poster you were replying to wanted to do something that will work.

Wolvesinwales_2

A quick recap on my dealings with Prosper.

Opened an account last Saturday using the code for 4.6% with £100 cashback.

By Sunday morning the 4.6% was no longer showing in my app. I spoke with the online help Bot that told me that rate and offer was no longer available even though I had signed up the day before. I asked for clarification of this from a human customer advisor, by Tuesday evening I had received no response so i sent another message saying if that rate is not available please close my account.

Yesterday morning the 4.6% rate was again showing in my app so i funded it with £20,000.

I have received an email this morning confirming my account has been closed ! I can no longer sign into the App so have no idea what has happened to my £20,000.

Iaapita

@Wolvesinwales_2 How can they close your account if there is 20k in it.!

Wolvesinwales_2

https://forums.moneysavingexpert.com/discussion/comment/81956419#Comment_81956419

Luckily all quickly sorted out via email within an hour this afternoon.

App access reinstated and money safely there 👍

sammy_zammy

For anyone wondering, according to Prosper customer service:

The £10k minimum for Prosper is only for the initial deposit. There is no requirement to maintain a balance of £10k. So you can freely add £10k and then remove it if you need the money.