Prosper Bank/Al Rayan feedback

DIYhelp76

Hello,

Grateful for any feedback please. Has anyone else experienced difficulties with Prosper Bank? A while ago we opened a fixed term savings account with them, which actually holds the savings in Al Rayan Bank. I think I was told we should be able to access interest statements in the App but I've been unable to (no statements shown) and am concerned. I've raised this with Prosper a couple of times but they are exceedingly slow to respond - last telling me they would take "up to 8 weeks" (despite sending a "rate your conversation" email, even though they still haven't resolved things). As I still can't see any statements, I'm becoming concerned about these savings.

Does anyone have any feedback on Prosper? Is Prosper legitimate? Has anyone else experienced any similar issues not being able to access statements and was this resolved and if so how long did it take for Prosper to resolve?

Many thanks.

masonic

If you mean Prosper Savings then yes they are legitimate: https://register.fca.org.uk/s/firm?id=0014G000037rsn3QAA

Using a savings marketplace like this does introduce some added complexity. I'd always prefer to go to a savings provider like Al Rayan Bank directly.

Does this relate to their ISA (which doesn't involve Al Rayan) or posted to the wrong section of the forum?

Beddie

Prosper are fine. I have a cash ISA with them (money held at Griffin Bank) and everything works well, including moving money in and out.

How long was "a while ago"? Interest might only be added annually, so have you been with them that long?

masonic

Al Rayan tends to add profit quarterly and provides an update (I wouldn't really call it a statement) at that time.