How are my savings protected?
At Prosper, we understand that the safety and security of your savings is of utmost importance. That's why we work with UK authorised banks and have additional measures in place to protect your money.
If you're looking for information on investments, please refer to this article.
FSCS protection
All of our savings products are with UK authorised banks and are protected by the Financial Services Compensation Scheme (FSCS). This means that in the unlikely event that a bank fails, your savings are protected up to £120,000 per person, per bank. You can check the FSCS website for more information on how your money is protected.
Where is my money held before it reaches my savings product?
When you add money to Prosper, it’s first held in your Prosper wallet, a safeguarded holding account with Griffin Bank (FCA authorisation number 970920). This is your central account on Prosper, where your funds stay securely until you choose a savings or investment product.
Your Prosper wallet is a Client Money Account (CMA) subject to FCA regulations. This means your money is safeguarded; it’s kept entirely separate from our own funds and is always available for you to access or move.
Money held in your Prosper wallet also benefit from FSCS protection, providing an extra layer of security.
What happens when I choose a savings product?
For most savings products, once you select one, your money is transferred to Bondsmith (FCA authorisation number 955601), our FCA-regulated custodian partner, who temporarily holds your funds before passing them to the partner bank offering the savings account.
However, if you choose a Prosper savings product, such as the Prosper Simple Saver, your money remains with Griffin Bank, the same custodian that holds your Prosper wallet. In these cases, funds never leave Griffin.
We hope this brings clarity around how your money is held and protected. If you have any questions, our team is always happy to help.