Prosper offers a range of savings products designed to suit different goals and timeframes. Whether you're looking for flexibility, a higher return, or something in between, here's how each type of savings account works — including how to fund, withdraw, and what to consider before choosing.
Fixed-Term Accounts
How it works:
You lock your money away for a set period — for example, 1, 2, or 3 years — and earn a fixed rate of interest over that time.
Funding:
To open a fixed-term product, you fund it upfront — in a single payment. Once the account is funded, the term begins immediately and no additional deposits can be made. There is no funding window - you can open up the same account multiple times. There are no limits to the number of accounts you open with a single provider.
Please note that funding this account takes approximately 1 business day.
Withdrawals:
No withdrawals are allowed during the term. Your funds and interest will be paid into your Prosper Wallet at the end of the term (maturity).
Early access:
Early withdrawal is generally not permitted. In rare circumstances, you can request a break, but this is subject to approval by the bank and usually comes with a break fee.
When might this be suitable?
Fixed-term products may be more appropriate when you know you won’t need access to the funds for a set period. They’re generally not suitable if you're planning a major expense soon — for example, buying a property — as early access isn’t guaranteed.
Notice Accounts
How it works:
You can request to withdraw your funds at any time, but you'll need to give notice — for example 95 or 180 days — before receiving the money.
Funding:
You can fund these products by transferring money from your Prosper Wallet.
Please note that funding this account takes approximately 1 business day.
Withdrawals:
Once notice is given, your money (including any interest accrued) is paid into your Prosper Wallet at the end of the notice period.
Early access:
Early withdrawal is generally not permitted. In rare circumstances, you can request a break, but this is subject to approval by the bank and usually comes with a break fee.
When might this be suitable?
Notice accounts can work well if you want a higher rate than an easy access account but don’t need instant liquidity. They offer a balance between access and return.
Easy Access Accounts
How it works:
You can withdraw your money at any time without notice. Interest is typically calculated daily and credited monthly, though this may vary depending on the bank and the product.
Funding:
You can add funds from your Prosper Wallet.
Please note that funding this account takes approximately 1 business day.
Withdrawals:
Funds are credited to your Prosper Wallet within one business day of your withdrawal request.
When might this be suitable?
Easy Access accounts may suit those who want flexibility — for example, if you're building an emergency fund or saving for shorter-term goals.
Final Notes
All products have a Summary Box in the app which outlines the key terms, including how interest is paid, when you can access funds, and any limitations.