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. If you gave notice after 11pm, your money may take one extra business day to arrive.
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.