The money in your Prosper Cash ISA is protected by the FSCS up to £120,000. The cover is shared across your Prosper wallet and other Griffin Bank savings
Prosper Cash ISA
Keep all the profit on your savings
Save up to £20,000 per tax year, free from UK tax
Withdraw and add money back in the same tax year without affecting your annual ISA allowance
FSCS protection up to £120,000
As featured in
Prosper is authorised and regulated by the Financial Conduct Authority under registration number 991710
Why choose the Prosper Cash ISA?
Unlimited withdrawals
Need your cash? Access it instantly with no withdrawal limits or penalties. Our Cash ISA is truly flexible, meaning you can withdraw and redeposit funds in the same tax year without affecting your tax-free allowance.
Tax-efficient and secure
Keep your savings tax-free by using your £20,000 annual ISA allowance while you benefit from FSCS protection up to £120,000 per person through our partner, Griffin Bank Ltd.
ISA and tax rules apply. We don't offer transfers in from other providers at the moment, but we're working on it.
One allowance.
Two flexible ways to grow.
Your Prosper Cash ISA works in harmony with your Prosper Stocks & Shares ISA.
Your £20,000 annual ISA allowance is shared across both accounts (and any other ISAs you hold), allowing you to keep short-term cash secure and accessible in a Cash ISA while investing for long-term growth through a Stocks & Shares ISA.
Investing involves risk. Investments can go down as well as up.
How to open
01
Download the Prosper app
Sign up for free in minutes. The Prosper app is available on iOS and Android, giving you secure, 24/7 access to your investments from your phone.
Open your Cash ISA
It only takes a couple of minutes to open your flexible Cash ISA. You can withdraw and redeposit funds in the same tax year without affecting your tax-free allowance.
Start saving, tax-free
Keep your savings tax-free by using your £20,000 annual ISA allowance while you benefit from FSCS protection up to £120,000 per person through our partner, Griffin Bank Limited.
FAQs
What is a Cash ISA?
A Cash ISA (Individual Savings Account) is a savings account that allows you to earn interest on your money tax-free, meaning you don’t pay income tax on the interest you earn.
How is the Prosper Cash ISA different from a regular savings account?
The main difference is tax treatment. Interest earned in a Cash ISA is tax-free, while interest on a standard savings account may count towards your personal savings allowance.
The Prosper Cash ISA uses the same easy access savings product as the Prosper Simple Saver, which is powered by Griffin Bank Ltd and tracks the Bank of England base rate. The difference is that, within the ISA, any interest you earn is not subject to tax.
Who can open a Prosper Cash ISA?
To open a Prosper Cash ISA, you must:
• be a UK resident for tax purposes,
• be aged 18 or over and
• have a National Insurance number.
Is my money protected?
Yes. Money in your Prosper Cash ISA is held with Griffin Bank Ltd (Firm Reference Number 970920) and is eligible for protection under the Financial Services Compensation Scheme (FSCS).
FSCS protection covers up to £120,000 per person, per authorised bank. Remember, if you have other deposits with the same bank or group, the protection applies to all eligible deposits up to £120,000.
For example, this limit applies across all eligible accounts you hold with Griffin Bank Ltd, including your Cash ISA, Prosper wallet and any other savings you may have with Griffin Bank.
What is a flexible ISA?
A flexible ISA lets you withdraw money and put it back without using more of your ISA allowance. You can only replace up to the amount you withdrew, and only before the tax year ends.
What is the difference between a Cash ISA and a Stocks & Shares ISA?
A Cash ISA works like a traditional savings account. Your money earns interest and is protected from losses. It is suitable for short-term savings (1–2 years).
In a Stocks & Shares ISA, your money is invested in the stock market, giving it the potential to grow more significantly over the long term (typically 5+ years). However, the value of your investments can go down as well as up.
Product Summary
What is the interest rate?
4.41% Gross / 4.50% AER* variable
Interest accrues daily, based on the balance of your account and will be paid by Griffin monthly on the first of each month into your Cash ISA account and compounded.
If you close your account at any point in the month, interest accrued up until that point will be paid immediately and no further interest will be accrued.
The interest rate includes an additional 1.66% Gross / 1.72% AER* variable boost which will be paid by Prosper to your nominated bank account, up to a month following the end of the boost term or on the closing of the product account. After 12 months, the boost will not apply. The interest rate will then track the Bank of England base rate ("base rate") minus a margin of 1% gross.
If the base rate doesn't change in the next 12 months, the interest rate on your account would reduce to 2.75% Gross / 2.78% AER* variable
Can the bank change the investment rate?
Yes, the interest rate and boost can change at any time.
The rate tracks the Bank of England base rate. If the base rate changes, the new interest rate on your account will apply within 24 hours.
If Prosper changes the rate to your disadvantage, you will be given 14 days’ notice before the change comes into effect.
What would the estimated 12 month return be?
At the boosted rate:
A deposit of £1,000.00 would earn £45.00 after 12 months, for a final balance of £1,045.00
A deposit of £5,000.00 would earn £225.00 after 12 months, for a final balance of £5,225.00
At the non-boosted rate:
A deposit of £1,000.00 would earn £27.80 after 12 months, for a final balance of £1,027.80
A deposit of £5,000.00 would earn £139.00 after 12 months, for a final balance of £5,139.00
These are illustrative examples and are not based on your individual circumstances, such as the exact number of days in any given period (which may vary).
Interest is calculated using the Gross Rate. The AER (Annual Equivalent Rate) reflects the cash amount that would be paid if deposited at the Gross Rate for a one year period, capturing any positive effects of compounding interest.
Can I withdraw money?
Yes, withdrawal requests can be made through Prosper at any time after opening the account, and in any amount. The Prosper Cash ISA is flexible so you can withdraw money and put it back within the same tax year without using more of your ISA allowance.
How do I open and manage my account?
This account is available to UK residents over the age of 18, with a minimum balance of £10,000.00. There is no maximum limit on the amount that may be held in a Prosper Cash ISA, however you may only deposit the maximum ISA allowance each year. Currently the maximum annual ISA allowance is £20,000.
You can open, view and manage your account directly through Prosper.
Additional information
Prosper Savings Limited ("Prosper") is the ISA Manager of your Prosper Cash ISA and Griffin provides the underlying bank account which holds the funds. Griffin Bank Ltd (“Griffin”) is registered in England and Wales (No.10842931). Griffin is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). Griffin’s firm reference number is 970920.
The information provided in this summary box is a summary of the key features of this product.
*AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once a year.
*Interest will be paid gross. Gross interest does not take into account any tax payable.
Tax treatment depends on individual circumstances and may change in the future. Neither Prosper nor Griffin provides any tax advice.
You are protected by FSCS up to a maximum of £120k across all of your eligible Griffin accounts. Therefore, this maximum is the total protection for this deposit and any others you may hold with Griffin directly.
For all the information you need on FSCS please go to https://www.fscs.org.uk/
Placing funds via Prosper may impact how quickly FSCS can return your deposit to you if Griffin should fail. For all information you need on the FSCS repayment timelines please go to https://www.fscs.org.uk/what-we-cover/banks-building-societies/
Prosper Boost Terms and Conditions:
If you are a new customer, or an existing customer who meets the eligibility criteria set out in the applicable campaign’s Terms and Conditions, Prosper may apply a boost rate in addition to the quoted interest rate from the cash savings product provider.
To qualify you must:
- be a customer who has never opened a boosted Prosper account before; or
- a customer who meets the eligibility criteria set out in the applicable campaign’s Terms and Conditions (such campaigns are offered at Prosper’s discretion); and
- fund the cash savings product within the boosted period.
The boost rate is calculated in accordance with the Product Summary (see “what is the interest rate?”) and the amount will be paid directly to your nominated bank account.
The boost payment is not treated as interest by HMRC and is instead treated like a cashback reward to open an account with Prosper. These payments are currently not taxable in the hands of the recipients because they are regarded as discounts and have been widely accepted not to be taxable income.
Prosper reserves the right to alter, withdraw, replace or amend the boost rate at any time.
The boost payment is non-transferable, non-exchangeable, and no cash alternative is available.
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