Prosper 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.

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.

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.

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.

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. 

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.