Easy Access 1
Bank AER
3.64%
Prosper Boost
+%
Boosted AER
AER
Deposit bank account provider
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Protected
AER stands for Annual Equivalent Rate. It tells you how much interest you'd get if the interest was added to your savings once a year.
How it works
01
Open your Prosper wallet
Your Prosper wallet lets you open as many cash savings products as you like through a variety of banks.
Fund your Prosper wallet
You can now add funds to your Prosper wallet via open banking or by manually sharing your bank details.
Choose the cash savings product you want
From the range of product on offer you can fund the one you want. Your money is now protected by the bank you choose to deposit with.
Product Summary
Account name
Easy Access 1
What is the interest rate?
3.58% Gross / 3.64% AER* interest will be paid by Zopa daily into your Easy Access 1 account and compounded.
Can the interest rate be changed?
Yes, the interest rate can change at any time.
If Zopa decreases the rate, holders of this account will be notified at least 14 days before the change.
What would the estimated balance be based on a £1,000 deposit?
At current interest rates:
A deposit of £1,000.00 would earn £36.40 after 12 months, for a final balance of £1,036.40
A deposit of £5,000.00 would earn £182.00 after 12 months, for a final balance of £5,182.00
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.
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 £1.00 and a maximum balance of £85,000.00
You can open, view and manage your account directly through Prosper.
Can I withdraw money?
Yes, withdrawal requests can be made through Prosper at any time after opening the account, and in any amount.
Additional information
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.
Depending on your individual circumstances, you might have to pay tax on any interest you earn. If you have any specific tax questions you should seek professional tax advice.
Alternatively, further guidance can be found on the HMRC website, for further information please go to: https://www.gov.uk/apply-tax-free-interest-on-savings. Please note that your tax treatment may be subject to change in the future.
You are protected by FSCS up to a maximum of £85k across all of your eligible Zopa accounts. Therefore, this maximum is the total protection for this deposit and any others you may hold with Zopa 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 Zopa 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/
Why save with Prosper
Access to multiple savings accounts
Forget filling out forms every time you want to save. Prosper gives you access to a range of savings accounts from multiple providers.
SIPPs, ISAs and GIAs at zero or very low cost.
Prosper also offers a range of investment products to suit your individual needs.
Competitive rates at your fingertips
We have access to some of the top rates for you. Start saving today.
Looking for a different product?
AER stands for Annual Equivalent Rate. It tells you how much interest you'd get if the interest was added to your savings once a year.
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