All of our Savings products are with UK Authorised banks and hence protected by FSCS. You can check all of your different savings on this excellent FSCS webpage.

There is a limit of £85,000 for each bank where you hold money.

This money can be held across different accounts at the same bank but is only protected up to £85,000 at each individual bank where the money is held.

For example, in the Prosper app, you could hold £10,000 in an easy access account with GB Bank and £45,000 in a fixed rate account with Sainsbury’s Bank. In this example, you would be protected for savings up to £85,000 in GB Bank and £85,000 in Sainsbury’s bank.​

Before your savings are transferred into your chosen savings product, they are received in your Holding Account, managed by our partner Bondmith.

This is a Client Money Account with HSBC that also benefits from FSCS protection and by the FCA rules on 'safe-guarding' that requires client money to be segregated (or ring fenced) from the regulated firm administering them (in this case, Bondsmith).

No, you don’t pay a fee to open a Prosper Cash Savings account. The banks we partner with pay us a commission for bringing them new customers. The amount you see on our platform is the actual rate you’ll get.

Prosper is regulated by the Financial Conduct Authority (FCA).

We have to adhere to the regulations set up by the regulator; we are always operating out of our duty of care to our clients.

Prosper does not hold your money, it is held by our partners Bondsmith or Akoni or the bank of the savings product you have chosen.

Bondsmith is Prosper's custodian for cash savings accounts in the app and is regulated by the FCA. You can check the FCA register to see the current status.  

Prosper’s FCA number: 991710. 

Bondsmith’s FCA number: 955601.

Prosper acts as a savings platform which is as a centralised marketplace where you can access a variety of savings accounts from different banks and financial institutions. You can compare, open, and manage accounts all in one place, simplifying the saving process and maximising your potential earnings. Sometimes we negotiate exclusive accounts from specific banks that are only available to us. All of the accounts that we list are held with banks but we are not a bank. We are here to broker the best rates on cash savings accounts for our members and make the process of saving money as simple as possible.

Prosper partners with a business to business company called Bondsmith to bring you access to multiple banks through the Prosper app. Bondsmith is an FCA regulated financial technology company that supports cash savings solutions as a custodian. Bondsmith was formed in 2021 from a strategic partnership with FNZ Group to bring cash as an asset class to the wealth management industry. You can read more about them on their website here.

Prosper partners with Akoni (similarly to Bondsmith) to provide access to a range of savings accounts via our banking partners that are only available on the web and not in app. This suits some of our customers who don't like using apps and also offers joint accounts where our in app accounts are only for individuals. Akoni Hub Limited is authorised and regulated by the Financial Conduct Authority. Akoni cash savings accounts are only available to manage and open via their dedicated website and not through the Prosper app. Read more about Akoni here.