Zero stars if possible. Opened an account - transferred large amount of funds into Prosper wallet - got the following message "FromToApp ErrorUnfortunately something went wrong with that request. Our support team have been notified but please contact us if you're concerned."Yes, i'm concerned when my savings are sitting in your holding account - advised that the Aldermore account should be up and running by end of day - as i don't trust a company that does this i removed the funds - cannot check if account is up and running today until i transfer all the funds again so contacted customer service and received this reply "I can confirm our order or product is available. Please refer to the app for the most updated products and rates.Moreover, please note that this product is funded and 'trenches' and the next fund date would be on the 22nd of August." then "You can fund the product at any time before 22nd August. However, please note that interest will only start accruing from 22nd August, as this is the scheduled tranche date for the product.If you’d like, you can deposit your funds in advance to ensure they are ready for that date." - this surely has to be a joke? Edit/response - Thank you for your response.You state "tranche" funding of fixed term accounts is quite normal yet i have funded many fixed rate accounts using online only companies and never come across "tranche" except for group funding of a start up company. This is an uncomfortable way of doing business when it is not high interest/high risk. If as you state Aldermore has the only product funded in this manner then it was unfortunate for myself that I chose this product and not another one offered by Prosper. It was also unfortunate that there is little to no information on how the funding of this individual product works. The rate I was moving to was good but not that good that it could outweigh losing all interest for 10days - I moved it from a 4.3% therefore over a short period of six months the loss of 10days interest makes moving the funds an overall loss - not good business for me. 1 - If Prosper holds funds for 50 people waiting to "tranche" at £50k each and earns nothing from this over 10days this is not a company whose business acumen I would admire. In fact I would wonder how they made profit whilst missing this opportunity. I may rant at the idea of making money from customers without being upfront but rant more when you have customers funds and earn nothing from them. This seems questionable...2 - I use the term "scammers" as any company that is not forthcoming with necessary information and stops just short of evasion I classify thus. I was advised that the Aldermore account should be up and running at close of play that day "you should then be able to fund the account". This advice I believe was in error as I would not be able to fund the account at that point. As you can see I went through the process of logging to fund the account a fair few times to no avail. The next morning, first thing I contacted Prosper and was advised "please note this product is funded and "trenches" and the next fund date would be 22nd of August" (10days zero interest). Please note I had £56k in Prosper wallet on the 13th August but every time I tried to move to Aldermore, Prosper pop up stated "App Error - Unfortunately something went wrong with that request. Our support team have been notified but please contact us if you're concerned. Wallet £0". This did not clarify what had happened and unfortunately when I contacted Prosper the person was very nice but did not clarify what was occurring. I find it is better to be blunt with what is happening than faff around and waste time. I am sure Prosper is a great company to work with if things are straightforward and going well as are many online companies, unfortunately my experience was not so great and took up time that could be used better. I was admittedly irked when I left the initial review but now (calmly) I do not believe Prosper to be any worse than many companies but they lack clarity (again, as do many co's) - I have edited my review to reflect this.
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Prosper was founded to bring More for You by maximising our members’ potential wealth. We provide pensions, investments (both public and private) and savings accounts that have clear charges.
And we keep them low.
With Prosper’s flexible Stocks and Shares ISA, you get:
No platform or transfer fees
Refunded fund fees on over 30 top ETFs (BlackRock, Vanguard and more)
Real human support when you need it
Our pensions (Self Invested Pension Plans) are also free to open and free to fund.
We charge no platform or transfer fees to move your existing pensions or ISAs to Prosper.
We have market beating cash savings rates on fixed, easy access and notice accounts and again, we take the absolute least possible interest for ourselves that we can so that we can pass on as much value to you as possible.
Recently we have brought our members private markets funds and we intend to much more in the app to bring private markets to our sophisticated investors with a simple interface.
Our members benefit from zero fee access on 30 index funds from the world's leading asset managers, zero platform fees and zero transaction fees. In the future, we will charge members a fair platform fee and low, fair and transparent fees for any other investment products we think represent great value.
Prosper founder and CEO Nick Perrett and Chairman Ricky Knox have previously worked together building Tandem Bank. The company is backed by the founders of Monzo, Capital One and Admiral and other leaders in financial services.
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