Review Time
I used Prosper for the first time and it was quick and easy to set up an account and find the right saving option for me. I would have used them again had they offered the same fixed rate deal I got somewhere else, that is the only reason I didn’t renew with them. I will keep my eye on their rates though and switch again in the future no doubt. Most of the banks offered are also FCA approved.
The Prosper app is great and creating an account is straightforward and simple, however there are two main points which have contributed towards me only giving it a 3 star rating:1. Recurring payments.My main use for the Prosper app is for the Stocks and Shares ISA. I'd like to see a way to automatically invest in a fund implemented like many other providers offer. Cost averaging is a popular way to invest, so implementing this would go a long way towards making this app more competitive.2. Account Security concerns.From what I can see, the only security in place for accounts is a simple SMS verification based on your phone number and a 6 digit passcode you set up when first creating an account. This is a pretty weak standard for security considering people are likely to be keeping thousands of pounds worth of savings or investments in their accounts.I'd like to see a more modern implementation of account authentication such as Passkeys, as SIM-swapping fraud is currently on the rise and is a common tactic used by scammers and thieves. The NCSC recommends Passkeys, and most modern phones support them these days.Overall the choice of funds in the Stocks and Shares ISA is very good, and no fees for investing in certain funds is a big plus. If the security improvements and more recurring payment options were implemented, I'd give this app 5 stars.
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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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