Review Time
Used this service a few times mainly for their standard fund. Couple of small transactions as a test. Have £40K in nutmeg and have considered moving to prosper. Pretty basic finance service with an online only presence. Telephone customer service line offers no support and may as well not exist, they seem to only have one customer service rep as every interaction has been with a chap called Rohan who is polite but seems to give scripted responses, but does help with basic issues that seem to be reported by others regarding interacting with the app and registration. App is okay, showing fund details. Needs improvement as it isn’t the most intuitive for investing and there are better alternatives out there. Having used investment services online and in person for over a decade nothing about using prosper stood out, felt market changing or made me feel as though the service is worth using over multiple competitors I currently use. Then I got a marketing email from them today informing me of their “Sharia Compliant” Finance offering. As an atheist I do not believe in supporting financial entities that offer religious specific services. Unsubscribed from marketing and will not be using the service going forward. I’ll stick with Nutmeg and Degiro. Free market economics allows choice, and the prosper offering does not align with my values.UPDATESanctimonious lecture from founder. As an atheist, I choose to do businesses with other materialist minded businesses where possible. Implying that I am intolerant for preferring to do business with companies that don’t mix religion and business is very much in bad taste.Insinuating I am intolerant and lecturing one of your customers on a public forum doesn’t reflect well on you as a founder. You jumped to conclusions, and you condescendingly explaining to an economics graduate what Islamic finance is (came across very elitist and holier than thou) when I am already knowledgeable on the subject.One can be tolerant of religion and accepting of peoples differences in belief while also having a personal preference of doing business with corporations that do not offer religious specific services. Tolerance of beliefs in your eyes clearly doesn’t stretch to polite atheists who have a personal preference to operate within their own belief system. To quote the rude and sarcastic words of Nick the founder…“It’s really that simple”
Prosper offers savings accounts with highly competitive interest rates - it's worth noting they are not a bank but that they partner with banks which provide security under the FSCF to ensure no loss of savings up to 85K. It can take some time to work out the App when opening an account, particularly as funds need to first go to the 'wallet' then be transferred to the savings account - once up and running, the process is very straightforward. Boost interest is paid up to a week later than the linked bank interest so it's worth bearing this in mind and perhaps, given some critical reviews, this needs to be made clearer. I opened a Prosper account with some trepidation - it wasn't the most straightforward process but Prosper responded promptly to my emails and answered the phone when I called - I agree with others that the chat bot is pretty hopeless. When the account matured, I received an email and message on the App stating that the boost interest would be paid into my nominated account within a week' which it was. I've since opened another account as I have every confidence in them delivering. Prosper may not be for everyone but it's important to understand how they operate as much of the criticism here seems unjustified - if you need all of the interest paid on the maturity day, then look for a bank savings account, but if you are prepared to wait a few days for the boost interest, they offer great rates and the boost interest is tax free.
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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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