How are my savings protected?

At Prosper, we understand that the safety and security of your savings is of utmost importance. That's why we work with UK Authorised banks and have additional measures in place to protect your money.

All of our Savings products are with UK Authorised banks and are protected by the Financial Services Compensation Scheme (FSCS). This means that in the unlikely event that a bank fails, your savings are protected up to £85,000 per person, per bank. You can check the FSCS website for more information on how your money is protected.

To make things even easier, we have provided a link to the FSCS webpage where you can check the protection status of your savings. Simply click on the link below to access the page.

FSCS webpage

Before your savings are transferred into your chosen savings product, they are received in your Holding Account. This account is managed by our partner, Bondmith, and is held with HSBC. The Holding Account also benefits from FSCS protection, providing an additional layer of security for your savings.

The Holding Account is a Client Money Account (CMA) which means that it is subject to strict regulations set by the Financial Conduct Authority (FCA). These regulations require that client money is segregated (or ring fenced) from the regulated firm administering them. This ensures that your money is kept separate from our own funds and is always available for you to access.

If you would like to learn more about CMAs and how they work, you can read more about it on the HSBC Innovation Banking website.

We hope this provides some clarity on how your savings are protected. If you have any further questions or concerns, please don't hesitate to reach out to our team. We are always happy to help.

Thank you for choosing Prosper for your savings needs.