Raisin UK has this week added a new provider to its Cash Savings Platform. FCMB Bank (UK) is not just new to Raisin UK, it’s actually new to the UK savings market and, in fact, is currently offering its savings products exclusively through Raisin UK.
FCMB Bank (UK) is a wholly-owned subsidiary of First City Monument Bank Ltd, which is headquartered in Lagos, Nigeria.
FCMB (UK) itself is headquartered in London and started to offer banking services in 2013.
It is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA - and therefore deposits are protected by the UK Financial Services Compensation Scheme (FSCS).
It has entered the Raisin UK marketplace with two new products which are exclusive to the platform; a six month fixed rate bond paying 1.10% gross/AER and a one year fixed rate bond offering 1.95% gross/AER - so not market leading but certainly the one year bond is pretty competitive. And for new savers to Raisin UK, there is a welcome bonus of up to £100 for the first product opened via the platform, which pushes up the return even more.
However, the best rates available from Raisin UK continue to be offered by lesser known Sharia compliant providers, such as QIB UK and Gatehouse Bank.
QIB UK is paying an expected profit rate of 2.05% gross/AER on its one year fixed term bond* so if you were to deposit £40,000, you could qualify for an £80 welcome bonus – which would boost the amount earned to the equivalent of 2.25% gross/AER.
Gatehouse Bank is paying an expected profit rate of 2.45% gross/AER on its two year fixed term bond*. Again, if this is your first product via Raisin UK, you could qualify for the welcome bonus, which would depend on the amount you invest. It’s worth noting the bonus would be paid up front to your bank account, so can’t be added to the bond and compounded over the term. However, in simple terms this could boost your rate to 2.65% in the first year only, assuming a balance of £40,000 and therefore a bonus of £80.
For more information about the Raisin UK Cash Savings Platform, take a look at the Platform Provider Focus – or download our free guide.
Or to learn more about Sharia compliant accounts, read our article Sharia Complaint Savings.
If you need any further help with finding the accounts that are most suitable for your needs, take a look at our independent best buy tables or call us on 0800 011 9705 to speak to one of our expert savings specialists.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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