Raisin UK currently offers some competitive fixed term accounts via its platform, which you might want access to. But just what is Raisin UK and what value can it add to you?
Background information | What is a platform? | Today's savings market | Who might Raisin be right for? | Application process and customer service | A final word...
Background information
Raisin UK is the UK operation of Raisin.com, a Berlin-based fintech innovator that has quickly grown to become one of the largest financial technology companies in Europe. Raisin.com launched its first marketplace for savings products in 2013 in Germany.
Raisin is funded by household name investors such as PayPal, Orange and Goldman Sachs and has raised over €200 million in capital. According to Raisin, more than 350,000 customers have invested over €34 billion with 100 partner banks.
Based in Manchester, the UK business was established in 2013 as PBF Solutions and became part of Raisin in September 2017.
About the platform?
Raisin UK is a savings platform, not a bank. Think of it like a supermarket which offers a variety of savings accounts, which you can pick and choose from.
The key benefit is that you can open a number of different accounts with different providers, but you only have to fill in your personal details once during registration and complete a single online compliance check (although some providers do choose to do a secondary check).
It is worth noting that your money will be held with the individual banks and building societies that you open accounts with - NOT Raisin UK – so will be protected by the Financial Services Compensation Scheme (FSCS) or equivalent European scheme that is applicable to that individual provider.
This does mean however that you need to be wary of placing too much money with a provider that you already have funds with – although you are in control of where your money is placed.
At the moment, Raisin UK has partnerships with a number of banks and building societies, offering fixed term deposits, easy access and notice accounts. They often change the savings accounts available as some accounts have limited availability, and as a result accounts can be added or withdrawn at any time, we’ll keep you up to date with this.
Of course, just because it’s on the shelf, doesn’t mean that it is a best buy, but sometimes simplicity is the best option, which is why these platforms are being developed. You can always check what the very best rates are on the market by looking at our best buy tables.
Today's savings market
As mentioned above, Raisin UK is not whole of market.
Currently it has partnerships with 19 banks: Aldermore Bank, Charter Savings Bank, Investec, Teachers Building Society, Union Bank, Gatehouse Bank, ICICI Bank, Bank & Clients, QIB UK, Shawbrook Bank, FCMB (UK) Ltd, Agribank, Aldermore, Cambridge & Counties Bank, Hodge Bank, OakNorth Bank, Wyelands Bank, Zenith Bank (UK) and Axis Bank UK.
The rates customers receive through Raisin UK will typically be the same or better than the rates available on those banks’ own websites, although that doesn’t automatically mean they are market leading – so it makes sense to check the competition on our best buy tables or call one of our savings experts on 0800 011 9705.
Additionally, new customers will currently be rewarded for the first product they fund via the Raisin UK platform. At the moment those new customers saving more than £5,000 will receive a welcome bonus of between £5 - £50 (depending on how much they deposit) for funding their first savings account.
Be aware, that in order to receive the bonus, you need to claim it.
All you need to do is send an email from the email address you registered with, containing your full name, the amount that you are eligible to claim and "Welcome Bonus" in the subject line to [email protected], within six months of funding your new fixed term deposit.
Once your email has been received and verified that you meet the eligibility requirements, Raisin will credit your nominated account with the appropriate bonus. The date of the Bonus payout will depend on the type of account opened -
- Opening a fixed rate bond - your welcome bonus will be paid within 14 calendar days of receipt of your eligible welcome bonus claim email.
- Opening an easy access or notice account - your welcome bonus will be paid after your eligible easy access or notice account has been open for six months.
The amount depends on how much you deposit but can be a great boost and, can elevate a competitive rate into a market leading one.
There is also currently a £100 daily giveaway prize which runs until the end of June 2021.
All successful registrations, funded accounts and renewals carried out between 12 April 2021 and 25 June 2021 will automatically be entered into that day’s prize draw to win £100 cash, which will be deposited into your Raisin UK Account.
To be eligible to be entered into the prize draw, you must not have previously registered for a Raisin UK Account.
More information can be found here
Who might Raisin UK be right for?
If you are looking for a streamlined online application process, where the following restrictions imposed by this simplification are not a barrier to you, then Raisin UK could be an option to consider further;
1) The whole process is done online, although there is a helpline number for those who need assistance.
2) The accounts can only be opened in sole names – no joint accounts I’m afraid.
3) The maximum deposit is £85,000 per account – some accounts may have a lower maximum but none will accept more via the Raisin UK platform. This means that your funds will be protected by the Financial Services Compensation Scheme or European equivalent – whichever applies – although if you open multiple accounts with the same provider, remember that only £85,000 of the total deposited with them will be protected, as it is the amount held per provider, not per account, which is important.
4) Your identity will be checked electronically – so if you fail, you may not be able to open an account through Raisin UK. Raisin may get in touch to request additional ID verification, such as a recent utility bill or driving licence, if there are any issues with account opening.
Application Process and Customer Service
Once accepted, you will gain access to your Raisin UK Account, where you can view, purchase and manage a range of savings products online – all in one place, without filling in another application form, although some providers may conduct an additional identification check. Ordinarily and without the use of such a platform, if you open multiple savings accounts, you have to apply to each bank and therefore fill in multiple application forms and pass each bank’s own ‘Know Your Client’ identification checks.
And once you’ve set up your single online login, you will be able to view and manage all the products you have opened through Raisin, via your Raisin UK Account.
If you apply and are accepted for your savings account choice, you need to fund the account.
Deposits are made to your Raisin UK Account and then processed by Raisin’s processing partners Starling Bank and Meteor Asset Management (MAM).
MAM acts as a trustee for some of the partner banks and can therefore transfer your funds to your chosen provider on your behalf. However, the funds are always in your name and will remain free from any third-party right to sell or transfer the funds.
Starling Bank powers the Raisin UK Account and so whenever you hold money in your Raisin UK Account, this is held by Starling Bank. This means that Starling Bank will hold and transfer deposits between you, the customer, and Raisin’s partner banks.
As this is an online process, you also need to send your funds electronically. It’s worth noting that your current account provider may restrict the amount you can transfer per day, so you need to check with the individual banks you are sending your deposits to, to check how many days you have to fund the account.
When your bond is due to mature, Raisin UK will contact you to check whether you want to open another bond via the platform or have your money sent back.
As it is still early days, your feedback about the customer service you receive from Raisin UK will be invaluable in helping your fellow savers going forward, so please make sure you let us know about your experiences.
A final word...
Currently Raisin UK has access to some competitive savings accounts, especially if you take into account the bonus (remember you need to claim this to receive it!), so it is definitely worth a look.
These offers will change, so you’ll need to keep an eye on how they compare with the wider market.
Obviously the best option is to open up the highest-paying accounts available from the whole market, but we understand that some people just don’t want the hassle or have the time.
So, if you’re looking for simplicity when opening multiple accounts and you’ve money sitting in a dreadful account, such as the likes of HSBC’s Flexible Saver account paying a paltry 0.10% - then right now you’ll get a better return with Raisin UK, so don’t sit back and do nothing, make the switch to a better account.
*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 (*).
All rates correct at the date of publication.
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