Raisin UK provides you with multiple savings account options through a single application form, speeding up the whole process and making it smarter.
We’ve looked into it to find out if it really helps you get that much dreamed-of trip to the Maldives out of your savings.
Raisin recently introduced an instant-access savings accounts with Teachers Building Society. You can receive a better rate on this account if you agree to give 35 days or 90 days notice before making a withdrawal.
Raisin landed in the UK in summer 2018 after establishing itself in Europe as a platform that helps consumers get the best deal from their savings.
Raisin UK is a “savings marketplace” – think of it like your smartphone’s Apple or Google store, but for savings. Once you access it, you can then automatically apply for a series of different savings accounts from different banks.
Across Europe, Raisin has 230,000 customers and works with more than 90 partner banks
Raisin UK’s functioning is fairly simple, and the whole process is done online. If you’re considering giving it a go, these are the steps you’ll need to take:
Once the product has matured, your savings plus interest will be paid back into your Raisin account. You can then transfer it back to your current account or use it to get another savings account with Raisin.
Raisin has partnered with Starling Bank, a fully licensed digital bank that takes care of managing the deposits on your Raisin account and transferring them to the partner banks once your application has been accepted.
Basically, when you top-up your Raisin account, your money is held by Starling, who keeps it until you get the savings account you pick.
You’ll have to sign up to Starling’s banking services, but once that’s done, you’ll get a wallet from which you can fund and manage your savings accounts. However, don’t forget that as long as your savings stay in the Raisin account, they won’t be generating interest or profit of any kind.
Raisin UK is completely free to use – you won’t be charged for signing in, transferring money or applying for saving products.
Raisin makes money by getting a commission from its partner banks, whose products it provides to customers, thus generating cash inflow for them.
With Raisin, your deposits are protected at every stage of the process. Deposits with Starling are protected up to £85,000 by the UK government thanks to the Financial Services Compensation Scheme (FSCS), and so are the deposits with all Raisin’s partners.
If you’re considering putting aside more than £85,000, Raisin could be a smart solution because it allows you to distribute your money between various savings products with a single application form. As long as you put £85,000 or less in each account, your money is safe and sound, no matter what happens to the partner bank you’re saving with.
Raisin UK acts as an intermediary between consumers and savings account providers, adding an extra layer that enables users to apply and manage more than one savings account at the same time. Thus if you have little savings, and plan on putting them all in the same account, it probably isn’t worth the effort.
However, if you’re considering a more diversified savings portfolio, Raisin makes a handy tool that can potentially save you quite a lot of time. For now, the options are limited, but once the product set grows, Raisin UK will likely become an interesting and tech-savvy option for British savers.
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