Raisin UK review
Raisin UK is a “savings marketplace”. Find out how you can choose and open several savings accounts through one application process.
![Raisin Raisin](https://www.finder.com/niche-builder/6221fea481bb1.png)
Raisin's top savings rate of 5.3% is available on one of its notice accounts.
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 500,000 customers and works with 138 partner banks. It now has 29 partner banks on its UK platform.
Using Raisin 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 through Raisin.
Raisin has partnered with Starling Bank, a fully licensed digital bank, tho takes care of managing the deposits in 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 holds it until you’ve opened 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. (Note: this doesn’t mean that you’re signing up for a Starling bank account – in fact, if you already have a Starling current account you’ll need to sign up separately through Raisin to use the Starling-powered Raisin account).
Also, don’t forget that as long as your savings stay in the Raisin account (before they get transferred to your chosen savings account) your funds won’t be generating interest 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.
With Raisin, your savings 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 providers with a single application form. As long as you put £85,000 or less in accounts with each financial institution, your money is safe and sound, no matter what happens to the partner bank you’re saving with.
Email support | |
---|---|
Telephone support | |
In-app or live chat | |
Contact form | |
Branch support |
Raisin UK acts as an intermediary between consumers and savings account providers, adding an extra layer that enables users to apply for and manage more than one savings account at the same time. So if you only have a small amount of savings, and plan on putting it 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. As its savings product set grows, Raisin UK will likely become an interesting and tech-savvy option for British savers.
Our fixed-rate ISA calculator estimates whether paying the get-out penalty on your ISA is worth it to open a new one at a better rate.
Recent estimates suggest that over 8 million people live alone in the UK, so we’ve crunched the numbers to find the cost of being single.
Monzo is getting in on the cards-for-kids action. And this one is free. Get ready to dish out the Monzos, mum-zos!
Before you switch accounts to Bank of Scotland, check to see if you can grab a juicy switch bonus.
Learn all about how to get the latest switching offer from Halifax.
Learn all about how to get the latest switching offer from Nationwide.
Find out the cost and car insurance group of a Volvo XC40, and see how much you could pay based on age, location and model.
Find out the cost and car insurance group of a Mini Cooper S and see how much you could pay based on age, location and model.
Find out the cost and car insurance group of a Smart car, and see how much you could pay based on age, location and model.
ETF trading platforms table