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Raisin UK review
Raisin UK is a “savings marketplace”. Find out how you can choose and open several savings accounts through one application process.
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Raisin's top savings rate of 4.91% is available on one of its notice accounts.
Easy access savings accounts
Table: sorted by interest rate
Raisin's best easy access rate of 4.75% is significantly lower than today's market-best rate of 7.29%.
1 - 5 of 12
Fixed-rate bonds
Table: sorted by interest rate
Raisin's best fixed-rate bond rate of 4.8% is very slightly lower than today's market-best rate of 4.81%.
1 - 5 of 65
Notice savings accounts
Table: sorted by interest rate
Raisin's best notice savings account rate of 4.91% is very slightly lower than today's market-best rate of 5.2%.
1 - 5 of 17
What is Raisin UK?
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.
How do I use Raisin UK?
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:
- You apply. You only fill in the application form once and Raisin UK will then use it to submit your application for the savings products you’re interested in.
- You browse savings accounts. You can look at deals, interest rates and duration of any fixed saving terms, then pick the account that suits you best. A little heads up on this: if the bank or type of savings product you’re after isn’t available through Raisin, our savings account guide may give you an idea of where to start looking.
- You transfer the money. Once you’ve picked the account you prefer and decided how much you want to put into it, you select it and top up your Raisin account with the money.
- You get the savings account. At this point, Raisin will get in touch with its partner bank, apply for you and, once you’re approved, transfer your savings into your brand new savings account.
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.
How does the Raisin UK account work?
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.
Video: Raisin UK’s CEO on how Raisin can help you get the most out of your savings
Raisin UK fees
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.
Is Raisin UK safe?
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.
Pros and cons of Raisin UK
Pros
- Various savings products available with a single application form. You only have to do the paperwork once.
- Free to use. Raisin doesn’t charge its customers fees at any point.
- Makes it easier to manage your savings. You can see all the accounts you’ve opened via Raisin in the same place and always have a clear overview of what’s going on.
- FSCS protection at every stage of the process. Both Starling and the partner banks with which Raisin UK works are safe for your deposits.
Cons
- Not full market. Not every bank, building society or savings provider offer their saving accounts though Raisin.
- No physical branches. Some people may prefer managing their savings in person.
Customer service information for Raisin UK
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Our verdict
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.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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