Banking guide

Banking plays an integral role in pretty much everyone’s lives. Whether it’s day-to-day transactions, paying bills, receiving your wages or saving for something special, it’s important to equip yourself with the banking knowledge that matters. We help you debunk myths, decipher financial jargon and gain a better understanding of financial services with our helpful banking guides that give you the knowledge you need to make the most of your money.

When you look at your bank statement, it’s easy to get overwhelmed by the abbreviations and acronyms. That’s why we’ve designed user-friendly guides to AER and APR, as well as introducing you to other things you might see on your statement that are important to know about, such as recurring payments and continuous payment authorities.

People commonly open savings accounts with the best interest rates in mind, often asking “where can I earn the most interest?” and “where is the best place to put my money?”. The following guides will help you understand interest rates, why they change and how they can help you get the most out of your money.

With many of us becoming more conscious of the effect our decisions have on the world around us, it makes sense to ensure our money doesn’t fund practices we find unethical. In these guides, we explain why ethical banking is worth considering, as well the importance of the minimum wage and ensuring you receive the right amount of pay.

Online fraud has become so advanced that it can be hard to spot what’s real, and what’s out to steal your hard-earned money.

Our easy-to-read guides will explain how safe your money is with online banking, how to avoid savings account and fixed rate scams, and how to recover your funds if you’ve been the victim of online fraud. We also share handy tips on how to identify phishing emails, how to spot a legitimate website, and how to create a password that’s safe and secure.

We conducted research to better understand the relationships British people have with their banks, and the results show that as a nation we are more loyal to our banks than to our partners, even though we may not get as much back.

• On average, British people stay with their banks for over 14 years, compared to an average of 12 years with a long-term partner
• Our research shows that men are more loyal to their bank than women
• Staying loyal to banks that cut interest rates could mean UK savers are missing out on earning more from their savings
• Southampton residents stayed with their bank 24% longer than their average relationship

For the average UK saver, it seems that the old adage of “for better or worse, in sickness and in health” holds true more so for relationships with banks than personal relationships. Our research reveals that account holders are more likely to stay with their bank than their partner, with bank relationships typically lasting for almost fourteen and a half years and the average British relationship lasting just twelve years.

Our research follows hot on the heels of Barclays Bank becoming the latest high-street bank to cut rates on their Easy Access savings accounts to 0.01%, joining the ranks of other high-street banks that only pay around £1 on a £10,000 savings account deposit. Remaining loyal to a high-street bank could result in missing out on the earning potential of your savings.

You can see how much high-street bank savings account rates have fallen by comparing them to the rates offered by our partner banks:

Surprisingly, our research suggested mature savers might be the group most likely to be missing out from moving away from their bank comfort zone. We found that savers aged between 23 and 35 spent an average of nine years with their bank and six years with a long-term partner, while those aged over 45 spent an average of nearly nineteen years with their bank versus fourteen years with a partner.

Discussing our research, Raisin UK co-founder, Kevin Mountford, commented:

“Of late we have seen some positive signs for savers with 1 and 2 year fixed deals improving, and hopefully this will continue however it further demonstrates the need for savers to remain vigilant and grab these offers when they can.”

“Thanks to reduced spending during the lockdown period, the savings ratio in the UK is increasing to a record high, meaning people are clearly keen to save. However, in the UK we have high levels of apathy and inertia, and we need more savers to move from the big banks to better offers from others, noting that up to £85,000 of their money is just as safe under the Financial Services Compensation Scheme.”

Our research showed that women are more money savvy than men when it comes to harbouring unhealthy relationships with their bank. We found that women average a thirteen-year relationship with their bank, compared to men who average an over fourteen-year relationship with their bank.

From our research, we found that where people live in the UK can affect the duration of their personal and financial relationships. We found that residents of Southampton stay with their bank 24% longer than their average long-term relationship, whereas people from Plymouth seemed to be more loyal in their romantic relationships; spending 2% longer with their other half than with their bank.

If you want to make the most of your savings, why not register for a Raisin UK Account? It only takes a few minutes to register for free online, and once you’ve registered with us, you’ll gain access to competitive FSCS protected savings accounts from a range of partner banks, as well as exclusive rates, accounts and offers.