Frequently asked questions

General information

What is the purpose of the Raisin UK platform?

Raisin is a secure, online customer registration service designed to make opening a savings account as easy as possible. You only need to sign up with Raisin once and wherever you see our logo you simply need to use your Raisin user name and password to open a new savings account with participating banks, avoiding all the hassle of completing application forms from scratch each time. Your personal details are stored and protected with market-leading security tools. We will never share your personal information with others and we won't bombard you with irrelevant marketing material. Any communication from us will either be in relation to your account or to alert you about other competitive savings products you may be interested in. Raisin UK provides a platform that allows banks to raise deposits online whilst the on-boarding and client management is handled on their behalf.

How does Raisin UK work?

Raisin UK is an on-line application form that allows customers to register and have a real-time electronic AML/KYC validation completed on each individual applicant. Successfully identified applicants will be presented with an account number that they can electronically remit their investment into. This will be a bank account that is controlled by Meteor Asset Management who are a bare trustee in respect of customers’ deposits and will be used to transfer monies into an account that is owned by the bank. Funds that have been opened for a particular bank will be batched together for daily transfer in one lump sum.

Will I have online access?

Yes. Upon successful registration you will be given access to an online portal where you can see any accounts that are operated by Raisin UK. You will be able to view transaction history, download statements and apply for additional products

Do you deduct tax?

No, Since 6 April 2016 interest have been paid gross. Up to and including 5 April 2016 banks and building societies automatically deducted income tax from the interest you received on non-ISA savings and current accounts, unless you were registered for gross interest. Since 6 April 2016 banks and building societies have been paying interest gross, without income tax deducted. There are three reasons for this: From 6 April 2016 a tax-free Personal Savings Allowance was introduced by the government. For basic rate tax payers – you can earn up to £1000 of interest tax free, per tax year. For higher rate tax payers – you can earn up to £500 of interest tax free, per tax year. Additional rate tax payers don't qualify for the Personal Savings Allowance

How do I change my nominated bank account?

To change your nominated bank account please log into and click on the information link on the left hand side. If you have changed your bank account since you opened your Raisin UK account, we will need to know where to pay your money back to. Download and complete our change of bank details form, we will need the following information: your registered email address for your Raisin account; your existing (old) bank details; your new bank details; and an original copy of a bank statement that matches the new account details. You can change this account during the fixed term via the Raisin UK customer portal at, provided that you do so at least 7 calendar days prior to your fixed term ending.

How do I close my account?

You cannot close your Raisin UK account until all of the accounts you hold with Raisin have matured. You will be given the option to renew or withdraw your funds from individual accounts you have opened through the Raisin UK portal leading up to the maturity date of that account.

How do I update my Personal Details?

Please log into and click on the "Profile" link to update your information. Some changes, such as a change of name, or to change your nominated bank account will require further information. Please review the "Information" section.

I have forgotten my password, what should I do?

Click on the forgotten password link on the log in page and follow the instructions.

What is a nominated account?

Your nominated account is the personal UK bank or building society account you will use to transfer funds into your savings account(s). This can be any personal UK account in your name(s) as long as we can verify it when you make your application. You can only have one nominated account. All payments (whether in respect of interest, upon maturity or otherwise) from your savings account(s) can only be sent to your nominated account. You can change this account during the fixed term via the Raisin UK customer portal at, provided that you do so at least 7 calendar days prior to your fixed term ending.

How do I know if I need to pay tax?

If you owe tax on the interest that you receive you'll need to settle this directly with HM Revenue & Customs (HMRC). For further information on the Personal Savings Allowance and whether you need to pay tax on the interest that you receive, take a look at the HMRC website and search for ‘Personal Savings Allowance’.