Frequently asked questions

General information


What is the purpose of the Raisin UK savings marketplace?

The Raisin UK savings marketplace has been designed to help you save time and make money. We give you the ability to securely view, purchase and manage a variety of savings accounts with competitive interest rates through one single login.

The Raisin savings marketplace isn't just available on our website. If you see our logo on a partner bank's website, all you need to do is log in with your Raisin UK username and password to take advantage of their savings products, without the hassle of filling out application forms every time you want to apply.

How does Raisin UK work?

We provide you with one single login that enables you to apply for as many savings products as you like. Your customer portal enables you to efficiently manage savings products purchased through the Raisin UK savings marketplace, as well as check the terms of each of your savings products and how much interest or profit you have accrued.

When you register with us, we use real-time electronic anti-money laundering and know your customer (AML/KYC) identity tools to verify who you are. Once you've successfully cleared our AML/KYC checks, we'll provide you with details for a Meteor Asset Management controlled account to deposit the funds for your savings product into.

Why are there foreign banks on Raisin UK?

The UK has embraced open banking and encourages both new entrant (challenger) and established banks, to make their products available to UK savers, preventing anti-competitive behaviour. As part of the open banking revolution, foreign banks are in a better position to offer savings products with competitive interest rates and expected profit to UK savers. At Raisin UK; we aim to provide you with access to secure savings products, regardless of where a bank was founded.

We recommend checking the details of each savings account on the Raisin UK savings products, but as with the savings accounts offered by many high street banks, you'll see that all the savings products on our savings marketplace are protected by the Financial Services Compensation Scheme (FSCS) or its European equivalent.

Will I have online access to my savings products(s)?

Yes, upon successful registration you'll be given access to your customer portal where you can view any savings products that you have applied for on the Raisin UK savings marketplace. Through your customer portal, you'll also be able to view your transaction history, download statements and purchase additional savings products.

Do you deduct tax?

Where this is the case, we will highlight any tax payable in the key product information.

Can I change my nominated account?

Yes, you can change your nominated account at any time during the fixed term of your savings product up to 7 calendar days before the end of your fixed term.
When changing your nominated account, you'll need the following details:

  • The email address you used to register with us
  • Your existing (old) bank details
  • Your new bank details
  • An original copy of a bank statement that matches the new account.
To change your nominated account, please log into your customer portal and click “Information” on the left-hand side menu. Under the heading "Change of nominated bank account", you'll see an option to download and complete our change of bank details form. Once you've downloaded and completed the form, you'll need to post it to the following address, along with the requested evidence to support your change of account:

Customer Services Team
Raisin UK
64 Bridge Street
Manchester
M3 3BN

Please note that any evidence you send to us needs to be original, meaning that we are unable to accept any copies. Once we have received and checked your evidence, we will return it to you.

How do I close my account?

You can only close your Raisin UK account when all of your deposits have matured. You'll have the option to renew or withdraw funds once their maturity date approaches.

How do I update my details?

You can update your details by logging into your customer portal and clicking on "Profile". Please be aware that you will be unable to make immediate changes to your name or nominated account, as additional information will be required, further details about which are under the "Information" section in your customer portal.

What should I do if I forget my password?

If you forget your password, just click on the forgotten password link on the customer portal login page and follow the instructions on how to recover your password.

What is a nominated account?

A nominated account is the personal UK bank or building society account that you use to transfer funds into your savings product(s). Any personal UK bank account in your name(s) that we can verify can be your nominated account.

You can only have one nominated account, and this is the only account that payments (whether in respect of interest, upon maturity or otherwise) will be sent to.

You can change your nominated account during the fixed term via your customer portal, provided that you do so at least 7 calendar days before the end of your fixed term.

Who is Meteor Asset Management?

Meteor Asset Management is a third party administrative service provider which enable us to provide you with the ability to purchase savings products offered by specific partner banks through the Raisin UK savings marketplace.

How do I know if I need to pay tax?

The HM Revenue & Customs (HMRC) website has information about how to pay any owed tax, as well as advice on the Personal Savings Allowance and whether you will need to pay tax on the interest that you receive.

Please be aware that if you wish to apply for a savings product offered by a partner bank based outside of the country where you reside, different taxation rules may apply.

If you would like to know anything else about how savings products at Raisin UK work, please contact our Customer Services Team who are available Monday to Friday, from 9 am to 5 pm, on 0330 122 0200 or service@raisin.co.uk.

What does Meteor Asset Management do?

Meteor Asset Management acts as our deposit administrator, holding your funds in what is known as a "bare trust" arrangement. Their role is to transfer your deposits between your nominated account and a partner bank's account. This process takes place when you fund a savings product and when your deposits are returned to you, along with any profit you have accrued upon maturity. While providing this service, Meteor Asset Management has no claim to your funds and administers them on your behalf.