Frequently asked questions

General information about Raisin UK

The Raisin UK savings marketplace helps you to save time and make money by enabling you to apply for and manage savings accounts from a range of partner banks in one place.

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To apply for a savings account through our marketplace, you need a Raisin UK Account. When you register with us, you’re also applying for a Raisin UK Account, which features a transactional account with Starling Bank which you can you transfer money in and out of, enabling you to fund savings accounts through our marketplace. Once your application has been approved, you can start applying for savings accounts.

Please be aware that you can apply for savings accounts before the transactional account feature of your Raisin UK Account has been approved, but you won’t be able to fund the accounts that you apply for. While your Raisin UK Account is being approved you may still receive reminders to fund the savings account you have applied for.

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The Raisin UK Account enables you to apply for savings accounts from our partner banks without having to register with them or fill in another application form. Through your Raisin UK Account you can apply for, fund and manage savings accounts from a variety of banks.

Find out more about the Raisin UK Account.

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By embracing challenger banks, foreign banks and those not on the high street, we can offer you a better choice of competitive savings accounts in one place that you might not find elsewhere.

At Raisin UK you can feel safe in the knowledge that your capital is protected up to the amount shown in the details of each savings account available through our marketplace, regardless of where a bank is headquartered.

Please note that all the savings accounts available in our marketplace are protected by the Financial Services Compensation Scheme (FSCS) or the European country equivalent.

Find out more about deposit protection at Raisin UK.

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Yes, on successful registration you’ll have access to your Raisin UK Account where you can view the savings accounts that you’ve applied for and opened through our marketplace. From your Raisin UK Account, you’ll also be able to view your Raisin UK Account balance, transaction history, download statements and apply for savings accounts.

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We won’t charge you any fees for the services that we offer, including using the Raisin UK savings marketplace to apply for or fund savings accounts, but there are some additional services that we offer that may incur a charge. We will notify you of these charges beforehand. Please read our terms and conditions to find out more.

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We earn money by introducing savings depositors to our partner banks, but unlike comparison websites, the amount that we receive depends on how much you deposit and the duration of your savings account, rather than the volume of savers that we introduce. Because of this, it’s important to us that you can conveniently apply for the savings accounts that are right for you, not just that you apply.

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Typically, interest is paid gross without prior deduction of tax. Any tax payable is covered in the account information of every savings account in our marketplace.

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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 want to apply for a savings account offered by a partner bank based outside of the country where you reside, different taxation rules may apply.

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If you’re experiencing issues with the Raisin UK website, you may find that you’re using an older version of your web browser. It’s advisable to keep your web browser updated, as outdated browser versions may cause security issues. You can check if you’re using the most up to date version of your browser visit by clicking the appropriate link below:

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You can only close your Raisin UK Account when all of your active savings accounts have closed or matured.  Please be aware that for regulatory reasons, your information may still be stored for a limited time after your account has been closed.

If you don’t have any active savings accounts, you can close your account at any time by contacting our Customer Services Team.

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In the event of death, any money deposited into a Raisin UK Account or savings account administered by a partner bank may be released on receipt of original versions of the following documentation:

  1. An original (not a scan or photocopy) of a Grant of Probate or Letter of Administration
  2. An original, scan or photocopy of the deceased’s Death Certificate

If the bank or building society of the deceased has already been closed, you will need to send a scan that shows that a bank or building society account has been set up in the administrator’s or probate’s name.

Please be aware that we can only speak to an administrator or probate of the deceased’s estate. We cannot share any information about the deceased’s accounts until their status as an administrator or probate has been verified.

Once you have provided the appropriate evidence, we will share the documents that you send us with the relevant parties, which may include Starling Bank and any partner banks which the deceased had transferred funds to. We will return any original documents that you send to us.

As part of this process, all funds will be returned to either the deceased’s Raisin UK Account, from which they can be transferred to the deceased’s linked personal bank or building society account or the administrator’s/probate’s bank or building society account. Once this process has been completed, the accounts in which the deceased’s funds were held will be closed.

Please contact our Customer Services Team for further guidance on this issue.

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The Raisin UK Account

The Raisin UK Account enables you to quickly and easily apply for, fund and manage savings accounts through our marketplace. Simply transfer your money from your nominated bank account into your Raisin UK Account, and it will be used to fund the savings accounts that you’ve applied for as soon as you have deposited enough to cover the amount that you pledged.

Your Raisin UK Account is home to our marketplace, as well as a lot of helpful features. It enables you to quickly check how your savings accounts are doing, as well as view any applicable terms.

Find out more about the Raisin UK Account.

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You can apply for a Raisin UK Account if you meet all of the following eligibility requirements:

  • You’re a registered UK resident
  • You’re aged 18 years or over
  • You have a UK bank or building society account in your name that accepts electronic transfers
  • You have a National Insurance number or UK Tax ID number
  • You have a valid email address
  • You have a valid UK mobile phone number.
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Yes, when you apply for a Raisin UK Account, real-time electronic anti-money laundering and know your customer (AML/KYC) tools are used to verify who you are. These checks are carried out when you successfully register with us, but they may also be carried out by our partners when applying for a savings account.

Your identity is verified by comparing the information that you provide against the information held by various databases, taking into account your credit data and the UK national electoral register. Your identity is verified when you register for your Raisin UK Account, and again each time you apply for a savings account.

You may need to provide additional identification, such as a scan of your passport when applying for some savings accounts, depending on the partner bank’s requirements.

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No, at this time the Raisin UK Account is only available to individuals. It does not operate as a joint account.

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No, at this time the Raisin UK Account is only available to individuals. It does not operate as a business account.

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Please read our FAQs about transferring money to find out how to transfer money to and from your Raisin UK Account.

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Yes, money that you transfer into the Raisin UK Account is protected by the Financial Services Compensation Scheme (FSCS), which protects deposits up to £85,000 per person, per banking group.

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A mobile verification code (also referred to as mTAN) is a six-digit number we send to your mobile phone via SMS text message. We will only send mobile verification codes to the mobile phone number that you give to us. You’ll need to enter your mobile verification code when prompted so that you can complete actions such as applying for a savings account and withdrawing money from your Raisin UK Account.

Your mobile verification code can only be used once, and we will send you a new mobile verification code each time we prompt you to enter one.

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If you’re having problems receiving your mobile verification code (also referred to as mTAN), please check the following:

  • You have adequate mobile phone reception.
  • You’ve entered the correct mobile phone number in your Raisin UK Account. You can view the last four digits of your registered mobile phone number by logging into your Raisin UK Account, navigating to ‘My Account’ and clicking ‘My Profile’. If you want to update your mobile phone number or want to confirm the full mobile phone number associated with your Raisin UK Account, please contact our Customer Services Team.
  • You haven’t deactivated the mobile verification function in your Raisin UK Account. If you have done this, please contact our Customer Services Team to reactivate mobile verification.
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It’s not unusual to receive a request for further information after applying for a Raisin UK Account. Starling Bank (who provides the transactional account feature of the Raisin UK Account) may require additional information to validate your identity.

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Depending on the issue that you’re experiencing with our application form, there are a few possible solutions:

  • Check that you’ve entered your details correctly, ensuring there aren’t any typos, as these may cause errors that prevent your application form from being successfully submitted.
  • If errors such as a mismatched email address or an incorrect national insurance number are present, they’ll be highlighted in red on the application form, along with an error message explaining the issue. Please review and address any red error messages and resubmit the application form.
  • Make sure that the page containing the application form has fully loaded and that the formatting of the page looks right and isn’t missing any elements. If something doesn’t seem right, try reloading the page.
  • If this doesn’t help, please update your web browser to the current version. Older versions of browsers may have security issues, so it’s always advisable to use the latest version. You can check if you’re using the most up to date version of your browser visit by clicking the appropriate link below:
  • If you’ve corrected an error but are still encountering problems, try starting an entirely new application.
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No, at Raisin we don’t handle your money, but the following parties do:

  • The Raisin UK Account includes a transactional account that is provided by Starling Bank.
  • Meteor Asset Management acts as our deposit administrator (for some partner banks).
  • Our partner banks provide savings accounts.

You can read more about Starling Bank and Meteor Asset Management in our FAQs.

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If you were a Raisin UK customer before 12th November 2018 and chose not to opt-in for Starling Bank’s services at Raisin UK, you won’t be able to apply for any new savings accounts through our marketplace or access our new and improved Raisin UK Account. You can still log into your original customer portal to manage your details and view your savings accounts by visiting https://account.raisin.co.uk/login.

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Applying for savings accounts at Raisin UK

To apply for a savings account through our marketplace, you need a Raisin UK Account. When you register with us, you also apply for a transactional account with Starling Bank which forms part of your Raisin UK Account. Once your application has been approved, you can start applying for savings accounts.

All you need to do is to log into your Raisin UK Account, visit ‘Our marketplace’ and find the savings account that you want to apply for. Then click ‘Open account’, enter the amount that you want to deposit and transfer that amount to your Raisin UK Account (please be aware that you can make multiple transfers if needed). When the amount that you pledge is available in your Raisin UK Account, your application will automatically be sent to the partner bank for review.

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You can read about how to open a Fixed Rate Bond in our how-to guide.

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No, once your Fixed Rate Bond is open, you cannot close it until your maturity date (except in exceptional circumstances).

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You can read about how to open a Notice Account in our how-to guide.

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Yes, if you’ve changed your mind about your Notice Account, you can close your account within the 14-day cooling-off period, but please be aware of the following:

  • Your 14-day cooling-off period starts on the day you open your Notice Account.
  • If you close your Notice Account within the 14-day cooling-off period, you won’t earn any interest or profit.
  • You can only close your Notice Account early by sending an email to our Customer Services Team with ‘Right to cancel’ as the subject to service@raisin.co.uk within the 14-day cooling-off period.
  • It can take up to 7 business days from the date you send your closure request for your deposit to transfer back to your Raisin UK Account.
  • You cannot cancel your request to close your account once we have received it.
  • You cannot take advantage of the 14-day cooling-off period if you’ve already entered into your notice period.

After the first 14 days elapse, you may choose to close your Notice Account by entering the notice period as explained in the ‘Details’ of your savings account.

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You can apply for savings accounts in our marketplace if you meet all of the following eligibility requirements:

  • You’re a registered UK resident
  • Aged 18 years or over
  • Have a UK bank or building society account in your name that accepts electronic transfers
  • Have a National Insurance number or UK Tax ID number
  • Have a valid email address
  • Have a valid UK mobile phone number
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Yes, in addition to confirming your identity when you register for a Raisin UK Account, similar checks are carried out when you apply for savings accounts, including real-time electronic anti-money laundering and know your customer (AML/KYC) tools.

Your identity is verified each time you apply for a savings account by comparing the information that you provide against the information held by various databases, including the UK national electoral register.

You may need to provide additional identification, such as a scan of your passport when applying for some savings accounts.

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Yes, you need a UK bank or building society account that you hold in your name to transfer funds into your Raisin UK Account so that you can fund savings accounts through our marketplace.

You can only register one bank or building society account to your Raisin UK Account at a time, and this is the only account that you can use to transfer money to and from your Raisin UK Account.

You can change your nominated account via your Raisin UK Account, provided that you do so at least seven calendar days before the maturity date of any fixed rate bond savings accounts that you have opened.

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Yes, you can apply for as many savings accounts at Raisin UK as you like.

Remember that deposit protection schemes provide protection on a per person, per banking group basis. For more information visit our deposit protection page.

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No, we can only accept applications for the Raisin UK Account online by registering at https://www.raisin.co.uk/register/. The only way to apply for savings accounts from our partner banks is to log into your Raisin UK Account.

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The funding window (the time you have to fund a savings account) is explained in the account details of every savings account in our marketplace. Please allow enough time for transferred deposits to clear your Raisin UK Account before the funding window elapses.

Any deposits received after the funding window elapses will remain in your Raisin UK Account until you decide what you would like to do with them.

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No, once you’ve entered how much you want to deposit into a savings account, you cannot change this amount. If you want to deposit a different amount, you can withdraw your application and start a new application, entering the new amount that you want to deposit.

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If you’ve yet to fund a savings account, you can either withdraw your application through your Raisin UK Account or wait until the funding window detailed in the account details elapses.

To withdraw your savings account application, please log into your Raisin UK Account and click ‘My savings’. Find the application that you want to withdraw and click details. On the row that says ‘Early termination’, click ‘Withdraw application’. You’ll be shown a message explaining the withdrawal process, as well as which savings account application you are asking to withdraw. Please check that this is the right savings account application that you want to withdraw and then click ‘Withdraw application’. If your application has been withdrawn, you’ll be shown a confirmation message.

Please be aware that if you transfer funds into your Raisin UK Account that meet or exceed the amount that you indicated you would like to deposit, you will be unable to withdraw your application.

If you’ve already opened a fixed rate bond savings account through our marketplace, then we cannot cancel your application unless there are exceptional circumstances, as explained in the savings account terms and conditions. Once your deposit has matured, your funds and any interest or profit that you have accrued will be transferred to your Raisin UK Account, from which they can be returned to your bank or building society account.

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Once you complete your application; you’ll receive on-screen instructions to transfer the applicable amount (if you haven’t already done so) and an email that will advise you what you need to do next.

When you have transferred the amount that you want to deposit into your Raisin UK Account, we will send your application to the partner bank for review.

If your application is successful; we will send you an email to advise you that your savings account has been opened. You’ll also find further information on the savings account that you’ve opened in the documents section of your Raisin UK Account.

If your application is unsuccessful; we will let you know, but due to regulations, we will be unable to disclose the reasons as to why your application was not accepted.

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Typically, you should receive a confirmation email that your savings account has been opened within 2 to 5 days of your application being sent to the partner bank.

If you’re sure that your confirmation email hasn’t arrived, please contact our Customer Services Team by sending an email to service@raisin.co.uk or by calling 0161 601 0000 between Monday and Friday (excluding Bank Holidays), from 8:30 am to 4:30 pm.

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It’s not unusual to receive a request for further information after applying for a savings account. Our partner bank may require additional information to validate your identity.

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No, we currently do not offer this option.

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Available account types

The Raisin UK Account is the online banking service that enables you to take advantage of what we offer at Raisin. It makes it easier to transfer money from your bank or building society account into savings accounts offered by each of our partner banks, streamlining the account application and funding process and saving you the hassle of sending your money to multiple banks. By logging into your Raisin UK Account, you can see every savings account that you’ve opened through our marketplace from each partner bank that you have an account with.

The Raisin UK Account is also where we’ll transfer any bonuses that you’re eligible for.

You automatically apply for a Raisin UK Account when you register with us. Please be aware that the Raisin UK Account can only be used in conjunction with a bank or building society account in your name that can make and receive Faster Payments transfers.

Starling Bank provides the transactional account function of the Raisin UK Account, and any money deposited into this account is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

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A Fixed Rate Bond is a type of savings account that allows you to lock away your savings for a set amount of time at a rate that is set from the moment you open your account. This means that you know when your money will be available and how much profit or interest you’ll earn when it matures. There is no early termination allowed on these types of accounts (exceptions may apply, please read the applicable terms and conditions).

You can find out more about Fixed Rate Bonds on our Fixed Rate Bonds page.

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“Fixed Term Deposit” is the technical term for a Fixed Rate Bond. While we try to use consistent wording throughout raisin.co.uk and whenever we contact you, there are instances where we are required to differentiate between “Fixed Term Deposit” and “Fixed Rate Bond”.

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No, once you’ve opened a Fixed Rate Bond, you can’t close it before the maturity date (exceptions may apply, please read the applicable terms and conditions).

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Our marketplace is home to Fixed Rate Bonds that feature rates and terms to suit your needs, giving you the choice of locking your money away for anything from a few months to several years.

Please note that the availability of the Fixed Rate Bond savings accounts that our partner banks offer can change, with some accounts being removed and new accounts being offered by current and new partner banks.

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A Notice Account is a type of savings account through which you make a single deposit and earn a variable rate of interest or profit. When you’re ready to withdraw your money, you enter into your notice period, and your funds transfer to your Raisin UK Account up to four business days after your notice period elapses.

You can find out more about Notice Accounts by reading our Notice Accounts page.

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Our marketplace is home to Notice Accounts featuring a variety of rates and notice periods, meaning that you can choose a notice period that best suits your needs.

Please note that the availability of the Notice Accounts that our partner banks offer can change, with some accounts being removed and new accounts being offered by current and new partner banks.

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You can only withdraw money from your Notice Account at Raisin UK by entering your notice period and closing your Notice Account.

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You can close a Notice Account at any time. When you ask to close your Notice Account, you’ll enter your notice period, the period of time it takes for your account to close as detailed in the terms and conditions of the Notice Account that you’ve opened.

Once your notice period elapses, your funds will transfer to your Raisin UK Account up to four business days after your notice period elapses (please read the ‘Details’ of each Notice Account as your money may transfer in separate payments). Once your funds are available in your Raisin UK Account, you can immediately use them to open a new savings account, or you could transfer your money to your bank or building society account.

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To close your Notice Account, follow these simple steps:

  1. Log into your Raisin UK Account.
  2. Visit ‘My savings’ and find the Notice Account that you want to close.
  3. View the details and in the ‘Availability’ row click ‘Closing your Notice Account’.
  4. Follow the instructions provided and enter the mobile verification code that we send you via SMS text message, to confirm that you want to close this account.

That’s it. Once you ask to close your Notice Account, you’ll enter your notice period. After your notice period elapses, your original deposit and any interest or profit that you’ve accrued will transfer to your Raisin UK Account up to four business days after your notice period elapses.

Once your funds are available in your Raisin UK Account you can immediately use them to open another savings account, or you can withdraw your available balance into your bank or building society account.

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Updating your details

You can check your details by logging into your Raisin UK Account and clicking on ‘My account’ and then ‘My profile’. If any of the information listed is incorrect, please click ‘My account’ and then click ‘Show forms’. At the bottom of the list of documents, you’ll find ‘Change of Personal Details Forms’ including a ‘Change of Name Form’ and a ‘Change of Address Form’. Please complete the appropriate form and send it along with any requested supporting evidence to our Customer Services Team:

Customer Services Team
Raisin UK
Cobden House
12-16 Mosley Street
Manchester
M2 3AQ

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 supporting evidence, we will return it to you.

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You can check your bank or building society account details by logging into your Raisin UK Account and clicking on ‘My account’ and then ‘Withdrawal’. To change your bank or building society account, please click ‘My account’ and then click ‘Show forms’. At the bottom of the list of documents, you’ll find ‘Change of Personal Details Forms’ including a ‘Change of Nominated Account’. Please complete the form and send it along with any requested supporting evidence to our Customer Services Team:

Customer Services Team
Raisin UK
Cobden House
12-16 Mosley Street
Manchester
M2 3AQ

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 supporting evidence, we will return it to you.

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If you want to change your password, please ensure that you have access to the mobile phone with the phone number that you registered with us.

To change your password, please log into your Raisin UK Account, click ‘My account’ and then ‘My profile’. Under the ‘Password’ heading, you’ll see your password (obscured for your privacy). Click ‘Edit’, and you’ll be asked to enter your current password, your new password, and a confirmation of your new password. Enter the requested information and click ‘Next’. Enter the mobile verification number that we send you and click ‘Continue’ to complete your password change.

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Difficulties logging in

If you forget your password, please contact our Customer Services Team. They will post you a letter which includes a PIN that allows you to log into your Raisin UK Account and set up a new password.

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Maturity and renewals

When your Fixed Rate Bond approaches maturity, your deposit and any interest or profit that you have earned will be transferred to your Raisin UK Account, giving you the choice of one of the following options:

  • Option 1: Renew your existing savings account
  • If the partner bank offers the option to renew your savings account, you can do so from as soon as 28 days before the maturity date and until 5 days before the maturity date.

    If you don’t choose a renewal option within your renewal window, your original deposit and any interest or profit that you’ve earned will be transferred to your Raisin UK Account. If this occurs, please consider option 2 or option 3 below.

  • Option 2: Apply for a new savings account
  • Once your savings account matures and your funds are returned to your Raisin UK Account, you could apply for a new savings account through our marketplace.

    Please note that if you wish to open a new savings account with more than your available balance, enter the amount you want to fund it with when you apply and transfer the additional amount to your Raisin UK Account using Faster Payments only before the advertised funding window closes (please be aware that you cannot transfer funds to your Raisin UK Account using CHAPS or BACS).

  • Option 3: Withdraw your money
  • Once your savings account matures and your original deposit and any interest or profit that you’ve accrued has returned to your Raisin UK Account, you can withdraw your money to your bank or building society account.

Please note that it can take up to four business days after maturity for funds to transfer to your Raisin UK Account.

Please be aware that if you registered with Raisin prior to 19th November 2018 and chose not to opt-in to the new Raisin UK Account; when your fixed rate bond savings accounts mature, your money will be withdrawn and deposited directly into your nominated bank account.

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Please be aware that not all of our partner banks will offer to renew all savings accounts, but if the option to do so is made available to you, you can renew your savings account by following these simple steps:

  • Log into your Raisin UK Account between 28 and 5 days before your Fixed Rate Bond savings account is due to mature.
  • Click ‘My savings’.
  • If you’re able to renew your savings account, you’ll see a button that says ‘Prolong fixed term deposit’.
  • Click this button to see the details of your renewal offer.
  • You’ll be asked if you want to renew with your original deposit and your interest or profit, or you can renew with your original deposit and withdraw your interest or profit to your Raisin UK Account.

That’s it. We’ll let you know when we’ve sent your application to renew your savings account to the partner bank and let you know when your current Fixed Rate Bond has matured, as well as when your renewed savings account has opened.

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If the partner bank providing your Fixed Rate Bond offers the option to renew, you can do so within the renewal window by clicking the ‘Prolong fixed term deposit’ button next to your maturing savings account in the ‘My savings’ section of your Raisin UK Account. The renewal window opens 28 days before the day that your Fixed Rate Bond matures and closes 5 days before maturity.

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Please be aware that the applicable deposit protection scheme will protect your deposit up to a set amount per person, per banking group, not per savings account. If your renewal amount exceeds this value, the full value of your savings account may not be protected.

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If you renew your Fixed Rate Bond by clicking the ‘Prolong fixed term deposit’ button in the ‘My savings’ section of your Raisin UK Account between 28 and 5 days before the maturity date of your Fixed Rate Bond, we’ll send your application to the partner bank to review. Please be aware that if your renewal is successful, it can take up to four business days from your maturity date before your renewed Fixed Rate Bond to opens and starts accruing interest or profit.

Please be aware that at no time does Raisin have access to your funds and in no way does Raisin profit from the time it takes for your funds to transfer from a partner bank to your Raisin UK Account upon the maturity of a Fixed Rate Bond.

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If you don’t choose a renewal option before the maturity date of your Fixed Rate Bond, your original deposit and any interest or profit that you’ve earned will be transferred to your Raisin UK Account. You can then use those funds to open a new savings account or withdraw them to your bank or building society account.

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If you don’t choose a renewal option for your Fixed Rate Bond within your renewal window, your original deposit and any interest or profit that you’ve accrued will transfer to your Raisin UK Account up to four days after your maturity date.

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You sure can, if you want to open a new savings account rather than renewing your existing account, simply follow these steps:

  • Log into your Raisin UK Account after your Fixed Rate Bond matures.
  • In the top right corner of your Raisin UK Account, you can see your available funds.
  • Click ‘Our marketplace’ and choose the savings account that you want to open.
  • Click ‘Open account’ and enter the amount that you want to deposit.
  • You’ll need your mobile phone so that you can enter the verification code that we send to you.

That’s it. As with opening any other savings account through our marketplace, we’ll send your application to the partner bank to review and let you know the outcome.

Please be aware that if you wish to open a new savings account with more than your available balance, enter the amount you want to fund it with when you apply and transfer the additional amount to your Raisin UK Account using Faster Payments only before the advertised funding window closes (please be aware that you cannot transfer funds to your Raisin UK Account using CHAPS or BACS).

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Yes, on maturity if you chose not to renew your account, any interest or profit you have accrued will be automatically paid into your Raisin UK Account, giving you the option to fund another savings account.

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Once your savings account matures, if you have not chosen to renew your savings product, your original deposit and any interest or profit that you’ve accrued will be returned to your Raisin UK Account. From there, you can either withdraw your money to your bank or building society account, or order your next savings product from our marketplace.

Please note that it can take up to four business days after maturity for funds to transfer to your Raisin UK Account.

Please be aware that if you registered with Raisin prior to 19th November 2018 and chose not to opt-in to the new Raisin UK Account; when your fixed rate bond savings accounts mature, your money will be withdrawn and deposited directly into your nominated bank account.

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No interest or profit is earned during this process, as your savings product has come to an end; please refer to Meteor Asset Management’s Terms and Conditions (section 4.10) or those of your chosen partner bank for reference.

Please note that no parties are earning any money out of this delay, it is simply the length of time taken to process the return of funds to your own Raisin UK account.

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If you don’t renew your Fixed Rate Bond, your matured funds, including your original deposit and any interest or profit that you’ve accrued, will become available in your Raisin UK Account within four business days of your maturity date.

Please note that in case your funds mature on a bank holiday or at the weekend, your funds will not leave the partner bank until the next business day.

During the time that your funds are being transferred, your funds will not accrue interest or profit, as per Meteor Asset Management’s terms and conditions.

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Yes, money held in your Raisin UK Account is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, per banking group. Please be aware that this account is administered by Starling Bank, so any funds that you have held by this banking group in your name will contribute to the FSCS £85,000 protected limit.

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If you don’t choose to renew your Fixed Rate Bond or if you close your Notice Account, your matured funds including your original deposit and any interest or profit that you’ve accrued will transfer to your Raisin UK Account as explained in the details of the account you’ve opened.

Once your funds become available in your Raisin UK Account, you can withdraw them by following these steps:

  • Log into your Raisin UK Account after your Fixed Rate Bond matures* or you’ve passed the notice period of your Notice Account.
  • In the top right corner of your Raisin UK Account, you can see your available funds.
  • Go to the ‘My account’ drop-down menu and click ‘Withdrawal’.
  • Enter the amount that you want to withdraw along with a reference if required.
  • Click ‘Next’ and confirm that the details entered are correct.
  • Enter the verification number sent to your mobile phone and enter it in the appropriate box.
  • Click ‘Submit’ to complete your withdrawal.

Once your savings account matures and your money has been transferred to your Raisin UK Account, you can withdraw your full or partial balance to your personal bank or building society account.

* Please note that it can take up to four business days after maturity for your matured funds to transfer to your Raisin UK Account.

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It takes four business days for your matured funds to return to your Raisin UK Account due to the transfer methods used. When your Fixed Rate Bond matures, your matured funds, including your original deposit and any interest or profit that you’ve accrued, will either transfer directly to your Raisin UK Account from a partner bank, or your funds will transfer to your Raisin UK Account from a partner bank via Meteor Asset Management (our deposit administrator).

Please be aware that at no time does Raisin have access to your funds and in no way does Raisin profit from the time it takes for your funds to transfer from a partner bank to your Raisin UK Account upon the maturity of a Fixed Rate Bond.

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Yes, during the renewal window which typically runs between 28 days and 5 days before maturity, you can ask us to cancel your renewal (prolongation) request by contacting our Customer Services Team.

You can contact our Customer Services Team by sending a secure message from your Raisin UK Account, by sending an email to service@raisin.co.uk or by calling us on 0161 601 0000.

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Transferring money

To transfer money into a savings account through our marketplace, you’ll need to register for a Raisin UK Account first.

Once we’ve let you know that your Raisin UK Account has been fully opened, you simply need to provide your bank or building society with your Raisin UK Account sort code and unique account number, and then transfer money from your personal bank or building society account into your Raisin UK Account.

You can find the sort code, and your unique account number in your registration confirmation email, as well as by logging into your Raisin UK Account.

This method is the only way to transfer money into a savings account that you’ve applied for through our marketplace.

Please be aware that you can only transfer money to your Raisin UK Account using the Faster Payments transfer method from a UK bank or building society account held in your name.

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You can find your Raisin UK sort code and unique account number in your Raisin UK Account by following these steps:

  • Access your Raisin UK Account by clicking the ‘Log in’ button which is in the top right corner of the raisin.co.uk website.
  • Enter the email address that you registered with to confirm that you have a Raisin UK Account and click ‘Submit’.
  • Enter your email address again, as well as your password, then click ‘Log in’.
  • In the top right corner below the ‘Log out’ button, you’ll see the balance of your Raisin Account as well as your sort code and unique account number.
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No, you’re unable to transfer money into your Raisin UK Account by BACS. You can only transfer money to your Raisin UK Account using Faster Payments. Faster Payments is used by UK banks to reduce the time it takes to transfer money between bank accounts.

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No, you’re unable to transfer money into your Raisin UK Account by CHAPS. You can only transfer money to your Raisin UK Account using Faster Payments. Faster Payments is used by UK banks to reduce the time it takes to transfer money between bank accounts.

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We only accept Faster Payments because the transfer time is faster than BACS and CHAPS and it’s a money transfer method that’s widely used by banks in the UK.

While we only currently accept Faster Payments, we are working on accepting other transfer methods soon.

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Not directly. To fund a savings account through our marketplace, you need to transfer the money you want to deposit to your Raisin UK Account from a UK bank or building society account in your name.

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No, you can’t fund a savings account with cash or cheques. You can only fund a savings account by transferring funds to your Raisin UK Account using Faster Payments from a UK bank or building society account held in your name.

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When money has been deposited into your Raisin UK Account, it will show as available in your Raisin UK Account dashboard. Please be aware that it can take up to three business days for deposited money to appear in your Raisin UK Account.

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Yes, you can make as many transfers as are necessary into your Raisin UK Account. We won’t send your savings account application to the partner bank until you have transferred the amount that you want to open your account with, so please ensure that you complete all transfers before the funding window detailed in the account details elapses.

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Your Raisin UK Account and savings accounts on our marketplace can only be funded by transfers in pounds sterling (GBP).

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Once you have transferred funds to your Raisin UK Account, it typically takes up to three business days for them to become visible in your Raisin UK Account.

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You can only transfer money into your Raisin UK Account by electronic transfer, using the Faster Payments transfer method from a UK bank or building society account that you hold in your name. At present, you are unable to transfer funds to your Raisin UK Account via BACS or CHAPS.

We are currently only aware of one issue which may prevent you from transferring funds to your Raisin UK Account, and it is related to funds being automatically returned to nominated bank accounts.

The reason for the funds being returned to the originating account is that Starling Bank could not positively identify the source of the funds from the information in the electronic transfer. In many cases the bank sending the funds may not use your full name in the electronic transfer process. In other cases (in case you are sending funds from another account such as a joint account), only the name of your partner will be showing up in the transfer. Both of these scenarios can lead to the funds being returned automatically.

There’s nothing to worry about, we just require some additional information to verify your account. If you could send in a screenshot or a scan of a bank statement for this account to Customer Services, we can pass this over to Starling Bank so that they can verify your name. Once this additional check has been done by our servicing bank, you should be able to transfer the funds again from this bank account without encountering the same issue.

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To withdraw money from your Raisin UK Account, please ensure that you have access to the mobile phone with the phone number that you registered with us.

Visit raisin.co.uk, click ‘Log In‘, and enter your Raisin UK Account login details. Once you have logged into your dashboard, click ‘My account’ and from the drop-down menu, click ‘Withdrawal’. You’ll then be presented with the bank or building society account details that you provided us with, and a box to enter the amount that you wish to withdraw, as well as a reference if you wish to provide one.

Please ensure that your bank or building society account details are correct before withdrawing money from your Raisin UK Account.

Click ‘Next’, and we’ll send a mobile verification code to you by SMS. All that you need to do to complete the withdrawal shown is to enter your mobile verification code and click ‘Submit’.

Please be aware that you can only withdraw available funds from your Raisin UK Account. If you have applied for a savings account and the amount that you have asked to deposit is in your Raisin UK Account, that amount will be used to fund that savings account. Subsequently, that amount won’t be available to withdraw.

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Earning interest or expected profit

This depends on which savings account you’ve applied for. For instance, with a fixed rate bond you’ll earn interest or profit annually, and it will be paid to you at maturity.

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No, once a fixed rate bond savings account has been opened, the interest that you earn will remain the same. The only exception to this is if you’ve opened savings accounts from a Sharia-compliant bank. Please read our frequently asked questions about savings accounts from Sharia-compliant banks to find out more.

If you have yet to complete your application for a fixed rate bond savings account, the interest or expected profit rate may change at any time until your application is fully funded.

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Managing your savings accounts

You can see your savings accounts simply by logging into your Raisin UK Account. When you log in, you’ll see your ‘Savings products overview’. You can also view your savings accounts by clicking ‘My savings’, where you’ll see further information about the savings accounts you’ve opened and applied for.

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Making withdrawals

No, you cannot withdraw funds from a fixed rate bond savings account until the maturity date. There are exceptional circumstances under which the early closure of your fixed rate bond may be approved (please read the terms and conditions relevant to your savings account for further guidance). If you meet the criteria to close your fixed rate bond before maturity and wish to do so, please contact our Customer Services Team.

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No, you can’t make a partial withdrawal from the Notice Accounts available through our marketplace. When making a withdrawal, you can only withdraw the full balance of each Notice Account that you’ve opened.

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You can only withdraw your full balance from your Notice Account at Raisin UK by entering your notice period and closing your account.

To close your Notice Account, follow these simple steps:

  1. Log into your Raisin UK Account.
  2. Visit ‘My savings’ and find the Notice Account that you want to close.
  3. View the details and in the ‘Availability’ row click ‘Closing your Notice Account’.
  4. Follow the instructions provided and enter the mobile verification code that we send you via SMS text message to confirm that you want to close this account.

That’s it. Once you ask to close your Notice Account, you’ll enter your notice period. After your notice period elapses, your original deposit and any interest or profit that you’ve accrued will transfer to your Raisin UK Account up to four business days after your notice period elapses.

Once your funds are available in your Raisin UK Account, you can immediately use them to open another savings account, or you can withdraw your available balance into your bank or building society account.

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Yes, you can deposit into and withdraw funds from your Raisin UK Account at your convenience, but please be aware that you can only withdraw up to £250,000 a day.

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If you’re having problems withdrawing money from your Raisin UK Account, please check the following:

‘Available’ funds
You can only withdraw money that shows as ‘Available’ in your Raisin UK Account. You can view how much money you have ‘Available’ in your Raisin UK Account by logging in and viewing your balance in the top right corner of your Dashboard (the first screen you see after logging in).

Mobile verification (mTAN)
When you request to withdraw money from your Raisin UK Account, we will send a mobile verification code (also known as mTAN) to your mobile phone by SMS text message. You’ll need to enter your six-digit mobile verification code to complete your withdrawal request, so please ensure that you have your mobile phone with you.

Nominated bank or building society account
If your withdrawal appears to have been unsuccessful, please check that the nominated bank or building society account details that we hold for you are correct and up to date. You can find your nominated bank or building society account details by logging into your Raisin UK Account, navigating to ‘My Account’ and clicking ‘Withdrawal’.

If your nominated bank or building society account information is incorrect, please read our FAQs to find out how to update your details.

If you’ve addressed all of these issues, but you’re still unable to withdraw money from your Raisin UK Account, please contact our Customer Services Team.

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If you’ve closed your nominated bank or building society account as part of the Current Account Switch Service process (CASS), please update your nominated bank or building society account details. If you try to withdraw funds without doing so, your withdrawal will likely be unsuccessful.

If your nominated bank or building society account information is incorrect, please read our FAQs to find out how to update your details.

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Bonus information

To claim our welcome bonus, all you need to do is ensure that you meet the eligibility requirements (explained in this FAQs page) and send an email from the email address you registered with us within six months of funding your first savings account at Raisin UK. Please include your full name and the welcome bonus amount that you’re eligible to claim in the message, with “Welcome bonus” in the subject line to bonus@raisin.co.uk.

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You can only claim a welcome bonus for opening and fully funding your first savings account with us. The savings account that you first fund needs to have a term of at least six months and you need to have deposited a minimum amount of £5,000 (for bonus amounts, please see ‘Which welcome bonus can I claim?’ below). If you cancel your savings account or withdraw funds within the first six months, you will no longer be eligible for a welcome bonus.

Please be aware that this bonus is not paid automatically and needs to be claimed by sending an email to bonus@raisin.co.uk within six months of funding your first savings account at Raisin UK.

A maximum of one welcome bonus can be claimed per person.

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We will credit the applicable welcome bonus amount to your Raisin UK Account within 14 days of approving your bonus claim, providing that you meet our eligibility requirements. Please be aware that we are not able to approve your welcome bonus claim before we send your first savings account opening confirmation.

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Yes, to be eligible for a Raisin UK welcome bonus, you need to deposit between £5,000 and £85,000 into your first savings account through our marketplace. How much your bonus will be, depends on how much you deposit, with more substantial deposits receiving a more significant bonus. Deposits of less than £5,000 do not qualify for our welcome bonus.

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We only have one welcome bonus, and how much you can claim depends on how much you deposit into a fixed rate bond through the Raisin UK savings marketplace. This is the criteria for our current welcome bonus:

  • Deposit between £5,000 and £9,999 into a fixed rate bond or notice account for 6 months min. to claim a £10 bonus
  • Deposit between £10,000 and £39,999 into a fixed rate bond or notice account for 6 months min. to claim a £25 bonus
  • Deposit between £40,000 and £74,999 into a fixed rate bond or notice account for 6 months min. to claim an £50 bonus
  • Deposit between £75,000 and £85,000 into a fixed rate bond or notice account for 6 months min. to claim a £100 bonus
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No, the Raisin UK welcome bonus is only available to those who fund a savings account through our marketplace for the first time.

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No, you must send your welcome bonus claim from the email address that you registered with. If you make a welcome bonus claim from an email address other than the one that you registered with, your claim may not be processed.

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Our refer a friend bonus gives you a way to easily recommend Raisin UK to your friends, colleagues and family members. While you can recommend Raisin UK any way that you please, by taking advantage of our refer a friend bonus scheme, both you and your friend may each be entitled to a cash bonus.

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What is the eligibility for the refer a friend bonus?
To be eligible for a refer a friend bonus, all that you need to do is log into your Raisin UK Account, navigating to the refer a friend bonus page. Once there, you’ll be given the opportunity to recommend Raisin UK to individuals of your choosing.

For every one of your friends who registers with us for the first time who also funds their first savings account with £25,000 or more with an account with a duration of six months or more, you’ll both receive a cash bonus deposited into your respective Raisin UK Accounts.

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You don’t need to claim the refer a friend bonus. You are able to receive the £25 bonus per referral, for up to 10 successful referrals, while this offer is available.

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As long as the referral is completed through your Raisin UK Account, no claim is necessary. Your refer a friend bonus will be automatically paid once all eligibility requirements are fulfilled.

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No, claiming a refer a friend bonus does not prevent you from claiming another bonus offer at Raisin UK.

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Both the individual who recommends us and the one being recommended to Raisin UK will receive their bonuses in their respective Raisin UK Account’s 14 days after all the requirements are fulfilled.

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Yes, until 31st October the bonus amounts of our previous welcome bonus were as follows:

  • Deposit between £1,000 and £9,999 into a fixed rate bond or notice account for 6 months min. – No bonus available
  • Deposit between £10,000 and £39,999 into a fixed rate bond or notice account for 6 months min. to claim a £10 bonus
  • Deposit between £40,000 and £74,999 into a fixed rate bond or notice account for 6 months min. to claim an £80 bonus
  • Deposit between £75,000 and £85,000 into a fixed rate bond or notice account for 6 months min. to claim a £100 bonus

If you funded your first savings account with us between 14th December 2018 and 31st October 2019, you have six months to claim this previous welcome bonus, provided that the savings account you applied for has a term of at least six months and you deposited at least £10,000.

Please be aware that as with our current welcome bonus, if you cancel your savings account or withdraw funds within the first six months, you will no longer be eligible for a welcome bonus.

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Raisin UK pays for both the welcome bonus and the refer a friend bonus; it’s our way of saying thank you for choosing Raisin UK.

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There’s no set time limit on how long the Raisin UK welcome bonus or refer a friend bonus will be available for. We reserve the right to withdraw any bonus at any time, as well as introduce other bonuses at our discretion.

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Yes we have, from 22nd May 2019 our current scheme was activated. If you referred a friend prior to this date the old terms apply.

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Sharia banking

Sharia banking encompasses any financial activity that complies with Sharia law, also known as Shariah, Shari’a or Islamic law. Sharia banking operates on the principle that exploitative gains, referred to as riba or usury, are prohibited.

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Under Sharia banking principles, a depositor must share in the profit and loss of the bank to avoid exploitative gains. Earning money from money is prohibited in Sharia banking, so savings accounts don’t have interest rates; instead, they have an expected profit rate.

An expected profit rate is an indication of how much you can expect to earn from a savings account from a Sharia-compliant bank, similar to how an interest rate works. This rate can change if the bank makes less profit than expected. If this happens, we will inform you of the new profit rate and give you the option to either continue with the new lower rate or cancel your savings account early and return your capital and the profit you’ve earned at the existing rate to that date to your Raisin UK Account.

Please be aware that you won’t be forced to keep a fixed rate bond open if the rate changes. We will only continue the fixed term at the new rate if you explicitly tell us to do so.

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Yes, anyone who meets the eligibility criteria can open a savings account from a Sharia-compliant bank.

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If you open a savings account from a Sharia-compliant bank through our marketplace, you’ll automatically opt-into our Make Good policy, ensuring that your capital is protected and won’t return a loss, meaning that you don’t lose out. Please be aware that if you remain opted into the Make Good policy, your savings account is not Sharia-compliant.

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You can opt-out of our Make Good policy to keep a savings account Sharia-compliant by sending an email to service@raisin.co.uk with the subject “Make good opt-out”.

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Sharia banks follow a code of ethical conduct which forbids them from working with organisations that are involved in gambling, alcohol, tobacco or arms, but they can work with any organisation that is considered ethical under Sharia banking rules.

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Meteor Asset Management

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

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Meteor Asset Management acts as our deposit administrator for some of our partner banks, holding your money in what is known as a “bare trust” arrangement. Their role is to transfer your money between your Raisin UK Account and a partner bank’s account. This process takes place when you fund a savings account and when your deposits are returned to you at maturity, along with any interest or profit you have accrued. While providing this service, Meteor Asset Management has no claim to your funds and administers them on your behalf.

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Starling Bank

Starling Bank is a new generation digital, mobile-only bank based in the UK. Headquartered in London, Starling Bank is a fully licensed and regulated bank, founded in January 2014.

As a technology-focused business with a banking licence, Starling Bank built what is known as a full-stack bank, which means that they’ve created many of their systems from scratch. Because of this, they’ve been able to design the banking software that they develop to be resilient, fast and secure.

Starling Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 730166.

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Working alongside Raisin UK, Starling Bank operates as the service bank for our Raisin UK Account, meaning that they hold and transfer deposits between you, the customer, and our partner banks.

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Deposits held by Starling Bank are protected by the Financial Services Compensation Scheme (FSCS), which protects eligible deposits up to £85,000, per person, per banking group. In addition to this financial protection, Starling Bank uses advanced data encryption and storing technologies to ensure that your personal information and transactions are sent, received and stored securely.

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Yes, the only way to apply for savings accounts through our marketplace is to sign up to Starling Bank’s services.

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If you’re registering with us for the first time, you’ll apply for Starling Bank’s services as part of the registration process. If you were a Raisin UK customer before we offered the Raisin UK Account and chose not to opt-in for Starling Bank’s services, you can re-register with us.

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If you’ve already registered with us and purchased savings accounts but chose not to sign up to Starling Bank, then you won’t be able to apply for any new savings accounts through our marketplace. You also won’t have access to our new and improved Raisin UK Account. You will need to re-register for a new Raisin UK Account to be able to apply for new savings accounts and take advantage of new offers.

Your existing savings accounts won’t be affected and will mature as stated in the account details, but you won’t be able to renew any savings accounts that you’ve already purchased without signing up to Starling Bank.

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Yes, the current account offered by Starling Bank operates separately from the Raisin UK Account, so even if you already have an account with Starling Bank, you will need to register with us.

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