How to use Raisin UK: a quick start guide

Whether you’re a beginner saver, have a lump sum to invest, or wish to grow your existing pot, opening a savings account through Raisin UK is a great way to save, whatever you’re saving for.

But how does it work? Well, the first thing you should know is that we’re not a bank. What we offer is a free, easy-to-use, simple savings service that allows you to choose from a range of banks to save with. You can open and manage multiple savings accounts using our no-fees marketplace.

Just register with us, and you’ll have a choice of competitive savings accounts at your fingertips. The best thing? No more application forms! Once you’ve registered, you can apply for savings accounts in a few clicks.

1. Choose the savings account that's right for you

Take the time to consider and compare different types of savings accounts, their benefits and interest rates, and weigh up which one is best suited to you. The important information you’ll need to know, for example interest rates and term length, is set out clearly, so you can compare savings accounts easily. The different types of savings accounts available through our marketplace include:

Fixed rate bonds

Open with a single deposit and lock in a competitive fixed interest rate for a set term, after which you can access your funds.

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Notice accounts

Open with a single deposit and earn a variable interest rate with access to your funds after a notice period.

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Easy access accounts

Top-up and access your money whenever you want while you earn a variable rate of interest.

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2. Transfer your money

Transfer money from your nominated bank or building society account to your Transaction Account. Read our handy guide for more information.

3. Watch your savings grow

All that’s left for you to do is sit back, relax and watch your money grow, thanks to the competitive interest rates provided by our partner banks.

Is my money safe?

Yes — all but two of our partner banks are covered by the Financial Services Compensation Scheme (FSCS), which covers deposits of up to £85,000 per person, per banking group. The two other partner banks are deposit-protected by separate schemes: HoistSavings, which is protected by the Swedish Deposit Guarantee Scheme, and AgriBank, which is protected by the Malta Financial Services Authority.

Is there anything else I need to do?

Depending on the type of savings account and term you have chosen, you may need to take action as your account reaches maturity. We’ll email you as that date approaches, so you can decide how you’d like to reinvest or withdraw your funds.

If you’re unsure how to go about registering for a Raisin UK Account or get stuck at any stage of your application or money management process, our ‘how to’ guides and FAQs have the answers you’re looking for.

Access your Raisin UK Account using our app

and manage all your savings accounts in one place while you’re on the go.


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