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Savings Plan
Set up one-off or recurring payments from your Nominated Account to your easy access savings account.
Automate your savings effortlessly with Raisin UK's Savings Plan. With just a few clicks, you can set up recurring payments from your Nominated Account directly into your easy access savings account. This automated savings plan simplifies managing your money, ensuring you regularly build your savings without the hassle of manual transfers.
Key takeaways
By automating transfers of money into a savings account, you can easily build savings without having to set up manual transfers
Raisin UK’s Savings Plan works with easy access savings accounts, so your money is accessible and earns interest at the same time
Your savings are protected up to £85,000 per bank under the FSCS
The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.
What is the Raisin UK Savings Plan, and how does it work?
Once you have registered and opened a Raisin UK Account, you can easily save money automatically through the online platform or in the Raisin UK App. Regular payments are set up for automatic transfer from your Nominated Account into your Transaction Account.
The Nominated Account is the account you use to transfer funds into your savings account. More often than not, this is a current account from your bank, building society, or electronic money institution.
The Transaction Account is the account you open with Raisin UK, which you use to deposit your funds into fixed rate bonds, notice accounts and easy access savings accounts from our partner banks. However, automated saving at Raisin UK is only available with an easy access savings account, as fixed rate bonds only allow for a single deposit at the start of the term.
If you plan to make frequent contributions via Savings Plan, consider these accounts with a £100 minimum deposit:
You get to choose the payment frequency, so the cash will move directly into your savings account on a schedule that suits you. Your savings are protected up to £85,000 per bank by the Financial Services Compensation Scheme (FSCS).
How to set up an Automated Savings Plan with Raisin UK
1. Select your easy access savings account
- Log in to your Raisin UK Account.
- Navigate to 'My savings' > 'Easy access account'.
- Click '+ Top up' on your chosen account.
2. Set up your payment
- Choose between a one-off or recurring payment.
- Enter the amount you wish to deposit.
- Note or copy the provided payment reference.
3. Create a standing order
- Log in to your Nominated Account's online banking.
- Set up a standing order to your Raisin UK Transaction Account.
- Use the exact payment reference to ensure proper allocation.
4. Confirm and watch your savings grow!
- Once funds arrive, Raisin UK will transfer them to your savings account.
- If the payment reference is missing, funds will remain in your Transaction Account.
- Regularly check your account to monitor your savings progress.
Set up Savings Plan now
What is an automated savings plan?
Automated saving is where you instruct the financial institution you bank with to set up a standing order to transfer a set amount of money regularly into a savings account. That way, you can build up your savings without having to manually deposit funds every few weeks or months.
An automatic savings plan can also help you get into the habit of saving. For instance, if you follow the 50/30/20 approach, where 20% of your income goes towards savings each month, you could use a savings plan to automate the process. Some people set up automated savings plans to coincide with payday, meaning they don’t notice the money leaving their account. You might also find automatic saving offered by money-saving apps, which promise to take the legwork out of saving.
What are the benefits of automated saving?
Many savers open a savings account with the best of intentions, but it’s easy to neglect it after the initial deposit. By saving automatically, you can keep contributing to and growing your savings without having to think too much about it.
With an automated savings plan, you can:
Take the effort out of growing your savings
Work consistently towards your savings goals, whether they are long-term or short-term
Take advantage of interest that compounds
Develop healthy money habits
Keep your savings separate from the account you use for everyday spending
Earn interest while you save
Keep your money accessible for emergencies
Start automating your savings with Raisin UK
Whether you want to get into the habit of putting money aside or you have a specific goal in mind, setting up an Automated Savings Plan is easy. Simply register for a free Raisin UK Account and follow the steps above to automate your savings.
Set up a Savings Plan now
FAQs about automated savings plans
Is my money protected with automated savings plans?
When you set up automated saving with Raisin UK, your money is protected up to £85,000 per person, per bank under the FSCS protection limits. You can easily see how much you’ve accumulated through your account dashboard. If the total balance is approaching £85,000, you could open another account to make sure all your money stays protected.
How much should I transfer to savings each month?
This will depend on your individual circumstances. Some people budget their money and put aside between 10% and 20% of their post-tax income each month. Most easy access savings accounts on Raisin UK state a minimum amount you would have to top up by, which typically ranges from £100 to £1,000. So it’s important to check the account’s terms to make sure you can commit to that amount on a regular basis.
Are there any disadvantages to automated saving?
If you’ve set up automated savings but your current account balance is insufficient, you could end up unwittingly entering your overdraft and facing a fee. This is particularly relevant for individuals whose income changes from one month to the next. Plus, easy access savings accounts may not always offer the most competitive interest rates. It can be sensible to compare rates on savings accounts to make sure you’re getting the most from your savings.
Is my money locked away with an automated savings plan?
No, your money is still accessible, and this is one of the benefits of automatic saving. However, some accounts may specify a minimum amount to make a withdrawal, so it’s worth checking the details before you open the account.