How to transfer money to your Raisin UK Account and fund savings accounts
The Raisin UK Account provides a quick way to open savings accounts from a range of banks, without having to fill out an application form or give your bank or building society details each time you apply. In this guide, we explain how to transfer money to your Raisin UK Account, including how to fund any savings accounts that you’ve opened.
1. Find your Raisin UK Account sort code and account number – these are the details you need to use when transferring money from your nominated bank or building society account
You can find your Raisin UK Account sort code and account number on the dashboard of your Raisin UK Account when you log in.
Important: Use this sort code and your unique Raisin UK account number, when you want to transfer money to your Raisin UK Account. When transferring funds from your nominated bank or building society account, in the payee information you should enter your name, as it appears in your Raisin UK Account e.g. John Smith.
2. Only transfer money from your nominated bank or building society account
You can view your nominated account by logging into your Raisin UK Account, clicking the ‘My account’ drop-down menu, and then ‘Withdrawal‘.
Joint accounts: If your nominated bank or building society account is also a joint account; when you attempt to transfer money for the first time to your Raisin UK Account, your funds may be returned to your originating bank. The reason for this is that Starling Bank, our service bank where your Raisin UK Account is held, does not recognise that the payment is coming from you.
If this occurs, please send our Customer Services Team a copy of a recent bank statement (not older than three months) from your nominated account, as well as a copy of either your passport or your driving licence. You can send these documents either by email to firstname.lastname@example.org or by using the Messages feature within your Raisin UK Account. We will then forward these documents to Starling Bank, who after having checked the validity of the documents will confirm that you may make the bank transfer again. Please do not make the transfer until you receive this confirmation from our Customer Services Team.
3. Only transfer money using Faster Payments
When you transfer money to your Raisin UK Account, make sure that you only use Faster Payments. If you transfer money to your Raisin UK Account by CHAPS or BACS, your transfer may be rejected, which could delay the funding of your savings account.
Your bank will decide which default payment method to use, but may reference the method when you are setting up the payment. Some banks have set daily limits on Faster Payments, which means that if you want to fund a savings account with more than the daily limit set by your bank, you may need to do this over a number of days.
If you’re unsure how to transfer your money by Faster Payments, please contact your bank.
4. Be aware that your bank may not be able to confirm your Raisin UK Account details, through their Confirmation of Payee flag
Carefully check that you have entered your Raisin UK sort code and unique account number correctly before transferring any money.
If you enter these details correctly, it is still likely that your UK bank may flag that this payment is going to a payee that is not recognised. This is because the receiving bank is Starling Bank, the service bank for your Raisin UK Account, and they have not yet implemented Confirmation of Payee for the Raisin UK Account.
Confirmation of Payee is a name-checking service warning bank and building society customers receive, when a payee’s name doesn’t match the account number they have entered. It was rolled out by six of the UK’s biggest banks in early 2020 at the direction of the Payment Systems Regulator, who are a subsidiary of the FCA. Participating banks are: Barclays, HSBC, Lloyds, RBS, Santander and Nationwide Building Society. However, some other UK banks have also implemented this system.
Confirmation of Payee is very important to reduce the amount of money lost to bank transfer fraud. However, we would like to reassure you that your security and minimising any fraudulent activity is the highest priority for both Raisin UK and Starling Bank.
See Confirmation of Payee example flags from HSBC, Nationwide and Barclays:
5. Make multiple transfers
You don’t have to transfer your full deposit amount in one go. You can make multiple transfers to your Raisin UK Account until you reach the full deposit amount.
You can fund any new savings accounts through multiple Faster Payments money transfers to your Raisin UK Account, until the opening amount you chose when opening it is reached.
Note: If you decide to change the amount you want to deposit, and have yet to transfer your deposit to your Raisin UK Account, you can withdraw your application and re-apply, if the savings account is still available. You can do this through your Raisin UK Account by clicking ‘My savings’ in the navigation menu, then click ‘Details’ on the application you want to withdraw, and then click ‘Withdraw application’. Confirm that this is the application that you want to withdraw by clicking ‘Withdraw application’ and you will see a message confirming that your application has been cancelled. Then re-apply if the savings account is still available.
6. Wait for your funds to arrive
It shouldn’t take long for your transferred money to become available in your Raisin UK Account. Your Raisin UK Account updates at around 8am, 2pm and again at 6pm each weekday. So if you make a transfer at 3pm, the earliest you will be able to see this in your Raisin UK Account will be at 6pm. You may however not be able to view the payment until the next morning. Once your money is available, you can view your available balance from the dashboard of your Raisin UK Account after logging in.
7. We’ll send your savings account application to the partner bank
Once you have applied for a savings account and transferred your full deposit amount, your deposit amount will be set aside from your available balance, and we’ll send your application to the partner bank for approval. Once your application has been approved, your full deposit amount will transfer to the partner bank automatically.
* If your nominated account details don’t look correct, or you need to change your nominated bank or building society account, you can do so by clicking the ‘My account’ drop-down menu and then ‘Show forms‘. Under the ‘Change of Personal Details Forms’ heading, you’ll see a ‘Change of Nominated Account form’. Complete this form and return it to our Customer Services Team via email or secure message in your Raisin UK Account, and we will update your details. Please do not send this to us via post, as our team is working remotely during the Covid-19 pandemic.