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 a bank or building society account held in your name
The bank or building society account you transfer money to your Raisin UK Account from must be held in your name.
You can view your nominated account by logging into your Raisin UK Account, clicking the ‘My account’ drop-down menu, and then ‘Withdrawal‘.
Transferring money from a joint account
You can transfer money from a joint account to your Raisin UK Account, but due to our service bank (Starling Bank) having difficulty reconciling the names on joint accounts with the names on Raisin UK Accounts, your money may automatically return.
If your money automatically returns to your joint account, please send an email to firstname.lastname@example.org or secure message through your Raisin UK Account explaining the situation, along with a scan or photo of the following:
- A recent joint account statement (not older than three months)
- Either your passport or driving licence
We will share your photo or scan of these documents with Starling Bank for verification. Once Starling Bank verifies your joint account, we will contact you to confirm you can transfer money from your joint account to your Raisin UK Account.
Please wait until we contact you before attempting to make another transfer.
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. Begin funding your Raisin UK Account
Carefully check that you have entered your Raisin UK sort code and unique account number correctly before transferring any money.
Some of our customers have informed us that their bank or building society displays a Confirmation of Payee (fraud warning) message or blocks transfers to their Raisin UK Account. Before transferring larger deposits, we recommend initially transferring a small amount to validate your Raisin UK Account, such as £1, and confirming that this amount is available in your Raisin UK Account (within 24 hours).
You can then make as many payments as you need into your Raisin UK Account until you reach the full amount you require for the savings account you wish to open. However, please note that your bank may have a daily transfer limit or a limit per transaction. You may be able to temporarily adjust this limit by speaking to your bank, but you should take any transaction limits into account to ensure that you complete all transfers before the funding window (detailed in the account details) elapses.
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, typically less than 24 hours. Your Raisin UK Account updates at around 8 am, 2 pm and again at 6 pm each weekday. So if you make a transfer at 3 pm, the earliest you will be able to see this in your Raisin UK Account will be at 6 pm. 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. Your savings account application will be reviewed
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 your application will be reviewed. Once your application has been approved, your full deposit amount will transfer to the partner bank automatically.
It typically takes less than two business days from when your full deposit amount is available in your Raisin UK Account for an approved savings account to open.
* 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.