Are your savings with a high street bank?

Find out how you could be missing out

Do you have spare cash that you’re saving for a special occasion, or set aside for a rainy day? Our research[1] shows that UK consumers have over £3.5 billion in current accounts. That’s a lot of money that probably could be generating a better return in a dedicated savings account.

A little rate increase could make a big difference

If you want to lock away your money for a year, you could be earning as much as 2.00% AER in profit by skipping the high street and opening an account with The highest interest rate you could get on the same type of account with Natwest, one of the big four high street banks (HSBC, Barclays, Lloyds and RBS/NatWest), is almost half that amount at the time of writing, at 1.1%.

What’s a challenger bank anyway?

You might be wondering who these banks are and why are their rates are so much better than high street banks? These banks are often referred to as challenger banks, and they’re here to disrupt established banking in a way that benefits savers. Challenger banks are usually smaller in size, and because they are younger than high street banks, you often find that their infrastructure is more modern and in some cases, has been built from scratch to keep the service that they offer in line with what you would expect from a modern bank.

As a UK saver, what you need to know about challenger banks is that they can make up for not being as well known by offering much more attractive interest rates.

What’s the catch?

Are you trying to figure out the catch? There isn’t one. A challenger bank savings account is as safe as high street account because the same FSCS protection scheme protects your deposit. What’s more; if you register for a Raisin UK Account, you’ll have access to savings accounts from a range of challenger banks without having to fill out an application form every time you apply.

High street banks vs Challenger banks

Are you ready to make the most of your savings? See what’s available in the Raisin UK savings marketplace:

Bonus amount and availability dependent on eligibility and amount deposited into a savings product purchased through Raisin UK. Please read our bonus page to find out more.

[1] The research for Raisin was carried out online by Opinion Matters throughout 01/05/2019 to 03/05/2019 amongst a panel resulting in 2,005 Brits responding. All research conducted adheres to the MRS Codes of Conduct (2010) in the UK and ICC/ESOMAR World Research Guidelines. Opinion Matters is registered with the Information Commissioner’s Office and is fully compliant with the Data Protection Act (1998).