2 Opening and Managing a Raisin UK Account
2.1 We provide the Raisin UK Platform which is a savings marketplace platform that enables you to register for a Raisin UK Account in order to access and manage multiple savings products from our panel of Partner Banks.
2.2 By registering for a Raisin UK Account on the Raisin UK Platform, you can hold and view a range of Savings Accounts in one place.
2.3 We do not provide advice about the suitability of any savings product, or assess it’s appropriateness for you. Please ensure you read the materials we provide about savings products carefully before you invest. If there is something you do not understand, let us know. If you want advice about investing, please contact a qualified investment adviser.
2.4 When registering for a Raisin UK Account, you will also be applying to open a Transaction Account in your name with the Service Bank. Your Transaction Account is operated by the Service Bank, with certain administrative functions being provided by Raisin, under the Service Bank Terms. Your deposit with the Service Bank is protected by the FSCS. Please refer to your terms with the Service Bank for more information.
2.5 We are entitled to change the bank acting as Service Bank at any time and, if we decide to do so, we shall provide at least 2 months’ prior written notice to you of such change, along with a summary of how that change will affect you. Should we change the Service Bank provider, to ensure continued provision of our Services pursuant to these Terms, we may arrange for any Cleared Funds in your Transaction Account to be transferred to your Nominated Account and open a replacement Transaction Account in your name with the replacement Service Bank provider, providing the new Service Bank Terms to you along with a relevant summary of changes.
2.6 You will be asked for certain Information when you register for a Raisin UK Account, including the following details:
2.6.1 you must nominate a UK bank or building society account which must be held in your name (“Nominated Account”) from which you will fund your Transaction Account. Any withdrawals from your Transaction Account can only be paid back to this Nominated Account; and
2.6.2 you must provide us with a unique UK-registered mobile telephone number to register for a Raisin UK Account and to access our Services. The mobile number cannot already be allocated to a different Raisin UK Account. We and our partners use this number to ensure the security of our customers, for example, by verifying newly registered Raisin UK accounts and/or when money is being withdrawn from your Transaction Account. It may also be used to remind you of maturing deposits and your options.
2.7 Your registration for a Raisin UK Account and opening of your Transaction Account may involve the Service Bank (or its subcontractor(s)) performing certain checks and verifications, including checks required under the AML requirements and other applicable UK law.
2.8 Your Raisin UK Account will only be opened when:
2.8.1 you have accepted these Terms, 2.8.2 you have accepted the Service Bank Terms; and
2.8.3 we have accepted your Account Application.
2.9 Once we have accepted your Account Application, we will open a Raisin UK Account in your name and maintain it in accordance with these Terms and we will request that the Service Bank open a Transaction Account in your name, in accordance with the Service Bank Terms.
2.10 By completing our Account Application, you confirm that the information you have provided is accurate and complete and you consent to the Service Bank opening a Transaction Account on your behalf and to Raisin and its partners undertaking relevant antimoney laundering and identity verification checks on you.
2.11 If we accept your registration, you will have access to the Raisin UK Platform via your Raisin UK Account for use in accordance with these Terms.
2.12 If any information provided in your Account Application is found to be incorrect or incomplete or we, the Service Bank or any of our partners have been unable to complete an identity verification check or other checks to our satisfaction, we will request further information from you. We may reject your Account Application if you do not provide the required information.
2.13 If we, the Service Bank or any of our partners have been unable to complete identity verification checks to our satisfaction following receipt of your Account Application and any further information requested pursuant to clause 2.10, we will reject your Account Application.
2.14 We have full discretion to accept or not to accept an Account Application and we reserve the right to reject your Account Application and not to give you any reasons for doing so.
2.15 You are required to notify us promptly if there is a change to any of the following:
2.15.1 your name;
2.15.2 your address;
2.15.3 your Nominated Account;
2.15.4 your unique UK registered mobile phone number and/or;
2.15.5 your status as a UK Resident.
2.16 Any changes notified under clause 2.15 or changes to our internal policies may necessitate further anti-money laundering checks being carried out following the acceptance of your Account Application. It might be necessary for us to ask you for, and for you to provide, more information as part of this process.
2.17 For the terms and conditions of individual Savings Accounts offered through the Raisin UK Platform, please refer to the specific product details provided by the Partner Bank within your Raisin UK Account.
2.18 After registration and opening of the Raisin UK Account in accordance with clause 2.8 above, you will have access to the Raisin UK Platform. Via the Platform, you can – subject to the specific conditions of each Savings Account – manage your Savings Account(s) and, for example, renew or request an early termination or receive messages from the Partner Bank.
2.19 Once you are a Raisin UK customer and have a Raisin UK Account and a Transaction Account, should you decide to open a Savings Account, you will need to enter into a deposit contract with the relevant Partner Bank, unless MAM enters into a deposit contract with the
relevant Partner Bank as bare trustee on your behalf. Further information in relation to the terms of each Savings Account is available on the Raisin UK Platform.
2.20 Your Raisin UK Account can hold one or more Savings Accounts, allowing you to select and monitor your portfolio. Please note that while most Savings Accounts involve only ordinary deposits, some may be structured deposit products. Structured deposits are deposits with interest rates linked to the performance of underlying investments. We will always make it clear when a Partner Bank product is a structured deposit and explain to you how the particular product works..
2.21 As the Savings Account is held by a Partner Bank, there may be some additional verification or Information required from you. Opening a Savings Account may involve the Partner Bank (or its subcontractor(s)) performing certain checks and verifications, including checks required under the Anti-money laundering requirements and other applicable UK law. The Partner Banks may decline your application to open a Savings Account following their completion of such checks.
2.22 We will send you details of how to fund any Savings Accounts opened through your Raisin UK Account within the Funding Window with an acknowledgement of receipt of your application for the Savings Account(s).
2.23 If you want to (subject to any specific terms and conditions of each savings product) select any savings products, order a renewal or carry out any other action or transaction in relation to your Transaction Account or any Savings Account, you can action these via the Platform when logged into your Raisin UK Account.
2.24 If you made an application to open a Savings Account, this will require a transfer from your Transaction Account to a Partner Bank (or to MAM, which will then make a deposit in a Savings Account with the Partner Bank as bare trustee on your behalf). You can, via the
Platform, instruct the Service Bank to transfer the confirmed deposit amount from your Transaction Account to your Savings Account at the Partner Bank. Our Partner Banks may also work with MAM, who as a deposit administrator for some of our Partner Banks will, as required, provide administration services in order to execute your instructions. If MAM deposits funds with a Partner Bank on your behalf, this may be in a pooled account with other customers’ funds.
2.25 If a Partner Bank is in the UK, your funds are likely to be protected under the FSCS, even if you invested through MAM as bare trustee. If a Partner Banks is abroad, we will explain whether a different deposit guarantee scheme applies instead.
2.26 For further information about the FSCS (including current limits, amounts covered and eligibility to claim) contact us or visit our website. You can also visit the FSCS website at fscs.org.uk or call the FSCS on 020 7741 4100 or 0800 678 1100.
2.27 In addition to the agreements you have in place under clause 2.8, you will enter into the following contracts to invest in a savings product provided by any Partner Bank:
2.27.1 Terms and Conditions applicable to the specific product details (provided by the Partner Bank via the Raisin UK Platform); and
2.27.2 where applicable, MAM’s Terms and Conditions under which MAM deposits funds in certain Savings Accounts as bare trustee on your behalf.
2.28 You agree to provide us from time to time with all such information about you as we may
reasonably require in order to fulfil:
2.28.1 our legal or regulatory obligations; and/or
2.28.2 our obligations to you under these Terms.
2.29 The information you supply to us may be used for the purposes of administering your Raisin UK Account by us and third parties that provide services relating to your Raisin UK Account to us.
2.30 To open a Raisin UK Account with us, you must be at least 18 years old and a UK Resident. You will not be able to open a Raisin UK Account with us if you are not a UK Resident for tax purposes on the date of your Account Application.
2.31 You are unable to open a Raisin UK Account if you currently have any of the following accounts: an existing Raisin UK Account in your name, Smart Savings from Willis Owen, Cash savings hub from AJ Bell Youinvest, or Aviva Save from Aviva.
2.32 Your Raisin UK Account is for your sole use and should not be used by any other individuals such as family members or financial advisers.
2.33 You acknowledge and agree that when authorising and operating Savings Plan via the Platform:
2.33.1. only the specific reference provided for investment in a specified Savings Account shall be used, and that any other reference shall not move any funds to the specified Savings Account;
2.33.2. you must be accurate in the provision and inputting of the reference provided;
2.33.3. only Savings Plan transfers initiated from your Nominated Account will be accepted; and
2.33.4. you agree that you instruct and authorise us to make payment to the specified Savings Account when you provide a payment instruction requesting the initiation of payment using a specific Savings Plan reference