We’re delighted to announce that today marks the day that we launch the new Raisin UK Account. In this article, we’ll give you a brief overview of what the Raisin UK Account is, who Starling Bank is and how we aim to help you to save time and make money.
This marks the end of our ‘pause period’ and the beginning of a new chapter at Raisin UK.
Who is Starling Bank?
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, Starling Bank is a UK based bank headquartered in London and founded in January 2014.
Starling Bank has the distinction of developing their banking systems from the ground up, putting them in the position where they can offer ‘banking as a platform’ with software which has been designed to be resilient, fast and secure.
New features available to all opted-in customers
Our partnership with Starling Bank means that we can now provide our customers with access to a new Raisin UK Account. Your Raisin UK Account functions as a reference account, enabling you to deposit your money into an FSCS protected account so that you can fund savings products whenever you’re ready to do so.
This isn’t the only exciting new feature that we’ve launched. The Raisin UK Account also replaces our old customer portal.
The Raisin UK Account
Your new Raisin UK Account includes a secure wallet feature which enables you to fund savings products on the Raisin UK savings marketplace with ease. Deposits in your Raisin UK Account secure wallet are protected by the FSCS up to £85,000 per person, per banking group.
All you need to do to fund a savings product through our marketplace is log into your Raisin UK Account at raisin.co.uk (or register if you haven’t done so already), find the savings product that you want to apply for, then click apply and pledge the amount that you wish to deposit. The amount that you pledge will automatically be deducted from your Raisin UK Account balance, so please ensure that you have sufficient funds to cover the amount that you pledged. Your deposits will only be deducted once the full amount that you pledged is available.
Although Starling Bank powers your Raisin UK Account, it’s solely intended for use with the Raisin UK savings marketplace. Subsequently, your Raisin UK Account won’t be accessible through Starling Bank’s app or services, and you won’t receive a debit card or any other features associated with a Starling current account. You also won’t earn any interest or profit on your deposits until you deposit them into a savings product.
The new Raisin UK Account
We’re excited to finally give you the chance to get your hands on the new Raisin UK Account. Aside from the visual overhaul that it’s received, we hope that you enjoy the new functionality that it provides. In addition to a streamlined design, your new Raisin UK Account is now home to the Raisin UK savings marketplace.
You can view the Raisin UK savings marketplace without logging into your Raisin UK Account, but if you wish to apply for a savings product or view offers which are exclusive to you as the holder of a Raisin UK Account, you need to log in.
Introducing more flexible funding windows
To make funding your savings products more flexible, we’re extending the funding window on some of the savings products in our marketplace. The funding window for most of our savings products was five business days, but we’re pleased to announce that we’re extended the funding window of some savings products up to 56 business days.
You can fund your savings products faster than this if you want to start accruing interest or profit sooner, or take advantage of short-term exclusive products, but if you need to make multiple transactions to meet the amount that you pledged, you now have the option to take more time.
Please ensure that you read the product information of the savings products that you’re interested in to find out the duration of the funding window specific to each fixed term deposit, as these may vary.
Find out more and register at Raisin UK
If you’re new to Raisin UK and you want to take advantage of the new Raisin UK Account, all that you need to do is register with us, find the savings product that you want to fund and click apply. We’ll set everything up for you, so all you have to do is transfer your funds and relax.
If you would like to know more about how the new Raisin UK Account works and why we’ve partnered with Starling Bank, please read our FAQs page.
This article may contain information about partner banks, savings accounts, rates and bonus offers which were correct at the time of publication on 19th November 2018.