We recently announced our partnership with Starling Bank, and we’re excited to finally share what that means for our new customers and existing ones who have opted-in. We’ll soon improve the process of applying for and funding savings products with Raisin UK to make it even easier and more convenient.
In this Newsroom article, we’ll explain who Starling Bank is, why we’re partnering with them, what the new Raisin UK Account is and how it could streamline how you manage your savings products.
About Starling Bank
Starling Bank is a fully licensed and regulated UK based bank headquartered in London. Founded by former Allied Irish Banks COO, Anne Boden, in January 2014. As a technology-focused bank, Starling Bank built what is known as a full-stack bank, which means that they’ve created many of their systems from the ground up. Because of this, their banking software has been designed to be resilient, fast and secure.
Our partnership with Starling Bank
We’re partnering with Starling Bank because we share their vision to give everyone the opportunity to enjoy a healthy financial life. By working with them, we can continue to improve the Raisin UK savings marketplace, making it more convenient for our customers.
By partnering with Starling Bank, we can offer all of our customers who opt-in their very own Raisin UK Account, which has been designed to make it even easier to save time and make money.
The new Raisin UK Account
Your new Raisin UK Account includes a secure wallet, meaning that you have a place to deposit your funds as and when you want to, making your funds available when you want to deposit them into a savings product. Powered by Starling Bank, your funds are FSCS protected up to £85,000.
Please be aware that your new Raisin UK Account won’t be accessible through Starling Bank’s app or services and can’t be used for any other purpose other than funding savings products through our marketplace. Subsequently, you won’t receive a debit card as you would if you were to sign up for a Starling current account, and you also won’t earn any interest or profit on your deposits until you deposit them into a savings product.
Replacing the customer portal
The Raisin UK Account doesn’t just make it easier to fund savings products; it’s also the new place to manage your savings products, replacing our existing customer portal. The Raisin UK Account features a lot of the functionality that you’ll be used to if you’ve already registered at Raisin UK, but we’ve given everything a fresh coat of paint, making it easier to manage your savings products.
The Raisin UK Account is also the new home of the Raisin UK savings marketplace, as well as the place to go to view the balance of your Raisin UK Account.
When we launch Starling Bank’s services, your new Raisin UK Account will be the only place where you’ll be able to apply for savings products at raisin.co.uk.
Website ‘pause period’ during switchover
While we’re getting everything ready, there will be a brief pause period where you won’t be able to apply for any savings products or register at raisin.co.uk. You’ll still be able to log in and check the status of your savings products, transfer any funds that you’ve previously pledged and claim any bonus that you may be entitled to. Also, our customer services team will still be available to answer any queries. This pause period will last seven calendar days.
Extended funding window
Funding windows for some savings products in our marketplace are changing. We’ll extend funding windows on some savings products from 5 business days up to 56 business days, giving you longer to transfer your deposits. This means that if you need to make multiple transactions to meet the amount that you pledged, you’ll now have a bit more time to do so.
Be sure to read the product information of each savings product before applying to ensure that you are aware of the duration of the funding window specific to each fixed term deposit.
Opting-in is voluntary
If you choose not to opt-in, any fixed term deposits that you purchased at raisin.co.uk won’t be affected. Your fixed term deposits will still mature as advertised in the product description, and you’ll still receive the same level of protection and AER that you applied for.
If you don’t opt-in, you won’t have access to the new Raisin UK Account or the ability to apply for any more savings products when Starling Bank launches their services with us. When your fixed term deposits mature, your deposits and any interest or profit that you’ve accrued will be returned to your nominated account.
How to opt-in
To opt-in, please log into your current customer portal at raisin.co.uk. When you log in, you’ll see a message prompting you to opt-in. Just follow the instructions, ensuring that you read and understand Starling Bank’s terms and conditions. When your new Raisin UK Account is ready, we’ll let you know.
If you’ve yet to register with us and want to opt-in, you can still do so by registering with us and following the instructions detailed in your customer portal after our pause period comes to an end.
If you would like to know more about the exciting changes coming to Raisin UK, please read our FAQs page which has recently been updated to include information about Starling Bank and the Raisin UK Account.
This article may contain information about partner banks, savings accounts, rates and bonus offers which were correct at the time of publication on 5th November 2018.