- FSCS protects deposits up to £85,000 per person
Founded in 1965, Hodge Bank is a British bank headquartered in Cardiff, who succinctly describe its approach as a financial service provider as “doing the right thing”. With half a century’s worth of experience in the later-life lending market, and more than thirty years providing lending and deposits to private and commercial clients, Hodge believes it knows what customers need.
AER is the Annual Equivalent Rate and represents what the interest rate would be if interest was realised and paid once each year.
Interest is calculated daily, compounded annually and is payable on maturity. Interest will be paid gross without prior deduction of tax.
The interest rate applicable to your savings account is fixed once the bank approves your application and you fund your account. The rate will stay the same throughout the duration of the fixed term at this time.
If the full amount you wish to deposit fully clears into your Raisin UK Account before a rate change occurs, you will open your savings account at that original rate.
Should the bank amend the rate advertised before you have fully funded your Raisin UK account, and the rate is higher than your original order, you will receive the new higher rate.
Should the bank amend the rate advertised before you have fully funded your Raisin UK account and the rate is lower than the rate you originally ordered, you will have 5 business days from that date to fund your Raisin UK account to receive the original rate, after which time we will cancel your order. You will be contacted if this occurs.
Please ensure you log in and check your Raisin UK Account during the funding process.
The estimated balance after 18 months on a deposit of £1,000 is £1,017.30.
This projection is for illustrative purposes only and does not take into account individual circumstances.
To open this savings account, you must apply online through Raisin UK. Savings accounts at Raisin UK are only available through this online application process, and to be eligible to apply, you must:
- Be a UK resident who is aged 18 or over
- Hold a UK bank or building society account from which you will fund your application
- Have a valid mobile phone number and email address
- Have a UK National Insurance Number
Your application acceptance will be subject to the successful completion of an Anti-Money Laundering/Know Your Customer (AML/KYC) check conducted by Meteor Asset Management (MAM), who administers the deposit on your behalf.
The minimum amount you can deposit is £1,000, and the maximum amount you can deposit is £85,000 (per product and banking institution).
You can manage your savings account through Raisin UK by logging into your Raisin UK Account, where you can contact us by using the secure messaging feature. Alternatively, you can contact us by telephone, by email or in writing by using the contact details provided in the Terms & Conditions. Raisin UK will only provide instructions relating to your savings account through email and the Raisin UK Account secure messaging feature.
Because this savings account is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by Hodge Bank in its absolute discretion. This savings account does NOT operate on the basis that you can end the fixed term of your savings account prematurely and pay a fee to withdraw your funds sooner.
Raisin UK will contact you approximately one month before the maturity date of your savings account to advise you of your options. If Raisin UK does not receive a response from you, your deposit will be held in your Raisin UK Account at the end of the fixed term until you decide what you would like to do with the proceeds.
Your savings account will not automatically renew at the end of the fixed term for a further fixed term.
For your order to complete, transfers of funds must be received within 60 days (the funding window) of the date you apply for this account. Any funds received after this period will be held in your Raisin UK Account, awaiting your instruction. The rate offered may change during this period until you fund your account.
Funds must be transferred to your Raisin UK Account from a UK bank or building society account solely in your name by electronic bank transfer only, and to the exact amount pledged when you applied for the savings account.
Should you not transfer the amount you pledged before the funding window closes, your application will be cancelled. Should you transfer more than you pledged, the amount that exceeds your original pledge will be held in your Raisin UK Account pending your instruction.
Typically, your funds will be transferred to Hodge by MIM so that your deposit will be in place on the second business day after the full amount of the application is received by MIM. Depending on how your money is transferred, it can take up to 2 business days for your money to appear in MIM’s account. Depending on the partner bank’s processes, it can typically take around four business days for a savings account to be set up and start earning interest. The same process applies to maturing funds, which can typically take between 2 to 4 business days to appear in your Raisin UK Account at the end of the term.
Your deposit will be administered by MAM and Meteor Investment Management Limited (MIM) who will process your application and cash respectively. Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.