1.78
%
AER
3 years | GBP
  • EDGS protects deposits up to SEK 1,050,000 per person

About HoistSavings

HoistSavings is the savings arm of Hoist Finance, and all eligible deposits made into HoistSavings savings accounts are protected by the Swedish deposit guarantee scheme, and up to a total of SEK 1,050,000 per person, per institution.Hoist Finance, founded in 1994, is a Swedish financial institution listed on the Nasdaq Stockholm stock exchange under the supervision of the Swedish Financial Supervisory Authority, offering deposit accounts covered by the Swedish deposit guarantee scheme. Hoist Finance is a trusted debt resolution partner to individuals, companies, and banks in eleven European countries. With over 1,700 dedicated colleagues, smart digital solutions, and a deep understanding of individual financial circumstances, we help over six million customers keep their commitments. Hoist Finance has a diverse portfolio of asset classes and our online savings platform in Sweden, UK and Germany enables our unique funding model.

For more information, please see: https://www.raisin.co.uk/swedish-deposit-protection-scheme/

Product details

Account name
3 years Fixed Term Deposit
What is the interest rate?
1.78 % AER

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.

Interest will be calculated from the start date of your savings account.

Can HoistSavings change the interest rate?

The interest rate applicable to your savings account is fixed once your application is approved and you fund your account. The rate will stay the same throughout the duration of the fixed term. Please review the associated Terms and Conditions for more information on how interest rate changes work.

Should the bank amend the rate advertised before you have fully transferred funds and the rate is lower than the rate you originally ordered, you will have 5 business days from that date to complete your transfer to receive the original rate. Otherwise 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.

What would the estimated balance be after 36 months based on a £1,000 deposit?

The estimated balance after 36 months on a deposit of £1,000 is £1,054.36. This projection is for illustrative purposes only and does not take into account individual circumstances.

How do I open and manage my account

To open this savings account, you must apply online through Raisin Savings accounts at Raisin 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

You can manage your savings account through Raisin by logging into your Raisin Account. You can contact Raisin by telephone, by email or in writing by using the contact details provided in the Raisin Terms & Conditions.

Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.

Can I withdraw money?

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 y Hoist Finance AB 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.

Your savings account will not automatically renew at the end of the fixed term for a further fixed term.

Additional information

Transfers of funds must be received within 60 calendar days (the funding window) of your savings account application date. Any funds received after this period will be held in your Raisin Account, awaiting your instruction.

Funds must be transferred to your Raisin Account from a UK bank or building society account in your name by electronic bank transfer only, and to the exact amount pledged when you applied for the savings account.

Deposits held with Hoist Finance AB are protected by the Swedish Depositor Compensation Scheme. Each eligible customer, as defined by the Deposit Insurance Act, is entitled to compensation for the amount deposited plus accrued interest on his or her account(s) with the bank up to a up to a maximum of the GBP equivalent of SEK 1,050,000 at the time of the compensation case. This equates to around £89,000 however the maximum deposit size for this product is limited to £75,000, well below the compensation limit’s maximum. Please refer to the associated Terms and Conditions for more information.

Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the protection applies only to eligible deposits up to this limit.

Typically, your funds will be remitted to Hoist Finance AB by Starling Bank once the bank has confirmed your application. Depending on how your funds are transferred and the bank’s processes it can typically take up to 2 business days for an ordered account to be set up and start earning interest.

Security and deposit guarantee

Deposits held with Hoist Finance AB are protected by the Swedish Depositor Compensation Scheme. Each eligible customer, as defined by the Deposit Insurance Act, is entitled to compensation for the amount deposited plus accrued interest on his or her account(s) with the bank up to a up to a maximum of the GBP equivalent of SEK 1,050,000 at the time of the compensation case. This equates to around £89,000 however the maximum deposit size for this product is limited to £75,000, well below the compensation limit’s maximum.