Raisin UK Terms and Conditions

These are Raisin UK’s Terms and Conditions (‘Terms’), upon which we intend to rely. For your own benefit and protection, please read this document carefully. It contains important information about your rights and obligations as well as limitations and exclusions that may apply to you. If there is anything that you do not understand please contact us.

Raisin UK is a registration and management platform that enables you to register your details just once in order to access and manage multiple Savings Accounts from our panel of Partner Banks. By registering with Raisin UK, you can hold and view a range of Savings Accounts in one place, simplifying the saving process and providing greater efficiency and transparency in the purchase and management of your Savings Accounts. Your Raisin UK Account can hold from just one to a number of Savings Accounts, allowing you to select and monitor your portfolio.

These Terms, together with your Account Application (as defined below), form a legally binding contract between you and Raisin Platforms Limited. Words which we define in the singular form will also include the plural and vice versa. The headings in these Terms are for convenience only and do not limit their scope. Your acceptance of these Terms is signified by you completing and submitting our online registration form for your Raisin UK Account.

The Parties

Raisin UK is a trading name for the Raisin UK group of companies.

The Raisin UK group of companies are: Raisin Holdings UK Ltd (registered no 10951012);

Raisin Platforms Limited (registered no 11075085); and Raisin Technology Limited (registered no 09902685). All are registered in England and Wales. The registered office for each is Cobden House, 12-16 Mosley Street, Manchester, M2 3AQ

Raisin Platforms Limited is authorised and regulated by the Financial Conduct Authority (FRN 813894) and is the entity responsible for the registration and management of customer data once customers have purchased financial products.

1 Definitions and interpretation

Account means your Raisin UK Account which may host Savings Accounts that are held with Partner Banks, and the online banking system which manages operations and processes.

Account Application means an application to open your Raisin UK Account. This is actioned by completing our online registration form.

Anti-money laundering requirements means all statutory and other requirements relating to money laundering, including the Drug Trafficking Act 1994, the Terrorism Act 2000, the Proceeds of Crime Act 2002, The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended from time to time), the Guidance Notes for the Financial Sector of the Joint Money Laundering Steering Group (JMLSG) and any applicable FCA rules or other territory equivalent (Financial Action Task Force included) as amended from time to time.

Applicant means the person named on an Account Application or Savings Account Application.

Attorney means an individual who is authorised by a power of attorney document to transact on and provide us with instructions regarding the Account of the person who issued the power of attorney.

Business Day(s) means any day(s) except for Saturdays, Sundays and public holidays in the UK; where the London Stock Exchange or the major clearing banks in the City of London are open for business.

Cash means any money held in your Account.

Charges means the charges or fees (together with VAT where relevant) levied by us in respect of the provision of the services which are set out in the table at the back of these Terms.

Cleared funds means cash that has been credited to your Account. According to the method that you use to transfer money to your Account, it will take more or less time for the sums transferred to arrive in our account.

Data Protection Act means the Data Protection Act 2018 as amended from time to time.

Designated professional body means a designated professional body for the purposes of FSMA.

Force majeure event means an event that is outside our reasonable control which could not reasonably be predicted or if predicted its consequences are too drastic to plan for in a contract. In these Terms it means any:

  1. act of God, fire, earthquake, storm or flood;
  2. explosion, nuclear accident or collision;
  3. sabotage, riot, civil disturbance, insurrection, epidemic, national emergency (whether in fact or law) or act of war (whether declared or not) or terrorism;
  4. requirement or restriction of or failure to act by any government, semi-governmental or judicial entity (other than a regulatory change);
  5. unavoidable accident;
  6. loss of supply of essential services including but not limited to electrical power, telecommunications, air conditioning and essential third party services;
  7. ‘denial of service’ or other targeted network attack; and
  8. other cause beyond our reasonable control as a consequence of which we can no longer provide services in respect of your Account for a given period.

FCA means the Financial Conduct Authority or any successor regulator(s) which regulates our savings business from time to time.

FCA rules means the Handbook of Rules and Guidance of the FCA or any successor regulator(s) to the FCA, as amended and/or replaced from time to time.

FSMA means the Financial Services and Markets Act 2000 as amended from time to time and all regulations and orders under it.

Funding Window means the period in which funds must be received from the date of a Savings Account Application. The rate offered may change during this window until you fund your Savings Account. New fixed term Savings Accounts typically have a 60 calendar day Funding Window.

Information means any and all information, literature and data (excluding “personal data” or “sensitive personal data” as these terms are defined in the Data Protection Act) contained in your Account and/or provided as part of the services whether provided in paper or electronic form.

MAM means Meteor Asset Management Limited. MAM acts as our deposit administrator for some of our Partner Banks.

Partner Bank means any participating financial institution which makes Savings Accounts available through your Account and which hold an appropriate license.

Raisin UK means the Raisin UK group of companies: Raisin Holdings UK Ltd (registered no 10951012); Raisin Platforms Limited (registered no 11075085); and Raisin Technology Limited (registered no 09902685). All are registered in England and Wales. The registered office for each is Cobden House, 12-16 Mosley Street, Manchester, M2 3AQ. Raisin Platforms Limited is authorised and regulated by the Financial Conduct Authority (FRN 813894) and is the entity responsible for the registration and management of customer data once customers have purchased financial products.

Raisin App means the Raisin App for compatible smartphones, which is available for Android phones through Google Play, and for iPhones via the App Store. Customers can use the Raisin App to view, apply for and manage Savings Accounts in accordance with these Terms.

Savings Account(s) means one or more accounts for savings products opened with any of our Partner Banks with either a variable or fixed rate.

Savings Account Application means an application to open a Savings Account that is held with one of our Partner Banks.

Services means the online services available to you from your Account. These services will include, but not be limited to, the following:

  1. the functionality to open and administer your Account;
  2. the functionality to view Savings Accounts in your Account;
  3. the functionality to view reports relating to your Account; and
  4. access to information and literature relating to your Account.

Terms means these Raisin UK Terms and Conditions, as amended or replaced from time to time.

UK means the United Kingdom of Great Britain and Northern Ireland, excluding the Isle of Man and the Channel Islands.

UK Resident means a person who:

  1. is resident in the UK for tax purposes;
  2. performs duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom; or
  3. is married to, or in a civil partnership with, a person who performs such duties.

We and us or our means Raisin UK or any other company within the Raisin UK group to which Raisin UK’s rights and obligations under these Terms are transferred from time to time.

You means the person who is applying for or has successfully applied for an Account.

Any reference in these Terms to writing or similar expressions includes a reference to email or facsimile transmission or comparable means of communication.

Any reference in these Terms to provisions of a statute or statutory instrument is a reference to it as amended, extended or re-enacted from time to time.

2 Opening and Managing a Raisin UK Account

2.1 These Terms set out the terms and conditions that apply to your Raisin UK Account.

2.2 These Terms contain important information that you should read carefully because they explain our obligations to you and your obligations to us. You should keep these Terms in a safe place for future reference because they form a legal contract between you and us.

2.3 If you require a copy of these Terms in an alternative accessible format please contact us by telephone on 0161 601 0000 or by email at service@raisin.co.uk.

2.4 We cooperate with our service bank, Starling Bank Limited, (‘Service Bank’) a UK banking institution fully licensed under UK law. The Service Bank hosts the current account of the customer.

This is the Raisin UK Account, in association with the Service Bank (hereinafter: “Raisin UK Account“). The Raisin UK Account serves as a settlement account for payment orders between a Nominated Account (typically your salary or current bank or building society account) and Savings Accounts of the Partner Banks. Raisin UK and the Service Bank will support you during the contract conclusion procedure and the communication with the respective Partner Banks.

2.5 After registration and opening of the Raisin UK Account (including identification) have been performed, you will have access to the Raisin UK Platform and the online banking system. The Service Bank will transfer the confirmed deposit amount to your Savings Account at the Partner Bank or, depending on the Partner Bank, to another account held with the Partner Bank. In the online banking system you can – subject to the specific conditions of each Saving Account – renew, or request an early termination as well as other transactions in connection with the offer and receive messages from the Partner Bank (for example account statements).

2.6 If you require an alternative accessible format of any of the documents and/or messages created by us that we send to you, then please contact us by telephone on 0161 601 0000 or by email at service@raisin.co.uk.

2.7 In the Messages area of the online banking system you will find your individual documents and messages from Raisin UK, the Service Bank and Partner Banks (for example contracts or account statements). Furthermore, you can also receive assistance from a customer service representative.

2.8 You will enter into the following contracts to open a Savings Account provided by any Partner Bank:

  1. Platform Agreement with Raisin UK by your acceptance of these Terms;
  2. Current Account Contract with the Service Bank regarding the opening and provision of the free-of-charge Raisin UK Account; and,
  3. Deposit Contract with a Partner Bank.

2.9 You should refer to the Terms and Conditions of the Service Bank for further information as this is a legally binding agreement between you and the Service Bank for the provision of your Raisin UK Account.

2.10 We will not advise you about the suitability of any Savings Account, nor will we be responsible for any advice given to you by a financial adviser.

2.11 We will send details of how to fund any Savings Accounts opened through the Raisin UK Account within the Funding Window with an acknowledgement of receipt of your application for the Savings Account(s).

2.12 Your Account will only be opened when:

  1. you have accepted these Terms, as described above,
  2. you have accepted the Terms and Conditions of the Service Bank; and
  3. we have accepted your Account Application.

2.13 Once we have accepted your Account Application, we will open an Account in your name and maintain it in accordance with these Terms.

2.14 By completing our Account Application, you confirm that the information you have provided is accurate and complete.

2.15 If any information provided in your Account Application is found to be incorrect or incomplete and we have not received the outstanding information within ten Business Days of receipt of your Account Application we may reject your Account Application and return any monies received from you.

2.16 If we have been unable to complete identity verification checks to our satisfaction within ten calendar days of receipt of your Account Application (regardless of the method of payment), we will reject your Account Application and return any monies received from you.

2.17 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.

2.18 You are required to notify us promptly if there is a change to any of the following:

  1. your name;
  2. your address;
  3. your Nominated Account;
  4. your unique UK registered mobile phone number and/or;
  5. your status as a UK Resident.

2.19 Any of these changes may necessitate further money laundering checks being carried out. It might be necessary for us to ask you for, and for you to provide, more information as part of this process.

2.20 When you open a Raisin UK Account, you must nominate a UK bank or building society account to be your Nominated Account that is held in your name. This should be the same bank or building society account from which you fund your Raisin UK Account. Any monies due to you from your Savings Account will be paid into your Raisin UK Account. Any withdrawals from your Raisin UK Account can only be paid into your Nominated Account.

2.21 When you open a Raisin UK Account, you must provide us with a unique UK registered mobile phone number to access our Services. The mobile phone number cannot already be allocated to a different Raisin UK Account. The unique mobile phone number is used to ensure the security of our customers; for example, to verify newly opened Savings Accounts and also withdraw money from your Raisin UK Account to your Nominated Account. It may also be used to remind you of maturing deposits and your options.

2.22 For the Terms and Conditions of individual Savings Accounts offered through Raisin UK, please refer to the specific product details provided by the Partner Bank within the Raisin UK Account.

2.23 Should you under-fund the pledged deposit amount and the order window closes, your order will be cancelled. Should you over-fund, the amount remitted over the original pledged deposit, will be held pending your instruction in your Raisin UK Account. With the exception of easy access Savings Accounts, the pledged deposit amount is final and should reflect the total amount you wish to deposit.

2.24 Interest or profit is paid by our Partner Banks, and is only accrued during the term of the

Savings Account. For new Savings Accounts, interest or profit is accrued from the time the Partner Bank receives your funds, not during the transfer process. Similarly, once funds are matured or Savings Accounts have been closed they stop being interest or profit bearing. During the transfer of funds to and from your Raisin UK Account, no interest or profit is accrued. Please be aware that at no time does Raisin UK have access to your funds and in no way does Raisin UK profit from the time it takes for your funds to transfer to or from a Partner Bank to your Raisin UK Account.

2.25 You agree to provide us from time to time with all such information about you as we may reasonably require in order to fulfil:

1. our legal or regulatory obligations; and/or

2. our obligations to you under these Terms.

2.26 The information you supply to us may be used for the purposes of administering your Account by us and third parties that provide services relating to your Account to us.

2.27 To open an Account with us, you must be at least 18 years old and a UK Resident on the date of your Account Application. You will not be able to open an Account with us if you are not a UK Resident for tax purposes on the date of your Account Application.

2.28 You are unable to open a Raisin UK Account if you currently have any of the following accounts: Smart Savings from Willis Owen, Cash savings hub from AJ Bell Youinvest, or Aviva Save from Aviva.

3 Contacting each other

3.1 We may contact you and give you any notices in connection with these Terms by electronic communications using the unique UK mobile phone number or email address you provided either within your Account Application or where these were subsequently updated upon instructions from you.

3.2 You can contact us by post, telephone, email, or secure message via your Raisin UK Account, using the appropriate address, telephone number, email address or other relevant contact details given to you. If you contact us electronically, we may collect your electronic identifier (Internet Protocol (IP) address) supplied by your service provider. Emails sent by you to us may be monitored. We may contact you via the Raisin App. For further information about this you should refer to clause 4: Raisin App of these Terms.

3.3 We record or monitor telephone calls with you in order to verify our dealings with you and to make sure that we are meeting our service standards. Recordings and emails remain our sole property and may be used by us in evidence in the event of a dispute.

3.4 These Terms are, and all of our communications in relation to your Account will be, in English.

Contact in relation to fixed term savings accounts

3.5 Raisin UK will contact you approximately one month before the maturity date of any fixed term savings account(s) to advise you of your options. If Raisin UK does not receive a response from you by the maturity date, your deposit will be held in your Raisin UK Account at the end of the fixed term until you instruct us about what you would like to do with the proceeds. Unless you are reinvesting, maturity proceeds can take up to four Business Days after the maturity date to appear in your Raisin UK Account.

3.6 If at any time there is a reduction in the interest or expected profit rate on the fixed term savings account you have ordered within the Funding Window, we will inform you.

3.7 If the full amount you wish to deposit, fully clears into your Raisin UK Account before a rate change occurs, you will open your fixed term savings account at that original rate.

3.8 Should the Partner Bank amend the interest or expected profit 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.

3.9 Should the Partner Bank amend the interest or expected profit rate advertised for a new savings product before you have fully funded your Raisin UK Account and the rate is lower than the rate you originally ordered, you will typically have 5 Business Days (at the Partner Bank’s discretion) from that date to fund your Raisin UK Account to receive the original rate, after which time we will cancel your order and the Funding Window will end. You will be contacted if this occurs.

3.10 On the maturity of any fixed term savings account with a Partner Bank, if there are renewal options available you will be presented with those options from the Partner Bank between 28 and 5 calendar days prior to the date of maturity of your fixed term savings account (‘the renewal period’). The following will apply:

3.10.1 Your deposit will not automatically renew if options are available to do so. You must actively select a new Savings Account to renew into where this is available from the Partner Bank and you must do so from your Account within the renewal period.

3.10.2 If you do not actively select to renew your deposit with the Partner Bank within the renewal period, your funds will be returned to your Raisin UK Account for you to select a new Savings Account with one or more Partner Banks from our marketplace.

3.10. 3 Not all Partner Banks will offer renewal options. You agree by your acceptance of these Terms that any decision made to renew or not to renew your deposit is your own based on the options presented to you during any applicable renewal period.

3.10.4 In the event you wish to renew your deposit and select one of the options presented to you during the renewal period, you will be locked in and unable thereafter to withdraw this renewal request from within Your Account. You can manage this renewal request and cancel the original request to renew by providing clear instructions to us in writing at service@raisin.co.uk. Any requests to cancel a renewal order must be made between 28 and 5 calendar days before the date of maturity. If any cancellation request is made within less than 5 calendar days from the date of your maturity and subsequent renewal, we will be unable to process your cancellation request.

3.10.5 When making a renewal order you will receive the interest or expected profit rate  available as at the date upon which we received your renewal request and not, where different, the interest or expected profit rate applied to the account on the date of maturity/reinvestment.

3.10.6 For the avoidance of doubt in the event that a Partner Bank offers an interest or expected profit rate change (i) after you have applied, but before you have funded, a new Savings Account, clause 3.9 will apply; (ii) in respect of maturing and renewing deposits, clause 3.10.5 will apply.

Contact in relation to variable rate savings accounts

3.11 The rate on these Savings Accounts may vary from time to time. If at any time there is a change in the interest or expected profit rate on any variable rate savings account you have ordered or opened, we will inform you both by email and within your Raisin UK Account. Please see the Savings Account’s Terms and Conditions or product summary box for information on the notification window that applies to your variable rate savings account.

3.12 When any full amount you wish to deposit, fully clears into your variable rate savings account you will receive the rate that applies on the date the money was received.

3.13 You may request to fully close any variable rate savings account by requesting termination from within your Account, which will return your capital and any applicable interest or profit back to your Raisin UK Account.

3.14 Any limits, restrictions or terms and conditions that apply to these variable rate savings accounts will be communicated to you on any product specific literature, such as Terms and Conditions and the product summary box.

4 Raisin App

4.1 Push Notifications: If you are a registered user of the Raisin App, you may receive notifications from us. With your consent, we may send push notifications or alerts to your unique registered UK mobile phone even when you are not logged in to the Raisin App. We use push notifications to send you notifications related to our Services, any Savings Account Application(s) you have made and any active Savings Account(s) you may have with us. You can manage your push notification preferences or deactivate these notifications at any time by turning off the notification settings in the Raisin App or in the Settings of your unique registered UK mobile phone. If you choose not to receive push notifications, then you will still receive In-App notifications within the Raisin App.

4.2 Location Information: When you use the Raisin App and with your consent, we may collect and use your precise (or GPS) location information collected from the Raisin App to enhance your use of the Raisin App. Please note that turning off location services may affect certain features of our Raisin App, including the ability to identify which country you are in, as the Raisin App is available throughout Europe.

5 Instructions

5.1 In most circumstances any instructions relating to your Account should be actioned through the Raisin UK Account. You may give us instructions in writing, but such instructions will require additional security measures to ensure that they are valid and may incur an additional charge.

5.2 As long as we have followed your instructions correctly, we can deduct the amount of any payment from your Account. You agree that we may rely on any account details quoted in an instruction from you as the correct Nominated Account to be credited.

5.3 We can refuse to act on any instruction (or request additional information or documentation from you before processing your instruction) if:

  1. we have a good reason for thinking that you did not give us the instruction; or
  2. the instruction is not clear or is incomplete; or
  3. we have reason to believe that by carrying out the instruction we might be in breach of our legal and/or regulatory obligations, code or other duty which applies to us; or
  4. we have reason to believe that our reputation will be damaged by carrying out the instruction.

6 Statements

6.1 We will provide statements at least once a year showing the balance of existing Savings Accounts you have with the Partner Bank(s) and, in respect of each, the amount of interest, or in the case of any Shariah account(s), the amount of profit, paid to you. The statement(s) will be made available for you to download by accessing your Raisin UK Account.

6.2 You must check your statements carefully and tell us at once if it includes something which appears to you to be wrong or not in accordance with your instructions.

7 Disclosure of information and data protection

7.1 These Terms should be read in conjunction with our Privacy Policy.

7.2 Raisin Platforms Limited is both a data controller and data processor and is registered with the Information Commissioner’s Office under reference ZA299777. All personal details that you submit to us will be held in accordance with our responsibilities in compliance with the retained EU law version of the General Data Protection Regulation ((EU) 2016/679), (‘UK GDPR’) and the Data Protection Act 2018, all laws giving effect or purporting to give effect to the UK GDPR or otherwise relating to data protection or any equivalent legislation amending or replacing the UK GDPR or the Data Protection Act 2018. In order to provide you with savings products and Services, Raisin UK needs to collect, use, share and store personal data about you and your transactions.

7.3 Personal data means information that relates to you and from which you can be identified, such as your name, address, mobile phone number or date of birth. It may also include information about your financial affairs and transactions. The personal data may also include ‘special categories of personal data’ as defined in the Data Protection Act (for example, information relating to criminal convictions).

7.4 The personal data collected by Raisin UK may be obtained from you directly, or from third parties, such as employers, credit reference agencies (who may search the Electoral Register), fraud prevention agencies or other parties associated with you, when you apply for an Account or any other product or service, or which you or they give to us at any other time.

7.5 Raisin UK will use your personal data to process and store your Account Application, understand your requirements, manage your Account, give you statements, provide our Services and products, prevent and detect fraud, money laundering and other crime, to carry out regulatory checks, to meet our obligations to any relevant regulatory authority, to undertake analysis of our business, to develop and improve our services to you and to protect our legitimate interests.

7.6 Raisin UK may use your personal data to inform you by email, SMS or telephone about products and services similar to the Raisin UK Account which may be of interest to you if you have opted in to receive such communications. If you do not want us to contact you about such products and services please contact us at 0161 601 0000 or email service@raisin.co.uk. 7.7 Raisin UK will take appropriate measures to keep your personal data secure and confidential.

7.8 Raisin UK may disclose your personal data to the following third parties:

  1. Selected employees, consultants, and professional advisors, when your data is necessary for the management of your Account
  2. Group companies and subsidiaries of Raisin DS GmbH
  3. Service Bank
  4. Partner Banks
  5. Credit reference agencies
  6. Service Bank providers
  7. Deposit administrators
  8. Compliance service providers
  9. Regulators and compliance
  10. Customer service providers
  11. Information technology, communications and cloud computing providers;
  12. Contractors who provide a service to us or are acting as our agents, on the understanding that they will keep the personal data confidential and secure
  13. Other third parties where we are under a legal obligation to do so, for example where we are required to share information under statute or because of a Court Order.

7.9 Where you provide us with the personal data of a third party (for example, about another individual in your household), you confirm that you have obtained their consent prior to disclosing that personal data to us.

7.10 From time to time we may change the way we use your personal data. Where we believe you may not reasonably expect such a change we will email you to notify you of the change. If you have any objections to the change please contact us on 0161 601 0000 or email service@raisin.co.uk.

7.11 If you terminate your relationship with us we will retain the personal data we have collected on you for as long as permitted as for legal, regulatory and fraud prevention purposes.

7.12 You can contact us directly about how we use your personal data or to exercise your data subject rights:

●      Post: Data Protection Officer, Raisin UK, Cobden House, 12-16 Mosley Street, Manchester, M2 3AQ

●      Email: dpo@raisin.co.uk

●      Tel: 0161 710 2390

8 Changes that affect your Account

8.1 We can make reasonable and appropriate changes to these Terms (or issue a replacement set of Terms in their place) at any time while your Account is in force:

  1. to reflect changes to relevant law or regulation, or a decision of the Financial Ombudsman Service, or any successor to it; or
  2. to reflect new industry guidance and codes of practice which are designed to raise standards of consumer protection; or
  3. if it becomes impossible or impracticable, in our reasonable opinion, to comply with any of the clauses within these Terms as a result of a change in the law or regulation; or
  4. where other circumstances arise which are beyond our control; or
  5. if the tax treatment of your Account, or any part of it, is changed or is due to change, or we have to pay a government levy; or
  6. to allow us to respond proportionately to changes in the Bank of England base rate: or
  7. to changes in other specified market rates or indices or tax rates; or
  8. to reflect the increase of our reasonably incurred costs associated with administering your Account; or
  9. to reflect improvements to your Account that technological, service or propositional enhancements have allowed us to make; or
  10. where any such change is not to your detriment, including to correct any errors or inaccuracies in these Terms.

8.2 From time to time, we may update these Terms to comply with changes to legislation or regulations, or where our business necessitates a change to these Terms. Please check this page to review updated Terms. The date these Terms were last updated is at the bottom of this page. We will inform you once a change to these Terms becomes effective and direct you to our website where the most up to date version can be found. Each notification of change that we provide to you will explain the reasons for the change and the date upon which the change will become effective.

8.3 If you object to a change implemented by us in respect of the valid reasons contained in these Terms, please contact us.

9 Withdrawal, Suspension, Closure and Termination

9.1 In exceptional circumstances we may suspend the operation of any or all of our Services with immediate effect. If we do so we will promptly notify you of any such suspension.

9.2 We may withdraw the provision of any service by giving you thirty calendar days prior notice in writing. You will continue to be liable in respect of all liabilities outstanding or arising after the service is withdrawn which relate to the period before withdrawal and you will return to us any equipment we provided in connection with that service.

9.3 We may take action to close an Account immediately if we reasonably believe that:

  1. you have given us any false information at any time; or
  2. you or someone else is using the Account illegally or fraudulently; or
  3. you behave in a threatening or violent manner towards our staff; or
  4. you were not entitled to open your Account; or
  5. you have been in serious or persistent breach of these Terms or any additional conditions which apply to your Account;
  6. you have become bankrupt; or you are unable to pay your debts; or any step, application or proceeding has been taken by you or against you or in respect of the whole or any part of your business for a voluntary arrangement or composition or reconstruction of your debts, winding up, dissolution, administration, receivership or otherwise; or
  7. you are no longer UK Resident.

9.4 We can end our relationship with you, without giving a reason, by telling you in writing. We will give you thirty calendar days’ notice in writing unless there are exceptional reasons for us needing to terminate the relationship sooner (for example, in the circumstances set out in clause 9.3 or where we are no longer appropriately authorised to hold your Account).

9.5 You may close your Account by instructing us to close your Account and transfer your outstanding deposits to your Nominated Account in accordance with clause 5. However, you cannot close your Account before the expiry of the fixed term for all savings held in your Savings Accounts. We may, however, agree to allow you to close your Account earlier in exceptional circumstances, for example where you have died, been diagnosed with a terminal illness or have become bankrupt.
9.6 Where your Account has been inactive for a minimum period of five years (‘the Minimum Period’) and no funds are held within the Raisin UK Account and, where applicable, any Savings Account(s), during the Minimum Period, we reserve the right to close your Raisin UK Account at any time upon providing thirty days prior notice to you.

10 Security

10.1 You must take all reasonable precautions to prevent misuse of any Account you have with us and to safeguard your customer security details. Do not disclose the details of the security procedures, password, PIN or other security codes relating to your Account to anyone else. Do not write down your passwords, PIN or any other security codes.

10.2 Do not store your customer security details in any way that can be understood by someone else. Any security related device must be kept physically secure, which includes making sure that customer security details are not kept in any form (including browser or any other software) in such a way that anyone using the same device can go through the security procedures using stored details.

10.3 If your customer security details are lost or stolen or you think someone knows them or has used or tried to use them please tell us immediately by contacting 0161 601 0000 or email service@raisin.co.uk.

10.4 We will do all that we reasonably can to prevent a breach of security resulting in unauthorised access to any Account you have with us and the information that we hold about you. As long as you have not breached clauses 10.1 or 10.2 we will accept liability for any loss or damage to you resulting from any breach of security of our systems.

11 General Provisions

11.1 Any failure or delay by us to exercise any right or remedy provided under these Terms or by law shall not constitute a waiver of that or any other right or remedy nor shall it prevent or restrict any further exercise of that or any other right or remedy. No single or partial exercise of any right or remedy provided under these Terms or by law shall prevent or restrict the further exercise of that or any other right or remedy.

11.2 If any clause or part of a clause within these Terms is or becomes invalid, illegal or unenforceable in any jurisdiction then that clause or part of a clause shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant clause or part of a clause shall be deemed deleted. Any modification to or deletion of a clause or part of a clause under this clause 11.2 shall not affect the validity and enforceability of the rest of these Terms.

11.3 These Terms and any dispute or claim including non-contractual disputes or claims arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales. The courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim including non-contractual disputes or claims arising out of or in connection with it or its subject matter or formation.

12 Complaint Handling

12.1 If you feel dissatisfied with any aspect of our service, then in the first instance please contact 0808 280 2548 or service@raisin.co.uk. We will immediately carry out an independent investigation of your complaint and will provide a written response within five Business Days of receipt of your complaint.

12.2 If we are unable to resolve your complaint to your satisfaction and you are an eligible complainant as defined by the FCA, you will have recourse to the Financial Ombudsman Service.

12.3 Details of the Financial Ombudsman Service are:

Financial Ombudsman Service at Exchange Tower, Harbour Exchange, London, E14 9SR; complaint.info@financial-ombudsman.org.uk.

020 7964 1000 (switchboard)

+44 20 7964 1000 (for calls from outside the UK)

020 7964 1001 (main fax)

0800 023 4 567 Calls to this number are now free on mobile phones and landlines

0300 123 9 123 Calls to this number cost no more than calls to 01 and 02 numbers

Additional Services Tariff

Service Charge VAT Charge Details
Copy of taped call £40 Y On request only
Re-registration to new owner £40 Y On re-registration in our records

Date of update: 19 November 2021