Terms & Conditions

These are Raisin UK's Terms and Conditions, 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 portal that enables you to register your details just once in order to access multiple savings products from participating institutions. By registering with Raisin UK, you can hold and view a range of deposits in one place, simplifying the saving process and providing greater efficiency and transparency in the purchase and management of your deposits. Your Raisin UK Account can hold from just one to a number of deposits, allowing you to select and monitor your portfolio.

Terms & Conditions

These Terms, together with your Account application, 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 application 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 Limited (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 Withers LLP, Third Floor, 20 Old Bailey, London, United Kingdom, EC4M 7AN. Raisin Technology Limited is an appointed representative of Resolution Compliance Limited (FRN: 574048) which is authorised and regulated by the Financial Conduct Authority.

Raisin Platforms Limited 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 comprise of savings accounts that are held with participating partner banks.

Account application means an application to open an Account with a Partner Bank.

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(s) means the person(s) named on an 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 means any day 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.

Deposit means a deposit account opened with a Partner Bank.

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

First applicant means the first named person on an application.

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,
  7. telecommunications, air conditioning and essential third party services;
  8. 'denial of service' or other targeted network attack; and
  9. 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.

FCA rules means the Handbook of Rules and Guidance of the FCA or any successor regulator 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.

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.

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

Raisin UK means the Raisin UK group of companies: Raisin Holdings UK Limited (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 Withers LLP, Third Floor, 20 Old Bailey, London, United Kingdom, EC4M 7AN. Raisin Technology Limited is an appointed representative of Resolution Compliance Limited (FRN: 574048) which is authorised and regulated by the Financial Conduct Authority.

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 Deposits 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 or your means the person or persons who is applying for or has successfully applied for an Account or a joint Account.

  1. Any reference in these Terms to writing or similar expressions includes a reference to email or facsimile transmission or comparable means of communication.
  2. Any reference in these Terms to provisions of a statute or statutory instrument shall be construed as a reference to that provision as amended, re- enacted, succeeded or extended at the relevant time.

2 Opening 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 We co-operate with our service bank, Starling Bank Limited, ('Starling Bank') a UK credit institution fully licensed under UK law. Starling Bank hosts the current account of the customer. This is the Raisin UK Account, powered by Starling Bank (hereinafter: "Raisin UK Account"). The Raisin UK Account serves as settlement account for payment orders between a Nominated account (typically your salary account) and accounts of the Partner Banks. Raisin UK and Starling Bank will support you during the contract conclusion procedure and the communication with the respective Partner Banks.

2.4 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. Starling Bank will transfer the confirmed deposit amount to your deposit 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 deposit product – order a roll-over, an early termination as well as other transactions in connection with the offer and receive messages from the Partner Bank (for example account statements).

2.5 In the electronic postbox (hereinafter: "Messages") of the online banking system you will find your individual documents and messages from Raisin UK, Starling Bank and Partner Banks (for example contracts or account statements). Furthermore, you can also receive assistance from a customer service representative in the English language.

2.6 You will enter into the following contracts to invest in a Deposit or other savings products provided by any Partner Bank:

  1. Platform Agreement with Raisin UK;
  2. Current Account Contract with Starling Bank regarding the opening and provision of the free-of-charge Raisin UK Account; and,
  3. Deposit Contract with a Partner Bank.

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

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

2.9 We will send details of how to fund any Accounts opened through the Raisin UK Platform with an acknowledgement of receipt of the application.

2.10 Your Account will only be opened when:

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

2.11 Once we have accepted your application, we will open an Account in your name(s) and maintain it in accordance with these Terms.

2.12 By completing our application form, you confirm that the information you have provided is accurate and complete.

2.13 If any information provided in your application is found to be incorrect or incomplete and we have not received the outstanding information within ten Business Days of receipt of your application we may reject your application and return to you any cash received.

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

2.15 We have full discretion to accept or not to accept an application and we reserve the right to reject your application and not to give you any reasons for doing so.

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

  1. your name;
  2. your address; and/or
  3. your Nominated account(s).

2.17 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.

2.18 When you open an individual or jointly owned Account, you must nominate a UK Bank or Building Society account to be your Nominated account. This should be the same bank account from which you fund your Deposits. Any monies due to you from your Deposits will be paid into your Nominated account.

2.19 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.

2.20 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.

2.21 To open an Account with us, you must be at least 18 years old.

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 telephone number or electronic mail address you have given us.

3.2 You can contact us by post, telephone or email using the appropriate address, telephone number, electronic mail 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.

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.

4 Instructions

4.1 In most circumstances any instructions relating to your Account should be actioned through the Raisin UK portal. 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.

4.2 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 as the correct account to be credited.

4.3 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.

5 Statements

5.1 We will provide statements showing your Deposit balances and interest rate (or expected profit in respect of Islamic accounts) at least once a year which will be available to download by accessing your online Account.

5.2 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.

6 Disclosure of information and data protection

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

6.2 Raisin Platforms Limited is both a data controller and data processor for Raisin Technology Limited, 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 General Data Protection Regulation (Regulation (EU) 2016/670), ('GDPR'), all laws giving effect or purporting to give effect to the GDPR (such as the Data Protection Act 2018) or otherwise relating to data protection or any equivalent legislation amending or replacing the GDPR. In order to provide you with fixed term deposits and other products and services Raisin UK need to collect, use, share and store personal data about you and your transactions.

6.3 Personal data means information that relates to you and from which you can be identified, such as your name, address, telephone 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 2018 (for example, information relating to criminal convictions).

6.4 The personal data collected by Raisin UK may be obtained from you directly, or from third parties, such as employers, joint account holders, 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.

6.5 Raisin UK will use your personal data to process and store your application, understand your requirements, manage your Accounts, 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.

6.6 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.

6.7 Raisin UK will take appropriate measures to keep your personal data secure and confidential.

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

  1. our employees, consultants, and professional advisors;
  2. Group companies and subsidiaries
  3. MAM;
  4. Our Partner Banks in relation to a Deposit;
  5. successors-in-title to, and potential purchasers and investors in, all or part of our and Raisin UK's business;
  6. licensed credit reference and/or fraud prevention agencies to help make financial decisions during the application and on an ongoing basis. This information will be used to decide whether to continue to make products and services available to you. Our enquiries or searches may be recorded and credit reference agencies may supply us with financial information;
  7. 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;
  8. 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;

6.9 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.

6.10 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.

6.11 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.

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

  1. Post: Data Protection Officer, Raisin UK, 64 Bridge Street, Manchester M3 3BN
  2. Email: dpo@raisin.co.uk
  3. Tel: 0161 710 2390

7 Changes that affect your Account

7.1 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. other circumstances 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.

7.2 Subject to clause 8.3, we will give you at least two calendar days notice before a change to these Terms becomes effective and provide you with an amended version of this document or just the amended terms by post or email or by directing you to our website.

7.3 Changes to these Terms that are outside of our control, (e.g. a change in legislation) will take effect immediately. All other changes to these Terms will take effect at least thirty calendar days from the date of our notification to you of the change or any later date specified in the notice. 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.

7.4 If you object to a change implemented by us in respect of the valid reasons contained in these Terms, please contact your Financial Adviser or us but please note your only recourse may be to close your Account.

8 Withdrawal, Suspension, Closure and Termination

8.1 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.

8.2 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.

8.3 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; or
  6. you have become bankrupt; or you are unable 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.

8.4 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 8.3 or where we are no longer appropriately authorised to hold your Account).

8.5 You may close your Account by instructing us to close your Account and transfer your outstanding deposits in accordance with clause 4. However, you cannot close your Account before the expiry of the fixed term for Deposits held in your Account. We may, however, agree to allow you to close your Account earlier in exceptional circumstances, for example where you have (or, where it is a joint Account, one of you has) died, been diagnosed with a terminal illness or have become bankrupt. Early closure will be subject to a fee in accordance with our additional services tariff set out in these Terms.

9 Security

9.1 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.

9.2 Do not store your security details in any way that can be understood by someone else, including a joint Account holder. Any security related device must be kept physically secure, which includes making sure that 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.

9.3 If your 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.

9.4 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 9.1 or 9.2 we will accept liability for any loss or damage to you resulting from any breach of security of our systems.

10 General Provisions

10.1 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.

10.2 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 10.2 shall not affect the validity and enforceability of the rest of the Terms.

10.3 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.

11 Complaint Handling

11.1 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.

11.2 If we cannot resolve your complaint within five business days, we will refer your complaint to our principal firm, Resolution Compliance Limited, to complete and communicate the outcome of the investigation to you.

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

11.4 Details of the Financial Ombudsman Service are:
Financial Ombudsman Service at Exchange Tower, 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