Raisin - ICICI and bonus

ROLY9

Can anyone suggest a Creditable Company to save in a 1 year Bond where risk is none on the Capital, thank You.Dont like the idea of Raisin using an ' at risk ' company to pass my money on.

eskbanker

ROLY9 wrote: »

Can anyone suggest a Creditable Company to save in a 1 year Bond where risk is none on the Capital, thank You.Dont like the idea of Raisin using an ' at risk ' company to pass my money on.

The point I highlighted earlier was largely a technicality and in fact the view from MSE is that it's not really a risk anyway, as per https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#raisin:

Are my savings safe?

When you open an account through Raisin, your payments are processed by Meteor Investment Management (MIM) and Meteor Asset Management, which then pass your money to the bank whose account you're opening. So if you open the ICICI one-year account, your money will then be covered by ICICI's £85,000 FSCS protection.

Technically your money is held in trust in an MIM client account with RBS. Yet the FSCS has confirmed in this type of structure you still get the UK £85,000 per person, per institution savings safety protection of the account provider, ie, ICICI (in the few days before it gets to ICICI it's via RBS's protection)

However, if you wish to avid intermediaries altogether, see other options at
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#oneyearfixed

kelda_shelton

Raisin change?










I just got an email from raisin - saying the following:





We're pleased to inform you that your Raisin UK account is getting an upgrade. From mid-September your Raisin UK account will change to a new look Raisin Starling Account – but you will need to opt-in to benefit from these changes.

Working alongside Raisin UK and Meteor Asset Management, Starling Bank will operate as our new service bank within the new look Raisin UK customer portal, meaning that Starling Bank will hold and transfer deposits between you, the customer, and our partner banks.

Once Starling Bank has launched their services with us, and assuming you have opted in, you'll receive an email inviting you to set a new password for your new personal Raisin Starling Account which will enable you to fund savings products conveniently.

The benefits of your new Raisin Starling AccountBy opting in to Starling Bank's services, you'll have the convenience of your very own Raisin Starling Account when it becomes available, which will enable you to quickly and easily fund savings products available in the Raisin UK savings marketplace. You'll also gain access to our new and improved dynamic and interactive customer portal when it launches.

Our new customer portal has been designed to make it easier to manage your savings products, but it also gives you access to your very own savings marketplace within your customer portal where you can apply directly for savings products and take advantage of exclusive Raisin Starling Account holder offers. About Starling BankStarling Bank is a new generation digital bank based in the UK. Headquartered in London, Starling Bank is a fully licensed and regulated bank. Deposits held by Starling Bank are protected by the Financial Services Compensation Scheme (FSCS). For more information on Starling Bank and the new Raisin Starling Account visit our FAQs page at www.raisin.co.uk/faqs.

Does anyone see any issue with this?

ColinFFS

I was going to do nothing and keep my current terms as it appears they are not impacted in anyway.

veryintrigued

I've opted in as:

A - I can't see an issue with doing so.
B - If I don't do it now there's a high probability I'll forget to do it in future.

What was the question?

Alistair31

I think I shall wait until my bonus is paid.

The_Blacklist

[FONT=&quot]Like everyone, I fell for their con. I am still waiting for their response for my "Launch Bonus".[/FONT]
[FONT=&quot]I have sent numerous emails, talked to their "Customer Services", used the Raisin message system, but no response.[/FONT]
[FONT=&quot]Hence, I have now given up on these people and only advice I can give is DO NOT USE RAISIN.[/FONT]
:mad:

[Deleted User]

Hello The Blacklist,
That is a very silly post. If you have an issue with Raisin, post the details and you may receive help/advice. They certainly didn't con me, they have provided everything that was on offer. All I did was adhere to the terms and conditions. Regards,
mrwmartin

ctdctd

The_Blacklist wrote: »

[FONT=&quot]Like everyone, I fell for their con. I am still waiting for their response for my "Launch Bonus"[/FONT][FONT=&quot].[/FONT]

I'm an "everyone", adhered to their terms, and received the launch bonus as promised. :beer:

Razoo

Based on the advice in MSE's Money Tips weekly email, I decided to apply for an ICICI, 1-year Fixed Term savings account through Raisin Savings Marketplace (Raisin's £80 bonus on a £40K investment effectively enhances ICICI's 2.02% interest rate to 2.22%).

However, before I registered with Raisin, I tried out their Customer Services helpline to see how efficient it was (I generally like to test a company's Customer Services before committing myself ). I got straight through by telephone and a very helpful lady advisor explained the whole process to me.

One of my concerns was the transferring of funds. Specifically, banks generally limit the amount of money that can be transferred by Faster Payment per day (some limits are as low as £10K). Raisin only allows 5 working days to fully fund the account. Consequently, for larger investments this can mean the funding timescale is not viable (I didn't want to eat away at my bonus by using CHAPS).

Raisin's advisor suggested that I could open two ICICI accounts, deferring the second account application until after the first account had been fully funded and set up. The advisor was also very clear that if I opened two ICICI accounts and put £40K into each, I would be eligible for two bonus payments of £80. However, I don't think this is actually true. I think two accounts with ICICI would be considered as one investment and the bonus would be calculated on the total sum invested.

During the account funding period, I tried to call the Raisin Customer Services helpline again, only to discover that Raisin's phone lines were dead. A message on the Raisin UK customer portal explained the unfortunate problem with their telephone service.

Instead, I sent a secure message from within my customer portal. The next day I was very impressed to receive a telephone call from Raisin Germany. An advisor speaking perfect English explained that the faulty telephone lines were causing Raisin UK a lot of problems, and that they were helping out with customer queries. Now that's what I call service!

I have now opened my Raisin/ICICI account, fully funded it and claimed my bonus with no issues whatsoever. My bonus claim has been acknowledged by Raisin. I was very careful to follow the bonus application instructions exactly:

1. A bonus claim email must be sent from the claimant's email address that was used to register with Raisin.

2. The email Subject Heading must be the word 'Bonus'.

3. The claimant must include their full name (including any middle names given during registration).

4. The claimant must confirm the value of the bonus they are claiming (e.g. £80 on a £40K investment).

5. The claimant must submit their bonus claim within 30 days from the date their account was fully funded.

6. The bonus claim email must be sent to: <bonus@raisin.co.uk>

So far I have been very pleased with Raisin's service and I can see no reason for the concerns that some other posters have. And of course, my money is fully protected by the UK's Financial Services Compensation Scheme, up to £85K.

Now I just have to decide whether to opt into the "new look Raisin Starling Account," or not.


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Razoo