Raisin UK - Be Aware, Terrible Customer Service!

skeabost

After reading the information about Raisin on moneysavingexpert.com and the higher rate of return for a fixed term investment, I decided a couple of months ago to invest my last £10,000 with them and their partner Meteor Investment Management which is with RBS.

I have mental health issues - severe depression, anxiety and PTSD - and following a very bad period during which I made two suicide attempts I was forced to stop working.

Because I am still the joint owner of the matrimonial home - I am divorced but the house has not sold yet - DWP have said I am only entitled to £248 per month contribution based Employment & Support Allowance. I am not eligible for any other benefits despite having paid hundreds of thousands of pounds in National Insurance contributions during my working life.

I contacted Raisin and they agreed that due to the exceptional circumstances they would close my account and return my £10,000 to me. They also understood all communication had to be via email due to my mental health problems.

I defaulted on my monthly rent payment on 01/10/18 for the second consecutive month and now face imminent eviction.

Raisin agreed to close my account and return my £10,000 to me 4 working days ago but I have still not received my money. For the past 3 days they have stopped responding to my emails and are also not responding to the messages I have sent them via the secure messaging system via my Raisin account.

I am about to be evicted and Raisin do not appear to care.

I know there is very limited experience with Raisin but I would ask that you remove your recommendation for them from the Savings section of your site. Based on my experience so far their customer service and responsiveness is awful!

Rheumatoid

I hate to say it and they may be being a bit tardy now, but i think they were pretty reasonable to let you have a fixed term investment back.

karlie88

I think persistence is the key here:

Phone them, email them, DM them via Twitter and Facebook to get the money back into your account.

tel:03301220200
service@raisin.co.uk
https://www.facebook.com/RaisinUK
https://twitter.com/raisin_uk

To be fair, they have agreed in writing to release your funds which I think is generous of them.

Good luck - you just need to keep trying. Put in a complaint if you want. Also be specific, ask them what date they'll send the money.

karlie88

Just read the bit with regards to email only - if that's the case then just keep emailing. If you can though, contacting them via Facebook and Twitter get surprising (and usually quick) results with other financial companies and businesses.

Reaper

I haven't used Raisin so forgive me if I misunderstand but are they not just a broker passing your money through to the current best savings company?

If so and the money is with another bank then it is up to that bank to decide whether they are willing to break the terms of the account and release money early, not Raisin

By the way when deciding where to put your savings never lock the whole lot up in inaccessible accounts in case of emergencies just like this one. Leave some in instant access savings.

Reaper

skeabost wrote: »

After reading the information about Raisin on moneysavingexpert.com and the higher rate of return for a fixed term investment, I decided a couple of months ago to invest my last £10,000 with them and their partner Meteor Investment Management which is with RBS.

Having re-read the above I am more confused. Raisin UK place your money with UK savings accounts. Whereas Meteor Investment Management seem to offer investments and not something Raisin UK would get involved in. Please can you clarify who you went through and what exactly your money is in.

veryintrigued

I've had tremendous experience with them so far so - just in case MSE editors are reading this and are thinking of removing their recommendation.

eskbanker

skeabost wrote: »

I know there is very limited experience with Raisin but I would ask that you remove your recommendation for them from the Savings section of your site. Based on my experience so far their customer service and responsiveness is awful!

As shown at the foot of every page on here, MSE make it clear that they're not recommending as such, just listing interest rates, etc:

This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service

As above, they were under no obligation to release you from the fixed-term arrangement that you committed to so slating them in your post because they're not doing so as quickly as you'd like is harsh, despite the stressful situation you'll be in....

eskbanker

Reaper wrote: »

Having re-read the above I am more confused. Raisin UK place your money with UK savings accounts. Whereas Meteor Investment Management seem to offer investments and not something Raisin UK would get involved in. Please can you clarify who you went through and what exactly your money is in.

OP presumably means Meteor Asset Management, as per https://www.raisin.co.uk/faqs:

What does Meteor Asset Management do?

Meteor Asset Management acts as our deposit administrator, holding your funds in what is known as a "bare trust" arrangement. Their role is to transfer your deposits between your nominated account and a partner bank's account. This process takes place when you fund a savings product and when your deposits are returned to you, along with any profit you have accrued upon maturity. While providing this service, Meteor Asset Management has no claim to your funds and administers them on your behalf.

Reaper

Thanks that makes sense now

bail-in

For the launch bonus of £50 or £80 to claim it, what were the instructions re the email to claim the bonus?
Were they same as the new bonus claim instructions after 2nd August as follows:
To claim one of these bonuses, all you need to do is send an email from the email address you registered with, containing your full name, the amount that you are eligible to claim and "Bonus" in the subject line to bonus@raisin.co.uk, within 30 days of you funding your new fixed term deposit.