The Top Easy Access Savings Discussion Area

tg99

financialbliss said:

So, saw the Rasin platform 1.52% rate on Savings Champion yesterday - not seen it mentioned here yet?

https://savingschampion.co.uk/best-buys/personal/easy-access-accounts
https://www.raisin.co.uk/term-deposit/ubl-uk-easy-access-account/?#bank-product-details

By my reconing, that puts Chase down to third place - sorry soulsaver.

Anyone know how long withdrawals from this 1.52% account would take to reach your linked bank account? 

BigBlueSky

tg99 said:

Anyone know how long withdrawals from this 1.52% account would take to reach your linked bank account? 

I've had Raisin accounts before and are now avoiding them.  You transfer your funds into the 'holding' account for Raisin and then it gets transferred over to the actual savings account, but wasn't instant - took a few days.  The same for withdrawals.  That was with an Investec account through Raisin.

Mr._H_2

soulsaver said:

ASAIK

Did you mean AFAICT?

soulsaver

Mr._H_2 said:

soulsaver said:

ASAIK

Did you mean AFAICT?

AFAIK....

Sea_Shell

soulsaver said:

financialbliss said:

So, saw the Rasin platform 1.52% rate on Savings Champion yesterday - not seen it mentioned here yet?

https://savingschampion.co.uk/best-buys/personal/easy-access-accounts
https://www.raisin.co.uk/term-deposit/ubl-uk-easy-access-account/?#bank-product-details

By my reconing, that puts Chase down to third place - sorry soulsaver.

Good it is 'on topic'... 

No need to apologise,& I'll consider including it in the next bulletin.

I have to admit to having some reservations as funds pass through the 3rd party and AFAIK for an undefined time aren't FSCS protected? It's the reason I don't use Raisin.

This got me checking, as do use Raisin, and am very interested in this UBL account (as a non-Chase customer!!)

The T&C's for Meteor Asset Management (the 3rd party you mention) DO appear to have FSCS protection, as per their T&C's under section 20.  (page 14)

So please can anyone confirm to me that this is correct (or not) as from reading these, I believe that your money IS safe, even whilst between "accounts".


As for this particular account, it looks pretty good, as long as you don't want to make smaller, literal "instant access" transactions.

My (semi) emergency float is currently with Marcus, so may move it here, as it's not money we'd need without probably at least a weeks notice.   I'd leave some in Marcus for true instant access.


ETA - Applied for.  I shall probably put £1500 in, and then see how easy it is to get £500 back out again.   If that goes smoothly, i'll probably add more.

soulsaver

Well if your funds are protected 'in transit' why aren't Raisin on their own web site absolutely clear about how it's protected 'in limbo'?

Deposit protection - FSCS | Raisin UK

I'm not implying it's anything but legit, but it reads like one of those scam sites; words designed to instill false confidence while deflecting attention away from risk whilst aggregated(?) funds are held by Raisin awaiting deposit with your chosen bank.

noh

soulsaver said:

Well if your funds are protected 'in transit' why aren't Raisin on their own web site absolutely clear about how it's protected 'in limbo'?

Deposit protection - FSCS | Raisin UK

I'm not implying it's anything but legit, but it reads like one of those scam sites; words designed to instill false confidence while deflecting attention away from risk whilst (?(aggregated?) funds are held by Raisin awaiting deposit with your chosen bank.

The T+Cs of the Raisin account state that the customer deposits are initially paid into an account with Starling.
"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."
https://www.raisin.co.uk/terms-and-conditions/

More info in this Starling press release
https://www.starlingbank.com/news/UK-first-banking-as-platform/

Daliah

noh said:

soulsaver said:

Well if your funds are protected 'in transit' why aren't Raisin on their own web site absolutely clear about how it's protected 'in limbo'?

Deposit protection - FSCS | Raisin UK

I'm not implying it's anything but legit, but it reads like one of those scam sites; words designed to instill false confidence while deflecting attention away from risk whilst (?(aggregated?) funds are held by Raisin awaiting deposit with your chosen bank.

The T+Cs of the Raisin account state that the customer deposits are initially paid into an account with Starling.
"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."
https://www.raisin.co.uk/terms-and-conditions/

I don't believe this means that Starling gives you FSCS protection on this account. Your account, and the legal relationship, is with Raisin UK. The fact that they are using a Starling service is not really relevant for FSCS purposes. See below.

noh

Daliah said:

noh said:

soulsaver said:

Well if your funds are protected 'in transit' why aren't Raisin on their own web site absolutely clear about how it's protected 'in limbo'?

Deposit protection - FSCS | Raisin UK

I'm not implying it's anything but legit, but it reads like one of those scam sites; words designed to instill false confidence while deflecting attention away from risk whilst (?(aggregated?) funds are held by Raisin awaiting deposit with your chosen bank.

The T+Cs of the Raisin account state that the customer deposits are initially paid into an account with Starling.
"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."
https://www.raisin.co.uk/terms-and-conditions/

I don't believe this means that Starling gives you FSCS protection on this account. Your account, and the legal relationship, is with Raisin UK. The fact that they are using a Starling service is not really relevant for FSCS purposes.

These words "The Service Bank hosts the current account of the customer." indicate that the deposit is to a current account with Starling designated to the individual customer.

Also this paragraph says that you are entering into a legal relationship with the Service Bank (Starling)

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.

janusdesign

soulsaver said:

financialbliss said:

So, saw the Rasin platform 1.52% rate on Savings Champion yesterday - not seen it mentioned here yet?

https://savingschampion.co.uk/best-buys/personal/easy-access-accounts
https://www.raisin.co.uk/term-deposit/ubl-uk-easy-access-account/?#bank-product-details

By my reconing, that puts Chase down to third place - sorry soulsaver.

Good it is 'on topic'... 

No need to apologise,& I'll consider including it in the next bulletin.

I hope you decide against including them - there are plenty of sites that would include Raisin (and their ilk) in their lists (for commercial reasons no doubt), e.g Moneyfacts, MSE etc - but the one good thing about your list is that these accounts aren't included - it's just a list of available accounts with no third-party hoops/delays to go through.

if you start including them, you might as well just save time and post a link to the relevant moneyfacts table - I know they don't list some available accounts on their fixed interest tables, but their easy access looks pretty complete to me.