Getting funds out of Raisin

colsten

What is your experience with getting funds out of Raisin?

My Gatehouse account via Raisin has matured yesterday. I have decided to withdraw the funds. The instructions emailed to me over a month ago say

• Log into your Raisin UK Account after 17.6.2019.
• In the top right corner of your Raisin UK Account, you can see your available funds.
  [|*]etc etc

Today, the day after 17.6.2019, my available funds show as GBP 0.00. The Gatehouse account, investment period 15/06/18 - 17/06/19, sits there with the original sum deposited and no interest/profit added, even though it should have had 2% added by now.

I have messaged Raisin CS, who will apparently get back to me within 3 business days.

I'm singularly unimpressed with this. What if I had committed the funds for another purpose today? Why do they think it's ok to withhold my funds beyond the agreed deposit/investment period? It's most likely the last time I will have used Raisin, or any other savings portal.

Zanderman

Mine has vanished completely so far - I'm on their legacy system (never did change to the Starling-based one as they had 'technical issues') and they promised, last week, the matured balance (it matured on Friday 14th) would be transferred, with interest, to my nominated account within 4 days.

It's only been 2 business days since then so can't grumble yet that it's not appeared.

But it's disconcerting to login - because, on their legacy system, there's now no trace of the money at all. There's not even a reference to it maturing. It's just gone.

All I can do is wait until it appears in my nominated account - hopefully within the 4 days....

Not impressed though.

TUVOK

My account matured on the 14/06/2019.
I too had emails stating to log in etc on a date, I did, nothing in account. I phoned yesterday and a gentlemen who was not trained in a charm school informed me that it could take up to 4 working days for me to be able to withdraw my savings, not impressed at all!
As another contributor said, I also had plans for the money.
Once I get my hands on it, Raisin will never see another penny of my money again!

colsten

I'm on the Starling platform. Suppose that's slightly better than being on the old platform but none of it is very impressive. The single view of, and login to, several savings accounts doesn't outweigh the cumbersome and slow deposit and withdrawal procedures for me. I'd rather settle for a slightly lower interest rate than entertain this kerfuffle. I must remind myself that I only did this for the sign-up bribe, which was rather good

xylophone

Mine matured on 14th - I did transfer to Starling.

It has now "disappeared" from Gatehouse but not appeared in Raisin yet.

I was not wholly surprised given that the advance notice of maturity e-mail sent a month ago said


Log into your Raisin UK Account after 14.6.2019.
In the top right corner of your Raisin UK Account, you can see your available funds.
Go to the ‘My account’ drop down menu and click ‘Withdrawal’.
Enter the amount that you want to withdraw along with a reference if required.
Click next and confirm that the details entered are correct.
Enter the verification number sent to your mobile phone and enter it in the appropriate box.
Click Submit to complete your withdrawal.


Please note that it can take up to four business days after maturity for funds to transfer to your Raisin UK Account.

bristolleedsfan

xylophone wrote: »

Mine matured on 14th - I did transfer to Starling.

It has now "disappeared" from Gatehouse but not appeared in Raisin yet.

Snap, disappearance occured during last couple of hours. :eek:

Rheumatoid

I queried how to get my money out and got this:

Your funds mature today, the 17th of June.



Making reference to our recent email in regard to the maturity of your funds,

we would like to explain how the process of transfer works and why it can take

up to 4 business days for your funds to be visible in your Raisin Account.

During this time your funds will not accrue interest as per Meteor Asset

Management´s terms and conditions*.



At maturity of each Deposit, the partner bank will return the maturity

proceeds to Meteor Asset Management´s (MAM´s) pooled Client Bank Account. If,

at this date, another Deposit has not been selected by you, MAM (Meteor Asset

Management) will remit the maturity proceeds to your Raisin Account (powered

by Starling) the following business day.



This means that depending on exactly what time your funds leave the partner

bank, it can take up to four days before you can actually access your funds in

your personal Raisin Account.



For example, if today is Monday and your funds are due to mature today, the

bank will usually make the transfer some time during today. Tomorrow, Tuesday

the funds will arrive at MAMs collective account. Assuming you have not yet

chosen a new term deposit, the funds will be transferred on the following

business day,(Wednesday) to your Raisin Account. This in real terms mean that

you may not see your funds in your Raisin Account until Thursday morning. This

would be the longest period possible.



Usually the process is quicker (2 days), but depending on the time a transfer

is made (even using the Faster Payments method), it can take anything between

2 and 4 days before you can access your funds.



*Meteor Asset Management is a third party administrative service provider

which enable us to provide you with the ability to fund savings accounts

offered by specific partner banks through the Raisin UK savings marketplace.

Their role is to transfer your money between your Raisin UK Account and a

partner bank’s account. This process takes place when you fund a savings

account and when your deposits are returned to you at maturity, along with any

interest or profit you have accrued.

colsten

xylophone wrote: »

Please note that it can take up to four business days after maturity for funds to transfer to your Raisin UK Account.

That warning (which I also get from FD, M&S and HSBC for their RSs but which never happens now with them) doesn't make the whole procedure any more acceptable. It certainly is no good reason for the interest/profit not showing as credited the day after maturity. Nor would you expect that a brand-new approach to handling savings accounts goes back to the dark ages of banking where the simplest of things take several business days. Every "native" savings account I know credits interest/profits on the day it's due, and gives the owner access to their money on the next business day.

I remain singularly unimpressed with Raisin's deposit and withdrawal processes.

colsten

Can anyone remember whether Meteor Asset Management has FSCS protection?

EdGasketTheSecond

colsten wrote: »

Can anyone remember whether Meteor Asset Management has FSCS protection?

i think its run by Woodford

triplea35

As a family I applied for 3 x accounts each with just the min £1000 for the bonus.. Got the bonus direct to current accounts and the £10 for switching system still shows in the account.

Maturity was the 14/6 and just had a check. Still shows as in Gatehouse Bank but now shows the interest added as a separate £20.

Underneath it says: 'The maturity date was reached on ‎14‎/‎06‎/‎19. The payout was done on ‎18‎/‎06‎/‎19.'

So would expect monies actually in the Raisin accounts soon. Even a weeks loss of interest on £1000 is around 38pence so not going to waste my breath/time contacting them. After all have made a nice little £80 on each acoount.


Won't use them again though as they are not offering best rates and no bonus!