Raisin welcome bonus

Aidanmc

I was considering opening a Raisin account and subscribing to one of the savings products they offer. If i understand it correctly, with the fixed rate bond accounts  the bonus is paid within 14 days but for the notice accounts will have to wait until account has been open for 6 months.

Has anyone experience of these regarding receiving the welcome bonus?

colsten

I did take out one of the Raisin savings accounts a couple of years ago, purely for the bonus. They paid up ok, and I got my money out of the savings account when it matured. It takes a few days to get the money into the savings account, and then a few days to get it out of Raisin. Your money is FSCS protected whilst in a provider who has FSCS protection. Without checking now, I am not sure whether your money is safe whilst Raisin has it at the start and at the end of the process. You should check that you are happy about the safety of your funds.

Aidanmc

colsten said:

I did take out one of the Raisin savings accounts a couple of years ago, purely for the bonus. They paid up ok, and I got my money out of the savings account when it matured. It takes a few days to get the money into the savings account, and then a few days to get it out of Raisin. Your money is FSCS protected whilst in a provider who has FSCS protection. Without checking now, I am not sure whether your money is safe whilst Raisin has it at the start and at the end of the process. You should check that you are happy about the safety of your funds.

Thanks...according to Raisin Uk, Starling Bank provides the FSCS protection for them.

drphila

Have a look at this thread before proceeding:

https://forums.moneysavingexpert.com/discussion/comment/77140123#Comment_77140123

Aidanmc

drphila said:

Have a look at this thread before proceeding:

https://forums.moneysavingexpert.com/discussion/comment/77140123#Comment_77140123

Thanks, yes something to consider carefully. I did notice that Zenith 1year fixed bond account via Raisin requests a passport number in the application. Other bond providers with Raisin, QIB UK and ICICI bank,  don't ask these details. I don't have a UK passport. I have messsaged Raisin regarding this so will see what they say if they get back to me.