Raisin Savings - Referral

Tonybee48

I want to open a Raisin account and wondered if any existing account holders are prepared to refer me so that we both benefit to the tune of £25. Also would appreciate any comments on experiences with them

grumiofoundation

If you head to the referral board, I believe may be a raisin thread. 
https://forums.moneysavingexpert.com/categories/referrers

ChilliBob

I'm using them, I would say:

1. It's not very clear that once you pledge an amount you can't pay more in unless you cancel the application and start again. 
2. It takes a long time for accounts to open (well a few days) whilst money is sitting in the account. 
3. It doesn't open the account until you transfer all you have pledged. So, if you pledge full 85k then it takes a few days doing bank transfers each day before it classes you as having funded it. Then it opens it. 

I prefer HL active savings to be honest, but it doesn't have the top rates unfortunately.

Tonybee48

I use HL active savings too, but as you say, their rates are nothing special.

ChilliBob

Yep, a right disappointment! A few weeks before I opened the account I'm sure they were quite a bit better, oh well! They're only going go go one way too!

MikeCov

ChilliBob said:

I'm using them, I would say:

1. It's not very clear that once you pledge an amount you can't pay more in unless you cancel the application and start again. 
2. It takes a long time for accounts to open (well a few days) whilst money is sitting in the account. 
3. It doesn't open the account until you transfer all you have pledged. So, if you pledge full 85k then it takes a few days doing bank transfers each day before it classes you as having funded it. Then it opens it. 

I prefer HL active savings to be honest, but it doesn't have the top rates unfortunately.

Also, very much worth noting, you can’t take your money out until the fixed term ends!!!

Can I withdraw money?
Because this savings account is a fixed term deposit, withdrawals are not 
permitted before the maturity date, except if an account holder dies, becomes 
mentally incapacitated or bankrupt, or in any other exceptional circumstances 
agreed to by AUB UK in its absolute discretion. This savings account does 
NOT operate on the basis that you can end the fixed term of your savings 
account prematurely and pay a fee to withdraw your funds sooner.
Your savings account will not automatically renew at the end of the fixed term 
for a further fixed term.

ChilliBob

Tbf I think that's the same in other fixed term accounts, like the ones on HL or direct from say Atom Bank. 

trickydicky14

ChilliBob said:

I'm using them, I would say:

1. It's not very clear that once you pledge an amount you can't pay more in unless you cancel the application and start again. 
2. It takes a long time for accounts to open (well a few days) whilst money is sitting in the account. 
3. It doesn't open the account until you transfer all you have pledged. So, if you pledge full 85k then it takes a few days doing bank transfers each day before it classes you as having funded it. Then it opens it. 

I prefer HL active savings to be honest, but it doesn't have the top rates unfortunately.

I had to ring them yesterday due to an error on my part.
Firstly, my call was answered within 5mins and the customer service staff member was so helpful, she also promised to email me later in the day as she needed to run some thing passed her boss, and yes she got back to me.
So, happy with my experience.
ChilliBob: I asked about adding money once you have made a pledge, she said you can't so you would need to open a second savings account to take the extra cash.
You say you prefer HL, I too have money in active savings and was surprised when yesterday one of my accounts had matured and I requested to move the cash out to my nominated bank account. 
Only part of the money will be moved to my bank and the rest will be moved to the debit card account that made the payment when the savings account was set up.
Now this could be a problem as the debit card I used a year ago has been replaced with a new card and a new number, so I don't know if the money will be sent back to HL.
I have never had this happen when moving cash from HL in the past or any other savings account.
It states on HL website, this is due to money laundering.

diamond_dave

Praise for Raisin from me too. The only slight problem I had was them not being able to verify my wife's name until we sent documents. Their vs is brilliant and sorted out a refer a friend bonus straight away. Just hope Ahli Bank doesn't go bust.

VXman

ChilliBob said:

I'm using them, I would say:

1. It's not very clear that once you pledge an amount you can't pay more in unless you cancel the application and start again. 
2. It takes a long time for accounts to open (well a few days) whilst money is sitting in the account. 
3. It doesn't open the account until you transfer all you have pledged. So, if you pledge full 85k then it takes a few days doing bank transfers each day before it classes you as having funded it. Then it opens it. 

I prefer HL active savings to be honest, but it doesn't have the top rates unfortunately.

I agree HL is better. Rates may not be always top notch but there is something to be said for having all in one place and not have to go through application processes every time.

colsten

VXman said:

I agree HL is better. Rates may not be always top notch but there is something to be said for having all in one place and not have to go through application processes every time.

Same with Raisin - you have all the savings accounts you choose to open through them in one place. Alas, neither HL nor Raisin nor similar consolidation firms offer access to all savings products in the market, or to the best products in the market, thus their one-stop-shop advantage is limited.

I don't mind using either, and have done so in the past, but only for their joining or other incentives. On other occasions, their offerings were just not tempting enough. With HL, you also need to be aware, as pointed out by trickydicky14, that they insist on paying a part of your withdrawal to the card with which you made the original deposit. OK if you still have the card, but it could be an issue if you don't.

And for some other reason, as soon as you hold an HL Active Savings account, they log you out after 5 minutes of inactivity. Even if you don't actually hold any savings products in the Active Savings account. This can be a right nuisance for those who hold investments with HL, and who'd otherwise be allowed to be inactive for up to an hour. Paging up and down your investment report doesn't count as activity, nor does reading up about your investment on an external site.