Raisin Fixed Term Accts - Early Termination.

aboringname

In January I opened and funded two 1yr Fixed Term Accts via Raisin (with Alhi United and QIB respectively).

I was happily living in rental accommodation but have recently been served Notice to Quit my rental.  Because the rental supply is dry in the area that I live, I will now be buying a house in approx 1.5 months from now.  Therefore I wish to gain access to the savings I have via Raisin in order to fund the house purchase and avoid the need for a mortgage.  I am self-employed with no income due to Covid.

I have made my case to Raisin, providing 'evidence' such as Bank Statements and Notice to Quit, but they are being really difficult about it wanting all sorts of detail that I do not wish to provide to them.  I have not yet approached Alhi or QIB as I am trying to progress via Raisin.  The matter really seems to be starting to drag out - first requested to Raisin on 10.6.21.

I would appreciate any advice please how to achieve this 'early termination' and get access to the money that I deposited in the Accts. I only wish to receive my initial investment - I am not looking to receive any interest/profit, but similarly I do not wish to be hit by penalties.

Thank you.

eskbanker

It would be unusual for fixed term accounts to allow early termination (at all), so not sure what Raisin are suggesting, as they'll be bound by the terms of the actual providers - do these allow early access?

The QIB product currently offered through Raisin certainly doesn't offer early termination (unless they agree that your situation genuinely constitutes exceptional circumstances, which seems unlikely), although it may differ from what was available in January:

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 QIB (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.

grumiofoundation

If you are being offered the chance to access your money before maturity date (as above this seems somewhat surprising) why would you not provide all the 'detail' they are asking for?

jimjames

aboringname said:

I have made my case to Raisin, providing 'evidence' such as Bank Statements and Notice to Quit, but they are being really difficult about it wanting all sorts of detail that I do not wish to provide to them.  I

Thank you.

2 options, you provide the details if you want the money or you don't provide them and may either not get it or have an extended wait to do so

ex2t633w

Just a word of caution with Raisin.--- they change cashback " qualifications " !!
It's only a £50 cashback if you deposit £70,000+ !!!!!!!
For my amount of £10,000 it would only be a fiver ! ( £5 !!!!!)
Not worth ANY risk for that !

bristolleedsfan

ex2t633w said:

Just a word of caution with Raisin.--- they change cashback " qualifications " !!
It's only a £50 cashback if you deposit £70,000+ !!!!!!!
For my amount of £10,000 it would only be a fiver ! ( £5 !!!!!)
Not worth ANY risk for that !

You are quoting old bonus rates up until 12 August, currently £50 bonus on £10000 + investment  https://www.raisin.co.uk/bonus/

If someone signs up via refer a friend link deposits minimum £25000 bonus is £25 which is additional to £50 bonus if someone has never had a Raisin bonus previously

EthicsGradient

I don't think "I want to buy a house now, rather than find somewhere new to rent for 4 months" will be counted as exceptional circumstances by any financial institution. I too am surprised that you haven't been definitively turned down already. I can't think what you could do, but am surprised you aren't giving them all the information they've thought of asking for.

trickydicky14

ex2t633w said:

Just a word of caution with Raisin.--- they change cashback " qualifications " !!
It's only a £50 cashback if you deposit £70,000+ !!!!!!!
For my amount of £10,000 it would only be a fiver ! ( £5 !!!!!)
Not worth ANY risk for that !

The bonus may not be as good as you thought but what do you see as a 'risk'
I have used Raisin for a number of years and always got my return and never had a problem.