Raisin Bank Pros & Cons

trickydicky14

janusdesign said:

I closed my Raisin account (long before receiving any bonus) - I prefer to have direct relationships with those looking after my savings... I could get better rates elsewhere (even taking into account any bonuses).

personally, regardless of rate or bonus, I wouldn't open any accounts via Raisin in the future.

Can I ask, if you know of better rates and prefer 'direct relationships' why did you bother going to Raisin in the first place?

gozaimasu

gozaimasu said:

Pros: £50 welcome bonus plus £10 bonus per £5k

Cons: Takes more than 48 hours to open the account. Does not send any confirmation emails of opening accounts. Ignores messages for 24+ hours. Warning: Always take screenshots as proof.

I should update my experience:

Pros: none so far

Cons:

• Sent message 29/11 and this has still not been replied to. They quoted 3-5 working days which is not an acceptable time frame
  
• Account I applied for has now been pulled and they sent a presumably automated email giving a deadline for payment
• Can't make a payment until they reply to my message sent on 29/11
• Complete wast of time
  

Aidanmc

gozaimasu said:

gozaimasu said:

Pros: £50 welcome bonus plus £10 bonus per £5k

Cons: Takes more than 48 hours to open the account. Does not send any confirmation emails of opening accounts. Ignores messages for 24+ hours. Warning: Always take screenshots as proof.

I should update my experience:

Pros: none so far

Cons:

• Sent message 29/11 and this has still not been replied to. They quoted 3-5 working days which is not an acceptable time frame
  
• Account I applied for has now been pulled and they sent a presumably automated email giving a deadline for payment
• Can't make a payment until they reply to my message sent on 29/11
• Complete wast of time
  

I applied for 2 accounts this week,  6 month Aldermore and 12 month Aldermore.

Both were opened the next day after sending funds to Raisin.

bristolleedsfan

Aidanmc said:

gozaimasu said:

gozaimasu said:

Pros: £50 welcome bonus plus £10 bonus per £5k

Cons: Takes more than 48 hours to open the account. Does not send any confirmation emails of opening accounts. Ignores messages for 24+ hours. Warning: Always take screenshots as proof.

I should update my experience:

Pros: none so far

Cons:

• Sent message 29/11 and this has still not been replied to. They quoted 3-5 working days which is not an acceptable time frame
  
• Account I applied for has now been pulled and they sent a presumably automated email giving a deadline for payment
• Can't make a payment until they reply to my message sent on 29/11
• Complete wast of time
  

I applied for 2 accounts this week,  6 month Aldermore and 12 month Aldermore.

Both were opened the next day after sending funds to Raisin.

I contacted them October 6th about a refer a friend credit not being added, eventual reason was I needed to fund my Raisin account with £1 to receive credit, took 5 weeks to get first response, then nearly 2 weeks to get further response saying passed to finance team to get credit added and that was 10 days ago.

macazon

I have opened 3 fixed rate bonds with them an not had any problems. Once you request to open an account it can take a couple of days for the application to be accepted and then after you have transferred the money to your Raisin account a short time for the account to be opened. At the moment there is an additional bonus on £10 for each account opened with at least £5000.
I haven't had any problems so far and my bonus payment have all been received within 2 weeks of claiming them. I don't know how good there customer support is as I haven't had any need to contact them. The only negative thing so far is I was going to open a Zenith account but I couldn't because it requires you to have a passport that I don't have.

dprice8893

The customer service and communication performance of this company is truly appalling.
The automated phone call system cuts you off, even after selecting the option to wait.
Messages are never returned and application actions remain pending, presumably waiting for human response that doesn't happen.
I'll deal with individual banks and building societies in future, it's quicker and more efficient.

RetiredChaz

I am being hounded by Raisin. I have managed to put £10k into an account via their service, but they seem to think I have another 10 to invest, but I don’t. I have tried several times to point this out, but without success. 

TBH, knowing how poor their customer service is, I wouldn’t touch them with a barge pole. Just not worth the grief for a promise of £50 in 6 months. 

digannio

Flagged as possible scam by Halifax who halted the transfer from joint account and theatened to suspend my current account if I didn't respond with a phone call. Second attempt to transfer also bounced back and Raisin says they will respond to email in a few days. To be honest I can't be arsed with the hassle and will just stick to direct involvement with suppliers. In my case not worth it for the one-off 50 quid, especially when you can often find better deals yourself with an all-market search going forward.  

talexuser

I just opened the 0.61% with 10k from my Marcus, no problems with transfers from Halifax. Also referred other half for 10k, no problems opening that either from NatWest. We both get £50 in six months plus another £25 each for the referral. Don't think you can get that effective rate for instant access anywhere else, we'll see if rates are better in six months and if its worth changing. Even giving up the bonuses it is still marginally better then Marcus - to the tune of £1 a year - whew!

Aidanmc

talexuser said:

I just opened the 0.61% with 10k from my Marcus, no problems with transfers from Halifax. Also referred other half for 10k, no problems opening that either from NatWest. We both get £50 in six months plus another £25 each for the referral. Don't think you can get that effective rate for instant access anywhere else, we'll see if rates are better in six months and if its worth changing. Even giving up the bonuses it is still marginally better then Marcus - to the tune of £1 a year - whew!

You should also be able to qualify for 'boost bonus'. £10 each per account!

https://www.raisin.co.uk/boost-bonus/

Email them with subject 'boost bonus' by 7/1/22