Raisin

philly01

I set up an account with Raisin, One Year Fixed @ 1.30 %, I was accepted on the day at that rate.  The very same day I had an email from them telling me they were going to reduce the interest to 1.23 %, surly this is wrong?  I cancelled the account immediately thankfully, but this did not stop me worrying about my funds I was going to invest in that bank, I kept going to my bank online all that night checking as to whether Raisin had indeed taken my money, I had no notification until the morning that that was not the case.  I also got in touch with my bank blocking Raisin from my bank account, Never again !!  

eskbanker

philly01 said:

I set up an account with Raisin, One Year Fixed @ 1.30 %, I was accepted on the day at that rate.  The very same day I had an email from them telling me they were going to reduce the interest to 1.23 %, surly this is wrong?

But Raisin is only acting as a middleman, in between savers and the actual institutions providing the savings accounts - that still doesn't make it right that an acceptance of a fixed rate is reversed but it's unlikely to have been Raisin's sole decision and could perhaps have been a timing issue caused by that multi-party structure.

maxsteam

You are better using a real bank imho.

polka.dot

Frankly, it's a faff. You first apply for a savings account, then you get a confirmation that they received your application. At this point you have to transfer the money to Raisin (which takes 24 hrs). Then you wait again for a confirmation of the opening of the savings account. In my case after a further 24 hrs, I got an email saying that my application for the savings account was unsuccessful, but "Due to regulatory obligations designed to protect both our customers and Raisin UK, our Customer Services Team and Zenith Bank UK Ltd is unable to inform you why your application was unsuccessful." 

The choice then is to apply for another savings account and go through the same rigmarole again, or ask for your money back. And all this time, Raisin has the benefit of your cash without any interest due to you.

Daliah

polka.dot said:

  

The choice then is to apply for another savings account and go through the same rigmarole again, or ask for your money back. And all this time, Raisin has the benefit of your cash without any interest due to you.

I didn’t think you have to fund your savings account at the time of application?

Even if you do, the interest for a day or two is hardly a moneyspinner

Malchester

Have looked at Raisin and others but not convinced as I can get better rates with the the same banks by going direct

Dw1985

polka.dot said:

Frankly, it's a faff. You first apply for a savings account, then you get a confirmation that they received your application. At this point you have to transfer the money to Raisin (which takes 24 hrs). Then you wait again for a confirmation of the opening of the savings account. In my case after a further 24 hrs, I got an email saying that my application for the savings account was unsuccessful, but "Due to regulatory obligations designed to protect both our customers and Raisin UK, our Customer Services Team and Zenith Bank UK Ltd is unable to inform you why your application was unsuccessful." 

The choice then is to apply for another savings account and go through the same rigmarole again, or ask for your money back. And all this time, Raisin has the benefit of your cash without any interest due to you.

First impressions go a long way, and this was not the best. 

I deposited as required, applied and had the same issue. Looking at customer service scores for the remaining available accounts and banks.. not convinced so withdrawn the money and going to invest elsewhere. 

Will use atom again - 3yrs at 1.75% isn't bad and would be my 8th account without issue. Hope this helps others. 

polka.dot

Daliah said:

polka.dot said:

  

The choice then is to apply for another savings account and go through the same rigmarole again, or ask for your money back. And all this time, Raisin has the benefit of your cash without any interest due to you.

I didn’t think you have to fund your savings account at the time of application?

Even if you do, the interest for a day or two is hardly a moneyspinner

If Raisin hangs onto everyone's money even for a few days without paying interest this gives it access to a lot free cash. 4 days and counting for me so far.