From Zenith to Nadir via Raisin!

SPF666

I followed the instructions and transferred funds in my Raisin Account within the timeframe to claim a solid interest rate of 1.8% from Zenith Bank.

When compiling my application, I was careful to enter the correct details to claim my MSE25 credit. Once funds were transferred into Raisin, I applied for my Welcome bonus using the correct e-mail address within time and funding limits.

Before either of these incentives were honoured Zenith declined my application giving no reason. As things stand, our family is down £75:00 in introductory incentives along with missing out on an advertised interest rate of 1.8%.

The best rate I can find for the same lock in period on the Raisin Marketplace is 1.33%, a significant drop from 1.8%

Of course, I understand a shop does not have to sell you its goods but can’t help feeling disappointed, despite all criteria being fulfilled at my end, the door was firmly and calculatedly, slammed shut in my face.

Am I just unlucky or are there others out there who have been treated in a similar fashion by our banking industry?

refluxer

When did this happen ? IIRC, the best rate for a 1 year fixed rate account has been around 1.35% since Atom Bank briefly topped the table with 1.5% in September last year and rates even for a 2 year fixed haven't been as high as 1.8% for a long time. If it was in recent months, then 1.8% would have been for a 3 year term.

As Zenith aren't currently offering any fixed rate products via Raisin, it looks like they must have withdrawn their product(s) so I agree - if you'd already completed the application process then you shouldn't have been declined, at least provided there weren't other reasons for them to decline it and if that was the case, I would have personally expected to hear why.

A quick look on Raisin's site shows you can actually do a bit better than that now as there are currently three options to get a rate of 1.85% for the same 3 year period. All three appear to be eligible for the £50 bonus.

SPF666

This happened over the weekend, I was informed via e-mail by Raisin the there was a drop in the rate but if I completed within 5 days the advertised rate would be honoured.

It would appear rather than honour the rate quoted by Raisin, Zenith chose to make the issue moot by simply declining my application.

Thank you for the pointers I'll look into them.

refluxer

No worries. I've not personally used Raisin or any of the other companies currently offering those deals via Raisin, but was just pointing out that you might still have options as far as getting the £50 bonus is concerned. With interest rates creeping upwards (albeit slowly), I've decided not to fix for longer periods such as those but it's all a bit of a gamble I guess.