Raisin Account

Lap

I've just opened a Raisin account through MSE for one of the fixed savings accounts, 
Deposited £1 which showed up on the raisin account 
Deposited £10 also showed up on my raisin account 
Deposited £10000 & now nothing is showing up in the account not even the initial £11 which was showing up. Just a little worried...... 
Anybody know if this is usual for these Raisin accounts? 

Thanks

Bigwheels1111

From memory,the deposit goes into one account and then into your new account.

Takes 2 days. I could be wrong.

talexuser

They did have a glitch last year when totals were wrong. Message them about the discrepansy and you might get a tenner compensation when back on line.

Lap

Bigwheels1111 said:

From memory,the deposit goes into one account and then into your new account.

Takes 2 days. I could be wrong.

Yeah I understand this, the thing that worries me is the £11 was showing up on the raisin dashboard, but now even that is not showing up. 
With another £10000 on its way 

Daliah

There is every chance that your bank is holding up the payment for additional checks. Call them and ask

EthicsGradient

Coming the other direction, with a maturing fixed term account, what Raisin showed me changed from "£X in fixed term holder, £0 in Raisin account" to "£0 in fixed term holder, £0 in Raisin account" to "£0 in fixed term holder, £X in Raisin account" over a couple of days. So maybe the £11 is now in transit to the true fixed term account, but Raisin don't show money in transit? And, as Daliah says, the £10,000 is being checked by your bank?

Millyonare

I've found Raisin can take days to show up the transferred cash. Be patient. Give it 2-3 working days.

jicms

I was thinking of using Raisin to deposit our forthcoming house sale proceeds. If it takes days longer than going direct to Al Rayan it'll cost us a lot in lost interest. 

Maybe using a middle-man for a major transaction isn't a good idea? 

Daliah

jicms said:

I was thinking of using Raisin to deposit our forthcoming house sale proceeds. If it takes days longer than going direct to Al Rayan it'll cost us a lot in lost interest. 

Maybe using a middle-man for a major transaction isn't a good idea? 

It will almost certainly add time to deposit and to withdraw if you go via Raisin. Though I don't see the point of using Raisin for Al Rayan - - do Raisin even offer any Al Rayan accounts?

Whether you use Raisin or not, I would recommend you check any withdrawal limits. Al Rayan, for instance, only allow £20K per day, unless you pay for CHAPS (quite cheap at £15 at Al Rayan - other banks charge as much as £30). But not all savings providers do offer CHAPS. 

Roberte

HSBC just refused to transfer the money to raisin after 5 days. Is there someone from MSE monitoring this thread to give some advice? 

Daliah

Roberte said:

HSBC just refused to transfer the money to raisin after 5 days. Is there someone from MSE monitoring this thread to give some advice? 

If you are saying that HSBC held your payment for 5 days and then simply cancelled the payment, you should raise a written complaint with HSBC.

Though lots of banks are holding lots of payments randomly these days, for extra security checks. If a payment doesn't arrive within a couple of hours, it's best to call the bank and verify they have actually sent the payment, or to get them to release the payment.