Raisin: 3.5% Ahil fixed-rate

stormywhether

Helloooo. 

I've used Raisin before so was delighted to see they were offering a market-leading 3.5% one-year fix with Ahil.

I have a great credit score. So I was very surprised after some waiting around that my savings account application was rejected. 

To save the faff of withdrawing money from Raisin - they don't have the quickest customer service and I was keen to start earning at least some interest - I applied through them for another savings account offering a significantly lower rate. But this also was rejected. 

Has anyone else had this problem with Raisin? 

masonic

It won't be anything to do with your credit score, but could happen if information you provided during your application didn't match that held by the credit reference agencies. Seems odd you have used Raisin successfully in the past, but are only now having issues. Did you check for any provider-specific conditions that might have caused this?

stormywhether

masonic said:

It won't be anything to do with your credit score, but could happen if information you provided during your application didn't match that held by the credit reference agencies. Seems odd you have used Raisin successfully in the past, but are only now having issues. Did you check for any provider-specific conditions that might have caused this?

I have no idea. I did apply directly to the same bank after the second unsuccessful application and was immediately accepted. Literally no idea - and Raisin haven't been the most helpful, at the best of times. 

BoRacic

I went for the MSE offer of extra bonuses for new customers to Raisin for the Ahil 3.5% one year fix.  It said I had until 30th September to fund the account.    Now Raisin are telling me I have to fund it in full within 7 days!     Feel I've been conned into opening a Raisin account!    Leaves a bad taste regarding Raisin and a wariness re MSE special offers.

P.s. sorry for huge photo input.

masonic

BoRacic said:

I went for the MSE offer of extra bonuses for new customers to Raisin for the Ahil 3.5% one year fix.  It said I had until 30th September to fund the account.    Now Raisin are telling me I have to fund it in full within 7 days!     Feel I've been conned into opening a Raisin account!    Leaves a bad taste regarding Raisin and a wariness re MSE special offers.

P.s. sorry for huge photo input.

Yes, when you open a fixed term account you usually have a limited time in which to fill it before it is locked to further deposits. You have until the 30th September to do both steps. If you needed more time to get the funds in place you could have delayed applying.

BoRacic

masonic said:

BoRacic said:

I went for the MSE offer of extra bonuses for new customers to Raisin for the Ahil 3.5% one year fix.  It said I had until 30th September to fund the account.    Now Raisin are telling me I have to fund it in full within 7 days!     Feel I've been conned into opening a Raisin account!    Leaves a bad taste regarding Raisin and a wariness re MSE special offers.

P.s. sorry for huge photo input.

Yes, when you open a fixed term account you usually have a limited time in which to fill it before it is locked to further deposits. You have until the 30th September to do both steps. If you needed more time to get the funds in place you could have delayed applying.

            

The MSE info stated l had until 30th Sept to fund it (it didn't say, fund it within 7 days of applying!) but Raisin now saying it must be funded within SEVEN days, which is 14th Sept? 

masonic

BoRacic said:

masonic said:

BoRacic said:

I went for the MSE offer of extra bonuses for new customers to Raisin for the Ahil 3.5% one year fix.  It said I had until 30th September to fund the account.    Now Raisin are telling me I have to fund it in full within 7 days!     Feel I've been conned into opening a Raisin account!    Leaves a bad taste regarding Raisin and a wariness re MSE special offers.

P.s. sorry for huge photo input.

Yes, when you open a fixed term account you usually have a limited time in which to fill it before it is locked to further deposits. You have until the 30th September to do both steps. If you needed more time to get the funds in place you could have delayed applying.

            

The MSE info stated l had until 30th Sept to fund it (it didn't say, fund it within 7 days of applying!) but Raisin now saying it must be funded within SEVEN days, which is 14th Sept? 

That's an account specific requirement and you do need to follow the account terms as well as Raisin's terms. You would have seen the 7 day requirement when reading the terms prior to opening the account. To fund it as late as 30th September, you'd need to open it on or after 23rd September if it is still available (or choose a different account if not).

Can I enquire as to why you opened the account before you had the money to pay into it? What if a better rate came along in the mean time?

Edit: It looks like the account is no longer available. So you could see if Raisin would allow you to qualify for cashback on a different account nearer the time you have the funds to deposit. The £55 cashback offer is still available, but the Ahil 3.5% one year fix was tipped in the MSE weekly email a week ago, so it is not all that surprising Ahil have pulled the account.

BoRacic

 Make I ask how you know it is an account specific term to fund it within 7 days?    And if is it, why wasn't this highlighted in the information given?   You said I should have waited to open the account but the account is now no longer available.    

It suggests to me, Raisin offered the account, plus bonuses to MSE in order to attract NEW customers to Raisin.    But, either Raisin or MSE forgot to mention the 'fund within 7 day' term., which Raisin would have known as it's them offering the account.  And therefore the 'fund it before 30 Sep.' sentence is irrelevant.    

masonic

BoRacic said:

 Make I ask how you know it is an account specific term to fund it within 7 days?

The term would have been one that allows Ahil to set a shorter funding time limit when they remove the account from sale. I'm inferring there is such a term because that's precisely what they have done, and I don't think they've breached their own T&Cs (otherwise they'd have to compensate every impacted customer). The T&Cs aren't available to me as Ahil is no longer on Raisin and don't offer these accounts directly, but you have the T&Cs and have read and agreed to them, so I invite you to check and let us know what they say. If I'm wrong, then you have an avenue of complaint, so well worth you reading those T&Cs carefully.

BoRacic said:

And if is it, why wasn't this highlighted in the information given?

MSE just alert people to the offers available, promotions they have blagged, and suggest options to make use of them. This Ahil 3.5% 1 year fix is just one of many accounts available at Raisin. The accounts available change regularly. It's not MSE's responsibility to check an account is suitable for your individual needs. You need to check the terms and make sure it is suitable for you. There was clearly a risk in selecting this account, which was promoted a week ago, when you were unable to fund it.

BoRacic said:

You said I should have waited to open the account but the account is now no longer available.   

That's correct. Another might come along in the next week or two with an even higher rate. The BoE base rate will be going up next week. The £55 cashback offer could have been used against another account when you are ready, and perhaps in the circumstances Raisin would let you cancel the Ahil application and use the offer against another account.

BoRacic said:

It suggests to me, Raisin offered the account, plus bonuses to MSE in order to attract NEW customers to Raisin.    But, either Raisin or MSE forgot to mention the 'fund within 7 day' term., which Raisin would have known as it's them offering the account.  And therefore the 'fund it before 30 Sep.' sentence is irrelevant.    

The 'fund within 7 day' term would not have been triggered until Ahil stopped offering the 3.5% account. Their decision is beyond MSE or Raisin's control, but Ahil could not do this without something in their terms to permit them to do it. As above, there was no requirement to apply for this particular account to get the cashback. Anyone is free to take out one of the other accounts still available, or new accounts that will launch in the coming days. See https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#marketplace