Raisin / Ahli Bank - Beware of changes in dates and Savings account availability.

highlandboy

Just a note and warning to anybody looking to take up the above combination of Joining Raisin, with a £25 cashback, setting up a 1 yr fixed savings account at 3.5% interest and then claiming the additional £30 cashback.  It's not what it had appeared to be.

Initially all appeared to go well, getting the Raisin account setup and receiving confirmation of such. Initially advised there was a 60 day window to fund my Raisin account for funds then to be transferred to open up the Ahli savings account. Now, it appears that the 3.5% account is no longer available and so there are now only 7 days to make the relevant transfers. Otherwise the savings account application will be cancelled.

Perhaps it was too good to be true to get the cashback and a good currently available savings rate?

At least now that I know, I can look in future for a more straight forward savings accounts, with no go-betweens, which just seem to add complications and allow moving of the goal posts.

Hoping this might save others wasting their time setting something up only to find it's not quite what it seemed.

aroominyork

That's a skewed interpretation. The process was:

1) To qualify for the £25 + £30 deal apply through Raisin for the Ahli 3.50% 1 year account by midday Monday (5 Sep) stating how much you want to invest

2) Fund the account by 30 Sep.

They have now withdrawn the 3.50% account so they have written to people who had opened but not yet funded the account saying it must be funded within seven days. Yes, they have moved the goalposts a little but they have not dug up the pitch the way you suggest. It was not "too good to be true" so long as you acted by Monday's deadline.

MoneySavingAndy

Sorry to hear that you've had a few problems, highlandboy.

I had read over quite a few reviews and comments about Raisin before I took the plunge and signed up on Monday morning. I have to say that the process has been incredibly smooth:

1. I signed up on Monday this week before the midday bonus deadline (I had been meaning to for a while, so when I saw the additional MSE bonus and the rate offered by Ahli for a one-year fixed product, I decided it was time to get moving).
2. After applying for the Raisin account, I received confirmation within about 15 minutes that all the checks had been done and they supplied me with the account details to be able to fund it.
3. I closed my Virgin cash ISA that was paying a pathetic rate of interest - although I've taken the money out of the ISA wrapper, it's not such a large sum of money that it couldn't be put back into a new one in the future and the interest rate difference justified it. To be fair to VM, they paid out the money very quickly into my current account (same day, presumably using Faster Payments). 
4. I made a £1 transfer to Raisin that showed up within a few hours (it said it could take 24 hours, but it was faster than that).
5. I then transferred the remainder of the money that I had chosen to invest before the end of Monday, so all money transferred on Day 1 of the process.
6. By Tuesday, Day 2, the Raisin app was showing the full balance transferred, and confirmed that the Ahli fixed rate product was being opened.
7. A few minutes ago today, Day 3, the app confirms that the product is open and fully funded.
8. Job done!

The only issue I had - and it is one that I am quite happy about to protect my money - is that my bank blocked the larger transfer until I gave their fraud department a call, and then it was released immediately.

I can't comment on Raisin's customer service team as I have never had to call them, or what will happen when the product matures in a year's time, but the initial investment process has been flawless and taken less than three working days from first application to having money in my chosen product. The app and browser portal are also very clear and easy to use.

It maybe that I managed to bag this specific product just in time and that it is no longer available, but in terms of my experience with Raisin, it has been vastly simpler than most of my previous experiences opening new accounts directly with banks or building societies.

Andy.

PS I also registered the bonus claim on Monday as per MSE instructions, receiving a same day acknowledgement that the payment would be made as soon as the relevant requirements of funding and opening the account have been met. I've not received the bonus yet, but didn't expect to either as they say it will take a couple of weeks for a fixed-rate product (longer for a notice or easy access account).

stormywhether

MoneySavingAndy said:

Sorry to hear that you've had a few problems, highlandboy.

I had read over quite a few reviews and comments about Raisin before I took the plunge and signed up on Monday morning. I have to say that the process has been incredibly smooth:

1. I signed up on Monday this week before the midday bonus deadline (I had been meaning to for a while, so when I saw the additional MSE bonus and the rate offered by Ahli for a one-year fixed product, I decided it was time to get moving).
2. After applying for the Raisin account, I received confirmation within about 15 minutes that all the checks had been done and they supplied me with the account details to be able to fund it.
3. I closed my Virgin cash ISA that was paying a pathetic rate of interest - although I've taken the money out of the ISA wrapper, it's not such a large sum of money that it couldn't be put back into a new one in the future and the interest rate difference justified it. To be fair to VM, they paid out the money very quickly into my current account (same day, presumably using Faster Payments). 
4. I made a £1 transfer to Raisin that showed up within a few hours (it said it could take 24 hours, but it was faster than that).
5. I then transferred the remainder of the money that I had chosen to invest before the end of Monday, so all money transferred on Day 1 of the process.
6. By Tuesday, Day 2, the Raisin app was showing the full balance transferred, and confirmed that the Ahli fixed rate product was being opened.
7. A few minutes ago today, Day 3, the app confirms that the product is open and fully funded.
8. Job done!

The only issue I had - and it is one that I am quite happy about to protect my money - is that my bank blocked the larger transfer until I gave their fraud department a call, and then it was released immediately.

I can't comment on Raisin's customer service team as I have never had to call them, or what will happen when the product matures in a year's time, but the initial investment process has been flawless and taken less than three working days from first application to having money in my chosen product. The app and browser portal are also very clear and easy to use.

It maybe that I managed to bag this specific product just in time and that it is no longer available, but in terms of my experience with Raisin, it has been vastly simpler than most of my previous experiences opening new accounts directly with banks or building societies.

Andy.

PS I also registered the bonus claim on Monday as per MSE instructions, receiving a same day acknowledgement that the payment would be made as soon as the relevant requirements of funding and opening the account have been met. I've not received the bonus yet, but didn't expect to either as they say it will take a couple of weeks for a fixed-rate product (longer for a notice or easy access account).

Andy, can you remember the email address and subject line info you needed to add for claiming the £25? I got in just in time but those instructions have now vanished (because the offer has ended for new apps).

Thanks! 

Daliah

Does this help: https://forums.moneysavingexpert.com/discussion/comment/79467833/#Comment_79467833

MoneySavingAndy

Daliah said:

Does this help: https://forums.moneysavingexpert.com/discussion/comment/79467833/#Comment_79467833

That's exactly what I did so should be what stormywhether needs.