Raisin Latest 'Instant Access' Deal

thamestrader

If you deposit in an 'instant access' account it actually takes 2 FULL days before you earn interest going in and 'up to' 4 days going out. To get the £25  ''bonus" you have to deposit £10000 for 6 months. Their best (at the moment) account is GB Bank paying 3.4%. Because of the 'no interest' days the £25 bonus is actually approx £19.50 as you lose interest on the deposit in order to get it. If you invest the same money in the  Chip app bank you would get 3.71% interest from day one with instant (1 hour) access whenever you want. You would get £15 more interest. So all the hassle of Raisin makes you £4.50 better off after 6 months, whilst you have no access to the money. The Raisin business model is a con. The whole purpose of cash is to have access to it! With 5% inflation loss over 6 months you are losing 'real' spending power every day. Don't use Raisin for instant access, use Chip. Both have £85k protection.

Millyonare

Chip can be quite intrusive on personal finances. That's not perfect, either.

Band7

thamestrader said:

If you deposit in an 'instant access' account it actually takes 2 FULL days before you earn interest going in and 'up to' 4 days going out. To get the £25  ''bonus" you have to deposit £10000 for 6 months. Their best (at the moment) account is GB Bank paying 3.4%. Because of the 'no interest' days the £25 bonus is actually approx £19.50 as you lose interest on the deposit in order to get it. If you invest the same money in the  Chip app bank you would get 3.71% interest from day one with instant (1 hour) access whenever you want. You would get £15 more interest. So all the hassle of Raisin makes you £4.50 better off after 6 months, whilst you have no access to the money. The Raisin business model is a con. The whole purpose of cash is to have access to it! With 5% inflation loss over 6 months you are losing 'real' spending power every day. Don't use Raisin for instant access, use Chip. Both have £85k protection.

I am a big fan of CHIP IA account, not least because withdrawals are always instant (not 1 hour) for me but they are not perfect either. Whilst you can deposit money instantly, you do not get interest on the day of deposit. Your money only earns interest from the day after the deposit.

Personally, I don't work out the pennies but if you do, you should use correct info.

Calling the Raisin business model a con is out of order.

NB. there's a difference between investing and saving. Anything we put into the CHIP IA account or into Raisin is saving, not investing.

Millyonare said:

Chip can be quite intrusive on personal finances. That's not perfect, either.

I don't think there's ever been a reason to be worried about CHIP being intrusive. You could always use a spare current account to link to CHIP if you are concerned. I have been a CHIP Instant Access account customer for 6 months and have not noticed any intrusion at all. What sort of intrusion have you experienced?

bristolleedsfan

Band7 said:

thamestrader said:

If you deposit in an 'instant access' account it actually takes 2 FULL days before you earn interest going in and 'up to' 4 days going out. To get the £25  ''bonus" you have to deposit £10000 for 6 months. Their best (at the moment) account is GB Bank paying 3.4%. Because of the 'no interest' days the £25 bonus is actually approx £19.50 as you lose interest on the deposit in order to get it. If you invest the same money in the  Chip app bank you would get 3.71% interest from day one with instant (1 hour) access whenever you want. You would get £15 more interest. So all the hassle of Raisin makes you £4.50 better off after 6 months, whilst you have no access to the money. The Raisin business model is a con. The whole purpose of cash is to have access to it! With 5% inflation loss over 6 months you are losing 'real' spending power every day. Don't use Raisin for instant access, use Chip. Both have £85k protection.

I am a big fan of CHIP IA account, not least because withdrawals are always instant (not 1 hour) for me but they are not perfect either. Whilst you can deposit money instantly, you do not get interest on the day of deposit. Your money only earns interest from the day after the deposit.

https://www.fca.org.uk/consumers/making-receiving-payments

Band7

@bristolleedsfan Not sure what you are saying but if you have an issue with what CHIP are doing, you should pick it up with them / be reporting them to whoever.

Here's the pertinent CHIP info you would need