Raisin UK.

Bazzalona13295

I should have a little bit of free cash next month, possibly up to 10k, which I may put some or all of into a bond.

Excuse my naivety but how good are Raisin UK and how does it work?
Looking on their site they almost seem to be a 'broker' type company.

Normally I go with 'trusted' building societies (Atom is my one exception) and for a decimal point here or there I'm not desperate for the very top rates but seeing their site made me quizzical.

Doctor_Who

Bazzalona13295 said:

Excuse my naivety but how good are Raisin UK and how does it work?
Looking on their site they almost seem to be a 'broker' type company.

I use Raisin along with HL Active Savings and Flagstone. It's a platform that allows access to many different banks and accounts all under one login. With Raisin you open an account with them, choose the bank/account you want to open from their range and then transfer the deposit to your holding account. The chosen bank/account is then funded. At the end of the term (for a fixed rate bond) the money plus interest is returned to your holding account and you can withdraw it or save with another bank/account. Just check that any bank you choose is FSCS protected, most (if not all) on Raisin are.

Bazzalona13295

Doctor_Who said:

Bazzalona13295 said:

Excuse my naivety but how good are Raisin UK and how does it work?
Looking on their site they almost seem to be a 'broker' type company.

I use Raisin along with HL Active Savings and Flagstone. It's a platform that allows access to many different banks and accounts all under one login. With Raisin you open an account with them, choose the bank/account you want to open from their range and then transfer the deposit to your holding account. The chosen bank/account is then funded. At the end of the term (for a fixed rate bond) the money plus interest is returned to your holding account and you can withdraw it or save with another bank/account. Just check that any bank you choose is FSCS protected, most (if not all) on Raisin are.

Thankyou 🙂

Darnhall123

I can only speak for myself, but so far they're excellent.
I currently have around 10 active products / accounts with them and 4 matured.
The accounts that matured were closed quickly and the balance incl interest transferred to my nominated account within 24 hours.

subjecttocontract

I've currently got 4 of their products. What I particularly like is that once you are set up with Raisin you can easily deposit money into any of their products without going through the usual .....application form, send in ID, wait for online log in etc, etc. It's all very straightforward.

Sea_Shell

Another vote for Raisin here.   

I had one of my accounts mature on the 2nd and the money arrived in the holding account the next day, which i paid out to my nominated account, which then arrived in a few minutes.    All very slick.

I think some of the partner banks are 'quicker' than others, as this latest one was Gatehouse, and the previous one to mature was with Charter and it took a little longer to credit...but only an extra working day IIRC, but over a weekend, so seemed longer!  

Money is very quick to move to/from your nominated account by faster payment, but isn't processed at weekends with the platform.     

Bazzalona13295

Thanks all, I will definitely be looking at Raisin then in a months time.

Bigwheels1111

Raisin transfers did take 2-3 days in the past, but this year the switched from starting to Clearbank.
Who move the money very quickly.

Sea_Shell

Bigwheels1111 said:

Raisin transfers did take 2-3 days in the past, but this year the switched from starting to Clearbank.
Who move the money very quickly.

That's partially true.   

Yes, any money you move from an external account into your Raisin platform account IS done almost instantly by Faster payment, along with withdrawals from your platform account.  The Clearbank bit.

BUT, internal transfers between your Raisin platform account and the individual partner banks is still quite slow, and can take up to 3 days for accounts to open (and fund) and for maturity funds to become available.

So yes, it is better, since they changed to Clearbank, but still not "perfect".

It would be amazing if all the internal cash movements could happen instantly too!!!   

Bigwheels1111

Sea_Shell said:

Bigwheels1111 said:

Raisin transfers did take 2-3 days in the past, but this year the switched from starting to Clearbank.
Who move the money very quickly.

That's partially true.   

Yes, any money you move from an external account into your Raisin platform account IS done almost instantly by Faster payment, along with withdrawals from your platform account.  The Clearbank bit.

BUT, internal transfers between your Raisin platform account and the individual partner banks is still quite slow, and can take up to 3 days for accounts to open (and fund) and for maturity funds to become available.

So yes, it is better, since they changed to Clearbank, but still not "perfect".

It would be amazing if all the internal cash movements could happen instantly too!!!   

I set up 2 savings accounts this year in March and May.

Both were funded next day.

I might have been lucky.

w0z

They appear to have an extremely broad definition as to with whom they can legitimately disclose your personal data.
I have to confess I only read the terms after receiving an email about changes to the T&c's
Their T&c's(pre Sept 2024), and here (post Sept. '24) 
It's just something to be aware of, I'm not sure how these disclosability terms compare with other providers but the list of who they can share your data with seems awfully broad, for example ANY  "Information technology, communications and cloud computing providers"), or that's how I read it.