Raisin Accounts

I am looking to place my life savings somewhere to earn maximum interest payable monthly. I made a web inquiry, and somebody rang me.
I was a bit suspicious.
After several emails and an application (they say I was accepted) they tell me I can have over 6%, on multiple 85k accounts, with bonds (but the capital is guaranteed). Fixed for one or two years.
Too good to be true... or true?
Given the amount of money involved, am I right to be cautious?
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  • Are you dealing with Raisin or some other company you found on the web, it's not clear from your post. Raisin (link below) are legitimate, but they've never rung me and I was never 'accepted', I just setup an online account and funded some fixed rate accounts.

    https://www.raisin.co.uk/savings-accounts/?utm_expid=.sCHBaXMoRN6E9dMV5FuYAQ.1&utm_referrer=https://www.raisin.co.uk/bonus/
    'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.
  • Raisin is gateway to a number of actual savings providers, similar to HL Active Savings or SAGA/Flagstone, and I think AJ Bell, too. Each of the providers will have FSCS protection but you will need to check whether they share their FSCS cover with another provider.

    For Raisin, you need to also be aware that your money will temporarily be held, on the way to and from the provider, by Clearbank. Clearbank have their own £85k FSCS cover. So you wouldn't want to deposit more than one lot of £85k on the same day, and you wouldn't want more than one lot of £85k mature on the same day.

    Occasionally, Raisin do offer market-leading rates but most of the time you can get a better deal by going to the provider directly.
  • subjecttocontract
    subjecttocontract Posts: 1,729
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    edited 23 October 2023 at 11:59AM
    friolento said:
    Raisin is gateway to a number of actual savings providers, similar to HL Active Savings or SAGA/Flagstone, and I think AJ Bell, too. Each of the providers will have FSCS protection but you will need to check whether they share their FSCS cover with another provider.

    For Raisin, you need to also be aware that your money will temporarily be held, on the way to and from the provider, by Clearbank. Clearbank have their own £85k FSCS cover. So you wouldn't want to deposit more than one lot of £85k on the same day, and you wouldn't want more than one lot of £85k mature on the same day.

    Occasionally, Raisin do offer market-leading rates but most of the time you can get a better deal by going to the provider directly.
    That's only if you consider a marginally higher interest rate is what you call a better deal. There are of course many other factors that are important when choosing savings providers. Customer service, restrictions, ease of opening/ closing accounts etc.etc which can all adversely affect the account far more than a marginally higher interest rate.
  • Janie2008
    Janie2008 Posts: 256
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    edited 23 October 2023 at 1:20PM
    lewis0 said:
    I am looking to place my life savings somewhere to earn maximum interest payable monthly. I made a web inquiry, and somebody rang me.
    I was a bit suspicious.
    After several emails and an application (they say I was accepted) they tell me I can have over 6%, on multiple 85k accounts, with bonds (but the capital is guaranteed). Fixed for one or two years.
    Too good to be true... or true?
    Given the amount of money involved, am I right to be cautious?
    I don't like the sound of that to be honest. I would open any accounts yourself online. You could go to the raisin website and do it yourself. Just don't put more than £85,000 with any one provider. Their current top rate is 5.95.
  • Thank you all. I have looked up Raisin on the web, and have asked them to verify my contact 
    [email protected].
    He purports to be a portfolio account manager.
    Should be interesting...

  • joep2
    joep2 Posts: 21
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    lewis0 said:
    Thank you all. I have looked up Raisin on the web, and have asked them to verify my contact 
    [email protected].
    He purports to be a portfolio account manager.
    Should be interesting...

    https://www.fca.org.uk/news/warnings/raisin-finance-clone-fca-authorised-firm
  • Doctor_Who
    Doctor_Who Posts: 908
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    edited 23 October 2023 at 2:12PM
    lewis0 said:
    Thank you all. I have looked up Raisin on the web, and have asked them to verify my contact 
    [email protected].
    He purports to be a portfolio account manager.
    Should be interesting...

    I've used Raisin for several years and have never come across a 'portfolio account manager'.......all seems rather odd!

    Just checked FCA website, this is a scam:

    https://www.fca.org.uk/news/warnings/raisin-finance-clone-fca-authorised-firm
    'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.
  • ColdIron
    ColdIron Posts: 8,653
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    lewis0 said:
    Thank you all. I have looked up Raisin on the web, and have asked them to verify my contact 
    [email protected].
    He purports to be a portfolio account manager.
    raisinclients.com has only been registered for a few months
    You are being scammed
  • friolento
    friolento Posts: 858
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    lewis0 said:
    Thank you all. I have looked up Raisin on the web, and have asked them to verify my contact 
    [email protected].
    He purports to be a portfolio account manager.
    Should be interesting...


    You don't get a named contact at the real Raisin. You conduct all interaction via their website.
  • Wow thanks all. THIS WAS A SCAM. I have reported it to the FCA. Atho it seems they already know. That was a very near thing ! Impossible to tell the difference unless you are very careful
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