Raisin Bank

trailingspouse

My old house has finally sold, so I have some money to invest. Some of it I plan to put into a fixed term bond. I opened one last night with Raisin bank, planning to go into my bank today to transfer the money across as it's over the online limit. This morning I get an email saying my new Raisin account has been cancelled. No reason given, I can only assume it's because I didn't fund it immediately.

Any suggestions (not possible to put in a small amount and then add to it, only one deposit allowed)?

Sea_Shell

Do you mean that Raisin have closed your account on their platform, or that the fix that you'd requested is now no longer available?

Fixes sometimes get pulled with no warning, before you've funded them (sometimes they do give you a limited time to fund) and will be no longer available.

More unusual if they are refusing you an account on the platform.

Bigwheels1111

A bit of clarification is needed.
I have held 8 savings accounts via Raisin.
Only one emailed me to say I’ve only got 7 days to fund instead of 30 days as rate was changing.
I let another close as bank had new higher rate which I funded instead.

subjecttocontract

I've noticed that interest on fixed rate accounts with Raisin have been falling recently as I have a couple of accounts maturing in the next few days. I suspect the interest on your selected account has dropped so they have cancelled your application to give you the opportunity to choose another.

trailingspouse

The email says 'Your Isbank UK savings account application has been cancelled'. No explanation as to why. I had already been given a sort code and account number.

friolento

it is quite possible that you missed the deposit window at Isbank. It is normal that accounts get closed if no deposit has been made within x days from account opening.

Raisin is not a bank. They only provide a service through which you have access to a number of savings accounts. Any money on the way into and out of the actual savings accounts is held by a bank called Clearbank.

samantham06

Do NOT give your money to raisin. Please see mine and others recent posts, and trust pilot reviews 

Sea_Shell

samantham06 said:

Do NOT give your money to raisin. Please see mine and others recent posts, and trust pilot reviews 

I disagree.  I have many accounts with them with £££££ held.  Never had a problem.

Yes they have their foibles, but overall it does what it says on the tin.

Sea_Shell

trailingspouse said:

The email says 'Your Isbank UK savings account application has been cancelled'. No explanation as to why. I had already been given a sort code and account number.

That's two different things.

Your account with Raisin, into which you pay money.

Accounts you wish to apply for and fund.

The latter can get pulled, even after application, if not yet funded.

trailingspouse

There was less than 12 hours between setting up the account (yesterday evening) and getting the email (first thing this morning). As I said in my original post, you can only make one deposit, and the amount I wanted to put in was higher than my current account online limit, so I'd planned to go to the bank in person today.

One possible reason I've thought of? I had to give them an idea of my income, and also where it comes from. I get, in almost equal amounts, a pension, returns on investments, and money from my parents who live with me (to cover board and lodging). In total, between £30k and £40k. The online system would only allow me to pick one source for funding - I chose pension, but my pension isn't as high as £30k. Could that have flagged something up?

subjecttocontract

Is the account you want to open still available on the Raisin website & is it being offered at the same interest rate ?