Account Matured but Savings in Limbo

SieIso

Hi All,

I had locked a considerable amount of money into a one year savings account with Raison that matured on Monday, however, I still can't access the money. I contacted the company and they advised that the money goes into a state of limbo for several days before being paid to me. This seems strange and the money could have made a reasonable amount of interest since Monday. Should I complain to Raison? 

eskbanker

If you don’t renew your Fixed Rate Bond, your matured funds, including your original deposit and any interest or profit that you’ve accrued, will become available in your Transaction Account within two business days of your maturity date.

Please note that in case your funds mature on a bank holiday or at the weekend, your funds will not leave the partner bank until the next business day.

During the time that your funds are being transferred, your funds will not accrue interest or profit, as per Meteor Asset Management’s terms and conditions.

https://help.raisin.co.uk/hc/en-us/articles/4405492752401-When-will-I-have-access-to-my-matured-funds

Obviously if we're now into the third business day after maturity they haven't met this, so no harm in pressing them about why....

premierfella

These delays are the reason I personally would only ever use Raisin and similar providers for longer fixed rates, as I believe there is a similar "limbo" non-earning period at the start as well. At least you seem to have avoided losing interest over a weekend period as well.

The terms and conditions (despite what the  the FAQs say) state (3.7) that "maturity proceeds can take up to four Business Days after the maturity date to appear in your Transaction Account"!

Bigwheels1111

Had this on the 14th of Feb.

Called and asked WHEN will I get my interest payment.

They said 2 working days, ie Monday.

It arrived late, 22.00pm on Friday.

Hope the info helps.

MobileSaver

premierfella said:

These delays are the reason I personally would only ever use Raisin and similar providers for longer fixed rates, as I believe there is a similar "limbo" non-earning period at the start as well.

I had a sizeable sum that matured yesterday and although I'd seen their correspondence saying "up to two business days for funds to transfer back", I wasn't expecting to log in to my Raisin account to see all the balances showing as zero in the meantime.

Very disconcerting and I can't see myself re-investing through Raisin anytime soon.