Is Raisin safe ?

miss_curly

I recently cam into some money from an inheritance. For the first time in my life I'm needing to find safe places to put it. I see Raisin being put forward on MSE and I have spotted a few savings accounts that look tempting. My questions are more concerns as peppered throughout the forum I see threads discussing how very slow Raisin is to transfer funds and that some folks money just goes missing! Has anyone had a non resolved experience with Raisin whereby their money has actually vanished? Is Hargreaves Lansdown any better as a platform? I'm a very cautious person and I'm worried about how and who to invest/save with.

Any advice to for me please?  

Emmia

If you want security you could shove it in NS&I and premium bonds - government backed, but not necessarily the highest "interest" option.

I've never personally used Raisin, but I have accounts with Moneybox (S&S ISA) and Chip (cash savings) plus cash savings accounts with HSBC and Barclays fir different purposes.

Key questions are (1) how long you want the money to be invested for,  (2) how easy you want access to the money - instant? Notice of a certain number of days?

masonic

You can cut out the middleman and go straight to savings providers if you don't want the extra layer of complexity. But I don't think Raisin has more than its fair share of issues.

Bigwheels1111

First things first, high or low rate tax payer ?.
Do you have a mortgage and what interest rate, can you over pay or pay it off etc.
If interest rate of mortgage is lower than savings, save the cash.
Want to fix and for how long, emergency fund, regular savers or ISA’S.
Raisin are fine, safe to deal with.
85k is protected by FSCS, but not the interest over 85k.
So only put 80k in any account except NS&I, gov base and all amounts are protected.
I’ve used Atom, Tandem bank, Gatehouse bank, Raisin, Ford money, Marcus, Al Rayan, Chip and 20 or 30 more banks you will never of heard of.
Look on money facts.

https://moneyfactscompare.co.uk/savings-accounts/fixed-rate-bonds/

Select savings at the top.
Select the type of savings you want.
ie, fixed, easy access etc.
Then how many years.
Then rate order.

If you get more than 10k of interest in a year, you will need to file a self assessment return.
Very easy to do.

winkowinko

Nice little £100 bonus sign-up for new customers depositing >£10k into a fixed account.

Essentially ups the interest rate from 5.03% to 6.03%.

They pay out the £100 10 days after opening the account.

HumberFlyer

winkowinko said:

Nice little £100 bonus sign-up for new customers depositing >£10k into a fixed account.

Essentially ups the interest rate from 5.03% to 6.03%.

They pay out the £100 10 days after opening the account.

Looked good...but I now give up trying to register. I get to the last stage of it, where it wants my phone number. I put it in, click to submit and nothing happens. Tried on two different browser.

miss_curly

Emmia said:

If you want security you could shove it in NS&I and premium bonds - government backed, but not necessarily the highest "interest" option.

I've never personally used Raisin, but I have accounts with Moneybox (S&S ISA) and Chip (cash savings) plus cash savings accounts with HSBC and Barclays fir different purposes.

Key questions are (1) how long you want the money to be invested for,  (2) how easy you want access to the money - instant? Notice of a certain number of days?

Thank you. 
I already have some money with NS&I .. I feel comfortable with that but I feel I need to do better.
What is 'Chip'? I've tryed to google that but cant figure out what it stands for ><

I dont particularly need access to this money.  

subjecttocontract

I have 6 fixed rate deposits of £10K each in Raisin. Are they safe ? I certainly hope so. I've been with them for about 18 months and never had any problems paying in or getting paid out.

Emmia

miss_curly said:

Emmia said:

If you want security you could shove it in NS&I and premium bonds - government backed, but not necessarily the highest "interest" option.

I've never personally used Raisin, but I have accounts with Moneybox (S&S ISA) and Chip (cash savings) plus cash savings accounts with HSBC and Barclays fir different purposes.

Key questions are (1) how long you want the money to be invested for,  (2) how easy you want access to the money - instant? Notice of a certain number of days?

Thank you. 
I already have some money with NS&I .. I feel comfortable with that but I feel I need to do better.
What is 'Chip'? I've tryed to google that but cant figure out what it stands for ><

I dont particularly need access to this money.  

Chip is an app based savings provider
 https://www.getchip.uk/

Their USP is using open banking to help you save more by moving money every 3 days to a savings account. I've been with them for many years (before they had the FSCS protection).

 Edit: But they do also have a reasonable rate on their cash savings account 

If you don't need access / this is long term saving I'd consider something like a Stocks and Shares ISA if you don't have one already.

I have one with HSBC (which hasn't had any contributions for many years, as I cannot work out how!) and a Moneybox one (app based platform), which gets regular contributions. I find Moneybox easy to use and understand as a platform.

wmb194

https://moneyfactscompare.co.uk/savings-accounts/