Raisin - anyone else had issues with delays in transfers?

Sherbertfizz

Hi

Closed a notice account with Raisin, termination date 8 Jan - no sign of the money the day after so called them.  Advised at first that transfers take up to three working days to appear in the Raisin account, yet their own FAQ section on notice accounts states two.  Call handler agreed that money should be in my account today (10/1).  Received email from Raisin today advising account now closed and that it will take up to two working days to transfer funds, so called to query.  In between my call yesterday and today, the termination date has been changed to 9 Jan and I didn't think to screenshot the details. The call handler insisted it would be another three working days from then before the transfer is effected.  I have raised a complaint.

I know caveat emptor and all that and I should have more diligently checked the times for transfers before opening the account, but wondering how Raisin can possibly justify delays like this in an age of instant financial transfers.  My son had a similar issue with an easy access account (I'd recommended Raisin to him to get the refer-a-friend bonuses!).  I'm thinking that I might close all my accounts with them - I'd opened the account for convenience after I sold my home and am renting while looking to buy on, rather than have to manage several accounts to keep to the compensation limit - but losing several days interest each time is making me think again.  Would appreciate hearing other views from Raisin customers.

If you got this far, thanks!

subjecttocontract

I've had & have numerous accounts (all fixed rate) with Raisin and don't think any matured account has taken more than a couple of days for the money to appear. I usually open each account with £10K so at my usual 4.8% it's only around £1.30 a day in interest......not an amount I'm gonna get excited about.

Milkbutnosugar

I can't make a transfer because my verification by text system has been 'deactivated'.  If you look at raisin's rating on Trustpilot, tou'll see that the bad reviews (22% of the total number) often mention this mysterious delay.  Raisin claim to make no interest income during the days of delay but who knows?  I wish MSE would not mention raisin in the savings tables because I have found that company (which is not a bank but an intermediary) to be a real pain in the accounts.  A truly bad experience!

Sherbertfizz

Milkbutnosugar said:

I can't make a transfer because my verification by text system has been 'deactivated'.  If you look at raisin's rating on Trustpilot, tou'll see that the bad reviews (22% of the total number) often mention this mysterious delay.  Raisin claim to make no interest income during the days of delay but who knows?  I wish MSE would not mention raisin in the savings tables because I have found that company (which is not a bank but an intermediary) to be a real pain in the accounts.  A truly bad experience!

I've given notice on all my Raisin accounts now - keeping just £10k until I receive the £100 sign-up bonus.  The delays have continued, and unlike @subjecttocontract above, I had substantial deposits, which does mean quite significant loss of interest where there are delays.  Good luck with sorting out your transfer issue.

michaelahutchinson

I have been waiting three working days so far for a transfer from an instant access savings account. I get the impression this is how they make money otherwise why not instant transfer ? Had to use Marcus instead due to the delay and will probably transfer all funds back with them and close the Raisin account.

Sherbertfizz

michaelahutchinson said:

I have been waiting three working days so far for a transfer from an instant access savings account. I get the impression this is how they make money otherwise why not instant transfer ? Had to use Marcus instead due to the delay and will probably transfer all funds back with them and close the Raisin account.

I have removed all my funds from Raisin, save for the amount necessary to qualify for the introductory bonus.  I have also raised a complaint over delays in transfers (and other issues) and didn't even receive an acknowledgement until I had sent two emails and two secure messages.  They are providing details of their complaints procedure, which clearly state the timescales for responses, and then spectacularly fail to meet them.  Despite having better things to do with my time, I intend to take this to the Ombudsman.  As soon as the bonus has been paid, I will close the account.  I received an email from them recently which states:

We are writing to you to let you know that over the coming months, Raisin UK will change the Trustee and Deposit Administrator used for some of your deposits from Meteor Asset Management and Meteor Investment Management Limited (together, “MAM”) to Raisin Platforms Limited (“RPL”).

 The great news is that this change will allow us to improve your experience on the Raisin UK Platform, with faster deposit opening times, and quicker access to your matured funds/withdrawals. You do not need to take any action, but we will communicate throughout this process as set out below, and also let you know in advance of any periods of planned change, where service timings may be affected.

So I imagine that there have been many complaints over delays and this is their attempt to improve.  Too late for me and doesn't address their appalling communication.

Tommynick47

Worst company I’ve dealt with. Deposited £3000 in an instant access account. Closed account 8 days ago. No sign of cash. Ignoring my texts. 

Wish I’d looked up Trust Pilot. 

Not recommended. 

worrywart_3

I am not happy with them at all there's no need for all these delays still not even showing February interest, as I have about 60k in there I'm going to remove all bar 10k to await the £100 bonus.

Bigwheels1111

I've not had any of these problems, I have a fixed that pays out every Feb.

I had to wait a day extra as interest was paid on a Sunday.

Monday the interest arrived into my raisin account at 11.00 am, made a transfer to my bank.

It arrived same day.

subjecttocontract

Likewise but, I've only ever had 1 yr or 6 month fixed rate accounts with Raisin. Never had any problems.

tambourineman88

Similar issue for me, notice account with termination date of 8th April, funds yet to appear and no response to message.