Raisen

worrywart_3

Opened an instant access account via raisen, just tried to withdraw first amount and it says 2 days not really instant access then? I'm really not sure about this when I called them they said paragon wouldn't know who I was is it safe? What happens if something goes wrong with them I've put all my savings in there 

friolento

Are you sure you have an instant access account, rather than an easy access one? Even if you don’t go via a middleman like Raisin, it is quite difficult to find instant access savings accounts. I haven’t used Raisin for a long time now but as far as I remember, their terms / their site explains the timescales involved in withdrawals, and none of them are ever instant.

Sea_Shell

Raisin are fine, nothing to worry about there, Just stick to accounts with FSCS protection.

But...are you sure the account was marketed as INSTANT access, because I didn't think any of their offerings were.

All their EASY access accounts take a day or two to move the money into your holding account.

Once in there, then it's instant out to your linked account.

eskbanker

worrywart_3 said:

Opened an instant access account via raisen, just tried to withdraw first amount and it says 2 days not really instant access then? I'm really not sure about this when I called them they said paragon wouldn't know who I was is it safe? What happens if something goes wrong with them I've put all my savings in there 

As stated in the summary box then:

Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.

Funds will be remitted to Paragon Bank by MIM on the business day after they arrive in the MIM account. It can therefore take up to 2 business days for an ordered product to be set up and start earning interest, and up to 2 business days for withdrawals and closures to be processed and funds received back in your Raisin UK account.

https://www.raisin.co.uk/bank/paragon-bank-plc/PAR199/

Bigwheels1111

I've just looked up my accounts with Raisin, so far 7 in total.

Instant access is not one they do.

As for paying in to open a new account, 2 days is the most.

Last 2 accounts opened were after they switched away from Starling Bank, took 1 day to open and fund.

Interest payouts arrive on said day ie the 14th at 05.30am and 06.30am.

Next one due in Feb.

j_netprofit

One of the reasons I’m not interested in these middle men. Moving any money is never instant. 

friolento

j_netprofit said:

One of the reasons I’m not interested in these middle men. Moving any money is never instant. 

Moving money can be instant, for example between Ulster Bank savings and a Nationwide current account. Similar with Chip or some other savings providers. The account T&Cs usually detail the timescales for withdrawals, and for deposits / crediting.

You are right though - involving a 3rd party always adds to the timescales, and also generally never pays the top interest rate. Which makes them unattractive to me, too. I have only ever used the 3rd parties when they had one of the signup offers limited to new customers. 

1spiral

I think people would be quite shocked if they fully understood the loss of interest that occurs on these delays. Not just middlemen but accounts that provide next day withdrawals normally remove the funds the day you request them and thus stop paying interest.

If you lose 1 days interest on an account for every 100 days that equates to 0.05% lost on an account paying 5%.

If you deposit funds via Raisin and lose 2 days at start and end, an account paying 5% headline is only worth 4.8% if you take it all back out within a hundred days. Most of my money spends nowhere near 100 days in an account before another comes along and betters it.

subjecttocontract

I don't use Raisin easy access accounts, I use Raisin fixed rate savings accounts, have a few and never bother much about the loss of a small amount of interest. I usually put £10K in each account. So I'm only loosing around £1.30 a day. Not something worth getting excited about and worth the loss in exchange for the convenience of using their platform.

Sea_Shell

I use Raisin for it's simplicity.  Especially for fixes.

I'm happy to forgo some interest, rather than have multiple accounts with multiple providers.


Depends if you want to chase every last penny of interest or not.

worrywart_3

Thanks toy your replies I took
it out with the £100 bonus but am not liking the wait so when that's paid will change as seen better offerings. Think it's six mths to wait though.