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Raisen

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  • Sherbertfizz
    Sherbertfizz Posts: 34 Forumite
    Eighth Anniversary 10 Posts Name Dropper Combo Breaker
    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.
    Hi Worrywart,
    I took out several accounts with Raisin for convenience after I sold a property and needed multiple accounts to keep within the compensation limit.  I've been caught out by the delays as well - not such an issue as @subjecttocontract said above if you're keeping lower amounts in each account, but interest loss mounts up if you are.  I'm gradually closing them all down (retaining enough to ensure the £100 bonus).  They give conflicting information - I've been told up to three working days on the phone, even though the FAQ re withdrawals on their website clearly states 'up to two working days, and usually sooner'.  Not true.  I made a withdrawal request last Friday and it has not arrived today.  Will stick with individual accounts direct with providers from here on.
  • 1spiral
    1spiral Posts: 306 Forumite
    100 Posts First Anniversary Name Dropper
    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.
     I made a withdrawal request last Friday and it has not arrived today. 
    But that's only 1 working day.

  • 1spiral
    1spiral Posts: 306 Forumite
    100 Posts First Anniversary Name Dropper
    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.
    I was replying in essence to the OP's comments regarding instant/easy access accounts. The longer the money is in the account, the less of an impact the withdrawal delay has on rates achieved. In my example I chose 100 days because the maths was simpler but for most EA accounts where you expect money to move about, leaving it untouched for 3 months is unlikely therefore the penalty is heavier.


  • subjecttocontract
    subjecttocontract Posts: 2,710 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    1spiral said:
    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.
    I was replying in essence to the OP's comments regarding instant/easy access accounts. The longer the money is in the account, the less of an impact the withdrawal delay has on rates achieved. In my example I chose 100 days because the maths was simpler but for most EA accounts where you expect money to move about, leaving it untouched for 3 months is unlikely therefore the penalty is heavier.


    Yes I understand your point and the other point raised by Sherbetfizz & can see how It would be a problem in both situations. It just goes to show that we are all different and Raisin isn't suitable for everyone.




  • subjecttocontract
    subjecttocontract Posts: 2,710 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    It looks like Raisin may have speeded up their processes.......
    I applied for a new fixed rate account with them yesterday (Thursday) at 4pm.
    At 5pm I transferred £20K into my Raisin account.
    Today (Friday) at 1pm they confirmed the new account is open & funded.
    So, the whole thing completed in less than 24 hours.
  • financies
    financies Posts: 15 Forumite
    10 Posts Photogenic
    My account at Raisin was opened smoothly too, but they omit to give access to the bonus rules, i only retraced in my mails "if you meet the requirements .. in the terms". I think it was keeping the money in for 6 months looking at their current ad at https://becleverwithyourcash.com/savings-account-special-offers/
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