Releasing money from a Raisin Notice Account

newbieni

Hi All,

At the beginning of January I applied to Raisin to release my funds from a 95 day notice account. Only today have they acknowledged my request and are processing it. I'm due to get a call back with a resolution. On this topic, I need the funds from my account by mid-March for a house purchase, as the delay is on Raisin's side, can they waive the 95 day rule which is likely to only take effect tomorrow or Monday.

Thanks in advance.

eskbanker

Even if they'd processed it immediately, 95 days would have taken you well past mid-March, but you'll be subject to the terms of the actual provider anyway (as well as Raisin's) so suspect that you won't see your money until May now....

newbieni

If I postpone the purchase until May, the sale on at fall through, if it doesn't fall through I'll be impacted with the stamp duty rise.

grumpy_codger

newbieni said:

Hi All,

At the beginning of January I applied to Raisin to release my funds from a 95 day notice account. Only today have they acknowledged my request and are processing it. I'm due to get a call back with a resolution. On this topic, I need the funds from my account by mid-March for a house purchase, as the delay is on Raisin's side, can they waive the 95 day rule which is likely to only take effect tomorrow or Monday.

Thanks in advance.

I'm no expert and don't have any accounts with/through Raisin, but that's what they say:

How to access savings in a notice account

If you want to withdraw money from your notice account, you’ll need to give notice to your provider beforehand. Exactly how much notice you have to give depends on the account. For example, if you have a 90-day notice account you must give 90 days’ notice, and if you have a 30-day notice account, you must give 30 days’ notice. Once your notice period has expired, the funds will then be released to you.

Some providers will let you access your money without serving your full notice period, but you’ll normally have to pay a penalty. This will usually mean forfeiting any interest earned, which can wipe out the benefit of opting for a notice account.

(Their bold) 

And I don't see anything about giving a notice to Raisin.

https://www.raisin.co.uk/notice-accounts/managing-a-notice-account/

IF it's really is Rasin's fault and IF you can withdraw with a penalty, I think Raisin must reimburse you.

newbieni

grumpy_codger said:

newbieni said:

Hi All,

At the beginning of January I applied to Raisin to release my funds from a 95 day notice account. Only today have they acknowledged my request and are processing it. I'm due to get a call back with a resolution. On this topic, I need the funds from my account by mid-March for a house purchase, as the delay is on Raisin's side, can they waive the 95 day rule which is likely to only take effect tomorrow or Monday.

Thanks in advance.

I'm no expert and don't have any accounts with/through Raisin, but that's what they say:

How to access savings in a notice account

If you want to withdraw money from your notice account, you’ll need to give notice to your provider beforehand. Exactly how much notice you have to give depends on the account. For example, if you have a 90-day notice account you must give 90 days’ notice, and if you have a 30-day notice account, you must give 30 days’ notice. Once your notice period has expired, the funds will then be released to you.

Some providers will let you access your money without serving your full notice period, but you’ll normally have to pay a penalty. This will usually mean forfeiting any interest earned, which can wipe out the benefit of opting for a notice account.

(Their bold) 

And I don't see anything about giving a notice to Raisin.

https://www.raisin.co.uk/notice-accounts/managing-a-notice-account/

IF it's really is Rasin's fault and IF you can withdraw with a penalty, I think Raisin must reimburse you.

The only thing that Raisin has said is that due to some of the issues with my account and my subsequent frustration, that it "might be mutually for the best to move your business elsewhere".

grumpy_codger

This implies that they don't think it's their fault.

If you can withdraw with a penalty, do this. Then (again IF it's really is Rasin's fault) complain to Raisin and escalate to FOS. That's what FOS exists for.

newbieni

grumpy_codger said:

This implies that they don't think it's their fault.

If you can withdraw with a penalty, do this. Then (again IF it's really is Rasin's fault) complain to Raisin and escalate to FOS. That's what FOS exists for.

It's with FOS. Raisin rejected my initial concerns and refused to investigate. FOS got involved in December and forced Raisin to investigate. When I asked about releasing my money at the start of January, they simply attached this request to my FOS complaint. As of today they have made a small offer of settlement but it's separate from the withdrawal issues.

eskbanker

newbieni said:

grumpy_codger said:

This implies that they don't think it's their fault.

If you can withdraw with a penalty, do this. Then (again IF it's really is Rasin's fault) complain to Raisin and escalate to FOS. That's what FOS exists for.

It's with FOS. Raisin rejected my initial concerns and refused to investigate. FOS got involved in December and forced Raisin to investigate. When I asked about releasing my money at the start of January, they simply attached this request to my FOS complaint. As of today they have made a small offer of settlement but it's separate from the withdrawal issues.

We're obviously not privy to the scale and extent of your issues with Raisin but can only surmise that things must have deteriorated pretty badly if they've said in writing that it "might be mutually for the best to move your business elsewhere"!  However, anything that's already been through Raisin's complaints process last year and subsequently escalated to FOS is a separate matter that shouldn't directly impact a withdrawal request, and indeed it sounds like they might welcome such a request....

As above though, you'd need to follow the correct procedure for requesting a withdrawal, so, even if Raisin have taken their time reminding you of this, you're still left trying to persuade the actual savings institution to release your funds, in the scenario where they presumably haven't done anything wrong and you have no leverage - what do the product terms say about any circumstances where premature access might be permitted?