Raisin Cash ISA - coming soon

Sea_Shell

Just had an email this morning to say that the platform will be branching out into Cash ISAs soon.

I've signed up to the newsletter, so will have more information shortly.

Chasing competitive interest rates doesn’t have to mean opening a new ISA every single year. Doing that usually leaves you managing multiple passwords, tracking down paperwork, and waiting on slow manual transfers. That's why we're launching the Raisin Cash ISA this autumn! The Raisin Cash ISA, powered by ClearBank, is a fully-digital, multi-bank Cash ISA with access to accounts from multiple banks. Get a consistently competitive rate of interest on your tax-free savings. How it works:

Split your £20,000 tax-free allowance across multiple partner banks, mixing easy access and fixed-term savings accounts while keeping your cash inside a single tax wrapper. Track your balance from one dashboard with a single login. Withdraw and replace money within the same tax year without affecting your annual limit.

It will be interesting to see what rates are available and how easy it will be to shuffle cash around within the wrapper.

Obviously they're going to have to also factor in the changes coming with regards the lower limits for the under 65s. Could prove challenging?

flaneurs_lobster

I'm not a fan of Raisin, the time lag involved in getting cash in'n'out of their platform became annoying, but for an ISA this will be much less of an issue.

If they could announce something before 13 Oct (last day for xfer requests to the new NatWest 4.72%) that would be useful.

Not sure if marketing your product by suggesting "managing multiple passwords" is somehow difficult is quite the way to woo new punters - just a tad patronising.

Sea_Shell

I personally like their "one stop shop" model, and have fixes and easy access accounts with them.

I'm looking to simplify my finances, rather than chase the absolute best, best rates.

I've made a conscious decision to only open accounts with my current providers.

Each to their own, but I don't feel patronised at all.

winkowinko

Hopefully they'll announce a switcheroo bonus with it.

bioboybill

https://forums.moneysavingexpert.com/discussion/comment/82125395#Comment_82125395

I had a non-ISA fix with them that matured yesterday. They said it could take up to 48 hours to reach my Raisin wallet, but it was there within a couple of hours, and the withdrawal to HSBC was instant.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82126636#Comment_82126636

Yep, no doubt term/fixed products are no problem at all, my issue was trying to use an easy access product - just wasn't EA enough for my needs.

subjecttocontract

Im very happy with Raisin, I've had quite a few fixed term accounts with them which all worked very well. The £20k I have with them will end in March ready to add to my ISA in April. I'll see what they have with their new ISA offers but I'm seeking to keep things simple, I don't want more complexity which seems to be what they're suggesting.

Sea_Shell

https://forums.moneysavingexpert.com/discussion/comment/82127093#Comment_82127093

What makes you think it'll be complex?

From what I can gather, it'll be offered as a wrapper (an ISA version of their current platform - held within one login) within which you can hold cash with multiple banks, both fixes and EA, and be able to move within the wrapper, flexibly.

That's got to be less complex than having ISAs dotted around all over the place and having to do transfers each time a better rate is available?

We'll have to wait and see what rates they can offer and how it's going to work in practice.

friolento

Sounds a lot like the ISAs offered via HL or Meteor. For me, the best rates count, don't mind multiple logins. HL never had anything that interested me. I have two with Meteor which were top fixed rate at the time but have since fallen back