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  • FIRST POST
    • karlie88
    • By karlie88 10th Jun 18, 8:51 AM
    • 8,837Posts
    • 108,244Thanks
    karlie88
    EXPIRED: Gatehouse Bank/Raisin UK offering 2% AER on 12 month fixed term accounts plus £50 bonus
    • #1
    • 10th Jun 18, 8:51 AM
    EXPIRED: Gatehouse Bank/Raisin UK offering 2% AER on 12 month fixed term accounts plus £50 bonus 10th Jun 18 at 8:51 AM
    EXPIRED - A NEW TIERED BONUS OFFER IS AVAILABLE NOW. Please ignore the below and go to the Raisin UK website to see details about the new offer.

    Signed up to this yesterday and thought it was a good deal.

    Raisin UK is a marketplace for savings account. You have one set of log-in details but can apply for savings accounts from different providers (currently 3 available but looks like it'll expand to more).

    They're also running a £50 bonus for any new customers who open and fund a savings account with them.

    For me the top pick is:

    Gatehouse Bank - 2% AER on their 1 Year Fixed Term Deposit (Raisin Issue). Minimum deposit of £1k.

    They also have:

    Shawbrook Bank - 1.65% AER on their 18 Month Fixed Term Deposit - Raisin Exclusive. Minimum deposit of £1k.

    Both have FSCS protection.

    Website: www.raisin.co.uk

    I've gone for £1k in Gatehouse Bank @ 2% AER. This is currently the second best 1 year fixed term savings account (Atom currently offering 2.05%).

    You need to email Raisin UK to claim the £50 bonus but it seems very simple to do.

    £20 'interest'/profit for me and, most importantly, an extra £50. My way of thinking is 7% AER on £1k or 2% on £1k plus £50 for about 10 minutes work.

    Hope the above helps.
    Last edited by karlie88; 03-08-2018 at 9:56 AM.
    Official MSE canny forumite and HUKD VIP badge member
Page 13
    • Voyager2002
    • By Voyager2002 14th Jun 19, 3:23 PM
    • 13,306 Posts
    • 9,167 Thanks
    Voyager2002
    If you are still on their old login system you can't use their current website - try https://account.raisin.co.uk/ instead.
    Originally posted by Zanderman

    Thank you.


    In the event I emailed them, and their reply included a link that worked (presumably to the new site). The change must have been very recent because I logged on within the last couple of weeks to check the maturity date.
    • pmjenkins
    • By pmjenkins 18th Jun 19, 12:37 PM
    • 114 Posts
    • 43 Thanks
    pmjenkins
    Has anyone who invested for 1 year had their money returned?

    Mine should have matured on 14/06/19 but nothing has happened yet...
    • eastofeden
    • By eastofeden 18th Jun 19, 12:45 PM
    • 203 Posts
    • 182 Thanks
    eastofeden
    Yes, mine also matured on 14/6. Theyíve sent me a long winded reply to my email querying this, the upshot being that it should be in our Raisin accounts first thing on Thursday morning.
    • pmjenkins
    • By pmjenkins 18th Jun 19, 4:09 PM
    • 114 Posts
    • 43 Thanks
    pmjenkins
    Has anyone who invested for 1 year had their money returned?

    Mine should have matured on 14/06/19 but nothing has happened yet...
    Originally posted by pmjenkins

    Funds just appeared and transferred to my bank account.
    • tg99
    • By tg99 18th Jun 19, 5:19 PM
    • 773 Posts
    • 290 Thanks
    tg99
    Mine too.

    Quick qu: does the £20 profit go under the Interest section of your tax return as opposed to the Other Income section?
    • masonic
    • By masonic 18th Jun 19, 5:20 PM
    • 12,335 Posts
    • 9,941 Thanks
    masonic
    Mine too.

    Quick qu: does the £20 profit go under the Interest section of your tax return as opposed to the Other Income section?
    Originally posted by tg99
    It's considered interest by HMRC.
    • bxboards
    • By bxboards 18th Jun 19, 5:30 PM
    • 1,689 Posts
    • 1,344 Thanks
    bxboards
    I've had my 1020.00 and it's now been withdrawn.

    You'll need a mobile phone as they SMS a confirmation code for the withdrawal.
    • xylophone
    • By xylophone 18th Jun 19, 6:16 PM
    • 31,325 Posts
    • 19,418 Thanks
    xylophone
    Funds just appeared and transferred to my bank account.
    Ditto - pleasantly surprised as I expected to wait until Thursday.
    • bxboards
    • By bxboards 18th Jun 19, 8:36 PM
    • 1,689 Posts
    • 1,344 Thanks
    bxboards
    Ditto - pleasantly surprised as I expected to wait until Thursday.
    Originally posted by xylophone
    In mine too. Great little offer this was - 50+10+20 = 80 in total for 1k if you opted into the Starling site as well.

    Thanks again to the original poster!
    • derrick
    • By derrick 19th Jun 19, 8:26 AM
    • 7,161 Posts
    • 2,341 Thanks
    derrick
    Ditto - pleasantly surprised as I expected to wait until Thursday.
    Originally posted by xylophone
    In mine too. Great little offer this was - 50+10+20 = 80 in total for 1k if you opted into the Starling site as well.

    Thanks again to the original poster!
    Originally posted by bxboards

    Matured Friday 14th June, in my account today.


    .
    Don`t steal - the Government doesn`t like the competition


    • harz99
    • By harz99 19th Jun 19, 10:12 AM
    • 2,935 Posts
    • 2,894 Thanks
    harz99
    So it takes around 4 days from maturity to showing on Raisin, i seem to remember seeing up to 4 days for this to happen mentioned on their website.
    • stphnstevey
    • By stphnstevey 20th Jun 19, 5:40 AM
    • 3,108 Posts
    • 502 Thanks
    stphnstevey
    It's considered interest by HMRC.
    Originally posted by masonic
    Your are probably right, but can you explain the rationale please?
    • masonic
    • By masonic 20th Jun 19, 5:58 AM
    • 12,335 Posts
    • 9,941 Thanks
    masonic
    Your are probably right, but can you explain the rationale please?
    Originally posted by stphnstevey
    The rationale. as you put it, is that HMRC complies with the UK legislation around profit-share arrangements, in particular Section 51 of the Finance Act 2005.
    • stphnstevey
    • By stphnstevey 20th Jun 19, 11:28 PM
    • 3,108 Posts
    • 502 Thanks
    stphnstevey
    The rationale. as you put it, is that HMRC complies with the UK legislation around profit-share arrangements, in particular Section 51 of the Finance Act 2005.
    Originally posted by masonic
    How is this a profit share, rather than an inducement to purchase?

    https://www.gov.uk/government/publications/statement-of-practice-4-1997/statement-of-practice-4-1997

    In general, ordinary retail customers purchasing goods, investments or services at arm’s length will not be liable to Income or Capital Gains Tax in respect of any commission, discounts or cashbacks received by them
    Last edited by stphnstevey; 20-06-2019 at 11:35 PM.
    • eskbanker
    • By eskbanker 21st Jun 19, 12:05 AM
    • 11,339 Posts
    • 14,030 Thanks
    eskbanker
    How is this a profit share, rather than an inducement to purchase?

    https://www.gov.uk/government/publications/statement-of-practice-4-1997/statement-of-practice-4-1997

    In general, ordinary retail customers purchasing goods, investments or services at armís length will not be liable to Income or Capital Gains Tax in respect of any commission, discounts or cashbacks received by them
    Originally posted by stphnstevey
    Conversely, what makes you apparently contend that it falls within "commission, discounts or cashbacks"? It's obviously neither of the first two and is no more a cashback than standard bank interest would be.

    Gatehouse clearly declare it as a profit share at https://gatehousebank.com/personal/savings/savings-faqs:
    Why do your savings accounts pay profit not interest?
    Payment and receipt of interest isnít permitted under Shariah principles - itís thought that money shouldnít be generated from money. Itís also thought that money shouldnít be left idle, but put to good use through trade thatís consistent with Shariah principles. So, we put your savings to work to earn a profit. To date, we have always generated and paid our customers the expected profit rate.

    What does expected profit mean?
    The expected profit rate is the rate of profit we expect to deliver to you from the returns generated by investing the funds you deposit with us. The profit we share with you is the expected profit rate we offer at the time you open your account. We monitor your account on a daily basis to make sure the expected profit rate will be achieved. To date, we have always generated and paid our customers the expected profit rate.
    • stphnstevey
    • By stphnstevey 22nd Jun 19, 5:36 AM
    • 3,108 Posts
    • 502 Thanks
    stphnstevey
    Sorry, thought we were talking about the bonus from Raisin, not the underlying account
    • veryintrigued
    • By veryintrigued 22nd Jun 19, 6:20 AM
    • 2,816 Posts
    • 2,390 Thanks
    veryintrigued
    Anyone else attempt to sign up for another follow on product but then days later advised that this reinvestment had failed due to 'Technical difficulties'? In the same email they then offered £5 compensation.

    It may be only a fiver but they just keep throwing money away!
    • masonic
    • By masonic 22nd Jun 19, 10:53 AM
    • 12,335 Posts
    • 9,941 Thanks
    masonic
    Sorry, thought we were talking about the bonus from Raisin, not the underlying account
    Originally posted by stphnstevey
    It would appear the bonus is being treated as cashback and therefore is not taxable. I suppose that strictly at maturity this might be considered to lead to a capital gain on the principal, but this would only be a consideration for those who make substantial gains in the same tax year elsewhere.
    Last edited by masonic; 22-06-2019 at 10:56 AM.
    • Sea Shell
    • By Sea Shell 22nd Jun 19, 10:58 AM
    • 2,575 Posts
    • 4,638 Thanks
    Sea Shell
    Anyone going to roll over to another product?

    We'll probably go for the 9 month option, as it'd only be earning 1.5% if we cashed it in, and we won't need it in the meantime.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow " JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!!
    • Steve_xx
    • By Steve_xx 22nd Jun 19, 11:08 AM
    • 6,677 Posts
    • 2,812 Thanks
    Steve_xx
    Anyone going to roll over to another product?

    We'll probably go for the 9 month option, as it'd only be earning 1.5% if we cashed it in, and we won't need it in the meantime.
    Originally posted by Sea Shell
    There are a few easy access accounts currently, that pay 1.5%, therefore there's little point in locking for 9 months. Unless of course you feel that rates may drop over the coming 9 months!
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