A closer look at Raisin
Raisin was established in Berlin in 2013 and quickly grew to over 100,000 customers and €5bn before entering the UK market in February 2018. It has since grown to €35bn and 350,000 savers across Europe.
Raisin UK is a savings marketplace which offers access to multiple savings products and banks but, instead of having to open account with each provider individually, savers only need to register once. The Raisin UK Account, and every savings account offered by UK banks through its marketplace, is protected by the Financial Services Compensation Scheme (FSCS). There's a range of fixed rate deposits as well as easy access and notice accounts available. 19 banks in the UK market are partnering with Raisin and the number continues to grow.
There are a number of benefits for savers for using Raisin:
- Access to banks whose savings accounts are not available direct to savers e.g. FCMB, isbank and QIB are all on the platform but don't offer their accounts direct
- Exclusive products and/or rates which are not on offer in the wider market
- Single registration rather, than having to open multiple accounts with each bank
- FSCS protection for every account*
The downsides are that not every bank and product is available on the platform and some banks may offer better rates direct than via the platform. However, we think the positives for savers outweight this and are now listing those account on Raisin which will be best buys in their own right in our tables.
* Or the European Equivalent.