Savvy savers are increasingly turning to ‘savings platforms’ to manage their funds, offering them easy access to multiple accounts from different banks. These platforms, also known as ‘savings marketplaces’ or ‘cash platforms’, make investing their money much easier. Customers simply complete an application process on the platform itself and can then open multiple accounts at a variety of banks and building societies without having to contact those individual providers each time.
One such savings platform is Raisin UK, which was established over 10 years ago and now serves over 1.5 million international customers. Raisin offers a number of benefits to its UK customers, but before we look at these in more detail, let’s look at some of the advantages of savings platforms…
What is a savings platform?
In simple terms, a savings platform is a third-party hub that allows its customers to open and save with a number of different providers. To access savings accounts from these different providers, you simply need to register with the savings platform and it will allow you to invest your funds across multiple accounts, without having to go through a new application process each time.
This means you can access a wide range of accounts in one marketplace, allowing you to shop around for the best rates across the platform and transfer your funds to the accounts that best suit your needs. This makes saving easier and gives you more control over how to make your money earn more interest.
How does this increase the return on my savings?
By giving you control over your savings, you can keep an eye on the best available rates from savings platform providers and easily move your money into accounts with higher interest rates.
As an example of how switching from one account to another with a difference of just one percentage point could benefit your savings, consider a lump sum of £15,000 in a fixed rate bond paying 4%. This would earn you £600 over the term, but the same deposit with a better rate of 5% would earn you £150 more in interest.
This difference is even more advantageous for those with larger balances. A £50,000 deposit would earn £2,000 in interest on a one-year fixed-rate bond paying 4%. But if it were deposited with a supplier paying 5%, it could earn £250 more.
Why should I spread my savings across multiple providers?
As well as being able to manage your savings more closely, across a range of products, if you are saving more than £85,000 you can take advantage of further protection for your savings. If you have money held by a Financial Services Compensation Scheme (FSCS) regulated provider that goes bust, the scheme will protect up to £85,000 of your money. As this cover is per bank or banking institution, by spreading eligible savings across multiple banks and building societies the cover is shared, so you can ensure your money is further protected by the scheme.
Why choose Raisin UK?
Raisin UK allows savers to find, open and manage accounts at over 30 banks and building societies. To use their services, you simply submit your details once you register and select the products you want to save with. When the registration process is complete, deposit your funds into a trading account and Raisin will take care of the rest. From here, you can manage your funds as you wish and access the best rates to make your money go further.
Raisin offers competitive rates to its savers from its commission-free marketplace: it earns brokerage fees from its partner banks, allowing you to use its savings service free of charge.
Plus, you can get a £100 bonus if you sign up with the code “OFFER100” before 30 September 2024 and deposit £10,000 into your first savings account before 15 October 2024 (see terms below).
Raisin is authorised and regulated by the FCA, and only works with banks protected by the FSCS or the equivalent European system. With a savings platform like Raisin UK, your money is safe and secure, allowing you to access great rates without the hassle of endless application forms, multiple logins and hidden account fees.
More information
Terms and conditions
You must enter the promo code 'OFFER100' available via a promotional link when registering for a new Raisin UK account (enter it in the 'promo code' box) between midday 07/08/24 and midday 30/09/24.
Once your Raisin UK trading account has been activated, you will need to apply for and open a savings account with Raisin UK and deposit a minimum of £10,000 into it. Your savings account must be fully funded by 23:59 on 15/10/24.
If you open a fixed rate bond, the minimum term must be six months. If you open an Easy Access Savings Account or a Notice Savings Account, you must keep this account open for a minimum of six months with a minimum balance of £10,000 during this time.
