Raisin Review: The Smart Open Banking Savings Innovators

Home Raisin Review: The Smart Open Banking Savings Innovators
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7 Jul 2023

A personal savings aggregator company like Raisin has been long overdue and their rise in popularity has come at the best time, when interest rates are as high as they've been for years. 

I believe 'open banking' is the future of banking competition, and although it's not quite been as we were promised, Raisin have truly hit the nail on the head. Having seen the interest rates on offer, the guarantee of FSCS protection, and ease of renewal. I believe Raisin is the best place for your savings if you're the sort of person who can put their trust in the FSCS, wants to enjoy the best rates available, whilst using minimal effort. 

Raisin innovative technology has solved many problems you and I previously faced using competitor Banks, such as:

  • The pain of moving your money around
  • Completing annual "know your customer" onboarding
  • A new credit check for every account opened
  • The promise of an interest rate that drops to 0.1% after a year.

With Raisin, these days are behind us. I worked in retail banking, looking after people's savings, for many years. I can comfortably say, the savings options available through Raisin are head and shoulders better than what's on offer from a high-street bank. The technology is innovative and they're the first savings aggregator to grasp the benefits of open banking.

Raisin Review

  • Are you fed up with searching savings providers for the best interest-rate offers all the time?
  • Have you woken up and realised your "easy saver" just isn't cutting it?
  • If that sounds like you, leaving money on the table, then Raisin could be the savings option you've been waiting for...

Who Are Raisin?

Raisin aren't a brand new start-up, they've been operating in Europe since 2013 before launching in the UK in 2018. During their time in Europe, Raisin helped over half a million clients find the best savings options for over €34billion. Raisin quickly became one of the most successful technology-led financial services companies in Europe, winning many banking awards in the process. 

In 2022, Raisin partnered with ClearBank to upgrade their UK platform, allowing clients access to ClearBanks faster payment system. This has been a pivotal step in their growth.

Looking For The Best Savings Accounts?

If you're looking for the best interest rates for your savings, you need not look further than Raisin...
Raisin is an online savings account aggregator. They utilise open banking technology to make opening savings accounts as easy as it could possibly be. One sign-up grants you access to the very best savings accounts in the UK, and all deposits are protected by the FSCS.
Not convinced? Have a look at the rates available in their portal, or read our Raisin Review. 

What's So Special About Raisin?

To understand what's special and unique about Raisin, first, you need an understanding of open banking. Open Banking is a system introduced to improve banking competition in the UK. It works by allowing your financial providers to safely share your customer profile with other authorised financial providers. The idea was that if you were looking for a loan, you would be able to use an aggregator platform to find who would accept you, and the best rate. This is exactly the concept of Raisin, but with savings accounts.  By authorising Raisin to collect your information and manage your money, you have access to a range of savings products you may have never previously had access to.

Basically, it means less effort, more options, higher interest rates.

How Does Raisin Work?

Raisin uses a simple to use marketplace. It provides a list of savings options, alongside the rates available. When you decide you want to deposit with one of these options, you'll need to register with Raisin.

Registration is straightforward, it's just one form collecting your name, address, national insurance number, and a linked bank account to verify your identity. Money transfers are handled through the ClearBank partnership and this is the last time Raisin verify and register you. (Of course, there can be some additional checks for security to prevent money laundering, but these mainly shouldn't apply to you).

Now you're registered, you can immediately start applying to deposit your money with any of the partner banks listed on the Raisin platform. This includes options of instant access savings and fixed rate deposits up to 5 years long.

What is the User Experience of Raisin?

The user experience of Raisin is designed to be straightforward and convenient. Here are some key aspects:

Account Opening

The process of opening an account with Raisin is typically done online. You can provide the necessary information, such as personal details and account preferences, through their user-friendly interface.

Account Management

Once your account is set up, Raisin provides an online platform where you can manage your savings. This includes viewing your account balances, interest rates, and other relevant details. You can easily track your savings progress and make informed decisions.

Savings Options

Raisin offers a range of savings options, including different types of accounts and varying terms. Their platform provides clear information about each option, allowing you to compare and choose the one that suits your financial goals.

Customer Support

Raisin aims to provide helpful customer support. They offer assistance through various channels such as email, phone, or online chat, ensuring that you can get answers to any queries or concerns you may have.


Raisin may integrate with other financial institutions or partner banks to offer their savings products. This integration allows for a seamless experience when transferring funds or accessing your savings through Raisin's platform.

Overall, Raisin strives to offer a user-friendly and intuitive experience, enabling individuals to easily open, manage, and monitor their savings accounts online.

Who is Listed on Raisin's Platform?

Raisin have partnered with over 30 Banks to provide savings options. These companies include:

  • Aldermore
  • AgriBank
  • Ahli United Bank
  • Axis Bank
  • BNF Bank and many more... (see below for full list)

Raisin Partner Banks

Is Raisin Safe?

Raisin is as safe as the FSCS compensation scheme. Just in the way that your high-street banks are protected for your savings up to £85,000, so is Raisin and its partner banks. It's natural to be cautious about throwing your money into a Bank you've never heard of, but with the FSCS protection you're as safe as ever. Deposit your money through Raisin, into a partner bank, and worse case scenario if they go bust, you'll get up to £85,000 of your savings back from the UK government, per partner banks.

For example, if you spread your money across many partner banks, as long as you do not exceed the £85k you will have protection.

If you deposit your money with a European bank, you can experience similar protection, up to €100,000 through the European Deposit Guarantee Scheme.

Is Raisin a Legitimate Bank?

Well, Raisin are not a Bank. They are a personal savings aggregator, they utilise open banking technology to allow you to take advantage of many savings options, all through one sign up. But they are legit. Raisin only onboard banking partners that will have the safety of the FSCS protection or the EDGS protection (in europe). Your money is very safe with Raisin as it is guaranteed by the government.

How Do I Get My Money to Raisin?

It's easy. Once registered, Raisin provide a unique Bank account and Sort code alongside a transaction reference. Just make the payment through your Bank in the same manner you would if you were to square up with your mates, or pay your local businessman. It's an "instant transfer" utilising ClearBanks faster payment system. In reality, it can take up to 2 hours. But, it's still possible to sign up, and transfer in a day.

Is Raisin Good for Beginners Savers?

Raisin is a great option for savers with all sorts of experience levels. What it comes down to, is how much you trust the UK's compensation scheme. Ultimately, it is a guarantee. The simple to use interface makes finding savings accounts just like shopping for Car insurance. 

If you have kept your money in an instant access savings account you can even apply for one through Raisin and you can bet you'll find a better interest rate. This little bit of effort will make a big difference when it comes to collecting your interest.

Do Raisin Have an App?

Yes, for the more tech-savvy savers, Raisin does have an app. It's available on the Apple or Google app store. The app allows you to compare savings options, view your accounts and apply for new accounts all on the go.

What Savings Accounts Does Raisin Offer?

Raisin UK provides three types of savings accounts:

  1. Easy access accounts: You can withdraw your money whenever you want.
  2. Fixed rate bonds: These offer a fixed interest rate for a specific period, but you can't access your money during that time.
  3. Notice accounts: You need to give advance notice, usually between 30 and 90 days, to withdraw your funds.

Within each category, Raisin offers various savings options. For example, there are seven different easy access accounts to choose from. You can also open multiple accounts of the same type.

Who is Eligible to Open an Account With Raisin?

To open a Raisin UK account, you need to meet certain criteria:

  1. Be at least 18 years old.
  2. Have a UK bank or building society account that accepts electronic transfers.
  3. Have a National Insurance or UK Tax ID number.
  4. Have an email address, phone number, and UK postal address.

Raisin accounts are fully managed online, allowing you to open and control your savings digitally.

Raisin Pros & Cons

  • Access to Banks you may not have previously checked
  • Earn Higher Interest Rates Than a High-Street Bank
  • £1 minimum opening deposit for accounts
  • No fees
  • No Cash Deposits
  • Transfers Out Can Take Up to 3 Days
  • No Joint Accounts

Looking For The Best Savings Accounts?

If you're looking for the best interest rates for your savings, you need not look further than Raisin...
Raisin is an online savings account aggregator. They utilise open banking technology to make opening savings accounts as easy as it could possibly be. One sign-up grants you access to the very best savings accounts in the UK, and all deposits are protected by the FSCS.
Not convinced? Have a look at the rates available in their portal, or read our Raisin Review. 

Is Raisin Right for You?

Raisin is absolutely the right choice for anyone eager to make the most of their savings. They have got you covered with a diverse selection of savings options to suit your needs and preferences. With competitive interest rates that can help your money grow faster, an easy-to-use platform that makes managing your savings a breeze, and a friendly customer support team always ready to assist you, Raisin ensures a hassle-free experience.

Don't miss out on this opportunity to take control of your savings and watch your money flourish with Raisin!


Stuart is an expert in Property, Money, Banking & Finance, having worked in retail and investment banking for 10+ years before founding Sunny Avenue. Stuart has spent his career studying finance. He holds qualifications in financial studies, mortgage advice & practice, banking operations, dealing & financial markets, derivatives, securities & investments.

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