Deal of the week: £50 bonus for opening a savings account

13 July 2018

Savers can get a cash bonus for their savings by opening an account through Raisin UK.

What’s the deal exactly?

Raisin UK is a ‘savings marketplace’ where you can find a variety of savings accounts on offer. The company says the benefit of its platform is you can pick from a selection of competitive accounts.

As the service is only recently launched Raisin is offering a £50 cash bonus on all of its savings products when you fund a fixed-term deposit account on its platform – so long as you put in a minimum deposit of £1,000.

To get the bonus, you’ll need to send an email from the address you registered with containing the account holder’s name and ‘launch bonus' as the subject line to within 30 days of funding your fixed-term deposit account.

Once Raisin has your email it will credit your account with the £50 bonus. 

Why should I care?

Savings rates are low these days, but if you open one of Raisin’s accounts such as the ICICI Bank One Year Fixed Term Deposit at 1.95% (a Moneywise current best buy) with a lump sum of £1,000 cash this works out to a 6.95% rate of interest on your cash.

Raisin says all of the products it offers are either FSCS protected or protected by an equivalent European scheme.

What’s the catch?

Raisin’s accounts may not be offering the best overall rate on the market. Currently, the ICICI account is only the third best after Atom Bank One Year Fixed Saver 2.05% and OakNorth 12 Month Fixed Term Deposit 1.96%.

Raisin is a ‘savings marketplace’ but, as of yet, has six savings accounts listed on its website. Of these, Gatehouse Bank is a Sharia-compliant bank that offers an ‘Expected Profit Rate’ (EPR) instead of guaranteed interest – although currently in 10 years of operating Gatehouse has never failed to meet the EPR on its accounts.

You need a minimum deposit of £1,000 to be eligible for the £50 bonus.

If you have a larger deposit to save­ say, over £50,000 it may nullify the benefit of a £50 bonus as you would earn more with an account with a higher interest rate.

What are the other options?

See the full list of Moneywise best buy savings accounts for more info on the best rates currently on offer.

Where can I find out more?

Read the full deal on the Raisin UK website

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