How to get 5.45% interest on your savings with this Raisin bonus

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Savings rates have suffered in recent months, with the Bank of England cutting the base rate first to 5 per cent in September and more recently to 4.75 per cent.

Experts agree that savings rates are likely to continue falling in the coming months.

The main easy access account for new customers has seen a 0.35 per cent drop in the last month alone, according to fees expert Moneyfacts Compare.

However, there is some good news. Savers can beat the best, easy-to-access fixed rate deals by opening an account on the Raisin UK* savings platform.

Starting November 25, Raisin is offering a cool £100 cash bonus to new customers who sign up for a savings account on their platform.

Currently, the best easy access deal it has on its platform is with Monument Bank, which offers 4.51 percent.

However, on a balance of £10,000, that bonus brings you up to an effective interest rate of 5.45 percent and a better purchase.

The best easy-access account at This is Money’s independent savings desks currently pays 4.85 per cent.

For those looking for a one-year fixed rate savings account, the main one-year deal Raisin has on the platform is with Al-Rayan Bank, which already offers a market-leading 4.8 percent over 12 months .

With a balance of £10,000, that bonus makes it a better buy. 5.7 percent.

This beats the best buy by some margin. The best one-year fixed rate account in This is Money’s savings tables pays 4.76 per cent.

This is a good option for savers who want to stash away some savings for a year in an account offering a high rate, although they should make sure they won’t need to access the money in that time as there will be penalties for doing so. so.

Caitlyn Eastell of Moneyfacts Compare said: “Sensible savers would do well to lock up their money for guaranteed returns.”

Similarly, the £100 bonus also elevates Raisin’s two, three and five-year fixed rate deals to best buy levels.

Raisin’s main two-year deal, which pays 4.52 per cent through Ceylon Bank, rises to 5.56 percent with the £100 bonus.

By comparison, the best two-year deal in This is Money’s independent savings tables pays 4.52 per cent, the same as the Ceylon deal without the bonus.

Savers can get a three-year contract with Raisin by paying 4.6 percent through Al Rayan Bank. This rate increases to 5.54 percent with the bonus. Smartsave Bank, the best buy, is currently offering 4.46 per cent for a three-year fix.

Over five years, the best deal offered by Raisin pays 4.4 percent also through Al Rayan Bank.

Smartsave Bank currently offers the market-leading five-year rate of 4.46 per cent. But Raisin’s five-year contract has reached an unmatched level. 5.35 percent with the opening bonus.

How to get the raisin bonus

To get the bonus, customers must Sign up for a Raisin account using this link* before December 6 and then enter the bonus code OFFER100.

Savers must deposit a minimum of £10,000 into a savings account at Raisin and hold it for six months to get the £100 bonus.

While you must register by December 6, you don’t need to deposit the money until December 31.

Customers who open a fixed rate account will only get the bonus if they open an account with a term of six months or more. The bonus for fixed rate accounts will be paid within 28 days.

For easy access and reporting accounts, the balance must remain at £10,000 or more in your account for at least six months. The bonus will be paid within 14 days.

Raisin says savings held with its platform are protected by the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000.

This means that if a supplier fails, your money is protected up to a value of £85,000.

As a savings platform, Raisin UK offers access to multiple savings and banking products. It allows savers to manage all their savings through a single app-based online account.

They are good for savers who want to spread their money across multiple providers while maximizing FSCS protection, but without having to open a new account at each bank each time.