- Raisin offers a £50 sign-up bonus on top of its 5.22% rate for a one-year fix
- This takes the rate up to 5.69% for a year for £10,000, beating the highest offer.
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Savers can now beat the best one-year fixed rate deal by opening an account on savings platform Raisin UK.
Once again offers new customers a £50 bonus when you register an account*.
Currently, the main one-year deal it has on the platform is with the National Bank of Egypt, which offers an already competitive 5.22 percent.
However, with a balance of £10,000 (the minimum required to qualify for the bonus), that increase takes it to a 5.69 per cent best buy.
Boost your savings – Savings platform Raisin offers a £50 sign-up bonus for new customers who open an account and deposit £10,000
This rate beats the best deal for a one-year fixed-rate account in This is Money’s independent best buy tables, which Access Bank offers by paying 5.2 per cent.
One-year fixed-rate bonds have fallen sharply since peaking in September, when NS&I unleashed its blockbuster 6.2 per cent one-year solution. But savers can still get a return of 5 percent or more with a one-year fix.
A rate cut looming on the horizon means savers may want to think about stashing away their cash to lock in a guaranteed rate.
It’s worth noting that short-term solutions of less than six months are not eligible for the £50 Raisin bonus.
Raisin says savings on its platform are protected by the Financial Services Compensation Scheme (FSCS), up to a maximum 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.
Regarding whether savings platforms are a safe place to deposit your savings, Andrew Hagger says: ‘All UK-based Raisin partners are part of the FSCS.
‘This means that if the provider fails, your money is protected up to a value of £85,000 – the same as investing directly.
James Blower, founder of Savings Guru, says: ‘Savings platforms are good for both savers who want to spread their money across multiple providers, maximizing FSCS protection, but without having to open a new account at each bank each time.
“They can open a single account with Raisin or other platforms and access a large number of providers, some of which offer better deals than those available directly and others with providers that are not accessible to ordinary savers.”
To get this improved rate, savers must sign up for a Raisin account between now and June 30. using this link* and enter the bonus code SUMMER5024.
Savers must then open and fund a savings account with at least £10,000 by July 15 to receive the £50 cashback.