Table of Contents
- Raisin offers a £100 bonus to new customers who open an account
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More than 225,000 savers who rushed to open National Savings & Investments’ successful 6.2 per cent one-year fixed-rate loan last year will be mulling what to do next with their savings.
These NS&I accounts mature within the next month and savers have the option of renewing their one-year NS&I account issue which pays a lower rate of 5.15 per cent or moving their savings elsewhere to get a better rate.
Savings rates have generally been hit by the Bank of England’s cut in its base rate to 5 per cent earlier this month, with more than 100 providers cutting rates.
New best buy: Raisin’s £100 bond raises its maximum annual fixed rate from 5.16% to 6.1% with £10,000
But fixed-rate accounts have been particularly hard hit, according to rates tracker Moneyfacts Compare.
Caitlyn Eastell, from Moneyfacts Compare, said: “While base rate cuts typically affect variable rates, we’ve been seeing an increasing number of providers cutting rates on accounts that offer fixed returns.”
However, there is good news: savers can now beat the best one-year fixed rate deals by opening an account with Raisin UK savings platform*.
Raisin is offering a £100 cash bonus to new customers who sign up for a savings account on its platform.
Currently, the best annual deal it has on the platform is with UMTB, which offers an already competitive 5.16 percent at 12 months.
However, with a balance of £10,000, that bonus elevates it to a best buy. 6.1 percent.
By comparison, the best one-year fixed rate account on This is Money’s independent savings tables pays 5.25 per cent.
This is a good option for savers who want to keep some savings for a year in an account that offers a high rate.
Savings experts say that savings rates will only go downhill from now on, as although another cut in the base rate is expected before the end of the year, they will not start to rise.
To claim the bonus, customers must register for an account using this link* before September 30th using this link and then enter the bonus code OFFER100.
Savers must deposit a minimum of £10,000 into a Raisin savings account and hold it for six months to get the £100 bonus.
The money will not have to be deposited until October 15, 2024.
Raisin says savings held on 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 products and banks. 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, maximising FSCS protection, but without having to open a new account at each bank every time.
SAVE MONEY, EARN MONEY
Boosting investment
Boosting investment
5.09% cash for Isa investors
Cash Isa at 5.17%
Cash Isa at 5.17%
Includes 0.88% bonus for one year
Free stock offer
Free stock offer
No account fees and free stock trading
4.84% cash Isa
4.84% cash Isa
Flexible ISA now accepting transfers
Transaction fee refund
Transaction fee refund
Get £200 back in trading commissions
Affiliate links: If you purchase a product This is Money may earn a commission. These offers are chosen by our editorial team as we believe they are worth highlighting. This does not affect our editorial independence.
