Raisin UK

Who they are

Raisin UK is not a bank in the traditional sense - it is a savings marketplace. Founded in 2013, Raisin has grown into one of Europe's leading savings marketplaces, with its UK arm launching in 2018 to give savers access to accounts from partner banks and building societies, all through one online platform. The idea is straightforward: you make a single application, go through a single regulatory check, and then deploy your money across a number of banks and products. Raisin does not charge any fees for its service - it makes money by introducing depositors to its partner banks.

Raisin UK is authorised and regulated by the FCA (FRN: 813894), and only works with banks that are protected by the FSCS (or the European equivalent). It is a genuinely useful option if you want to shop around without the hassle of opening multiple accounts from scratch.

Savings accounts

Raisin UK currently lists two types of savings product on DepositScout.

The easy access Savings Account pays a variable rate of 4.00% and requires a minimum balance of £100, with instant access to your money. If you want to lock in a rate, the Fixed Rate Bonds go up to 4.80% on a 3-year term, with a minimum deposit of £1,000. As with all variable-rate accounts, the easy access rate can change, so it is worth keeping an eye on the live figures shown on this page.

On the deposit protection side, both products carry FSCS cover of up to £120,000 per person. All eligible deposits placed with Raisin's partner banks are protected by the FSCS - currently covering up to £120,000 per person, per bank if a bank fails or is unable to meet its financial obligations. Because Raisin works with multiple partner banks, it is important to check whether a provider is part of the same banking group as another provider, since accounts with banks sharing a banking licence would fall under just one regulatory licence.

Welcome bonus offer

If you are a new customer considering a fixed rate bond, there is a welcome bonus worth noting. Deposit £25,000 or more into a fixed rate bond of one year or longer using the code REWARD, and you could earn a bonus of up to £150. This offer is for new customers only, limited to one per customer, and the account must remain open for the qualifying period to receive the bonus. The deadline to qualify is 8 June 2026, and full terms and conditions apply. Always read the small print before opening an account to take advantage of a bonus.

Is it right for you?

Raisin UK acts as an intermediary between consumers and savings account providers, adding an extra layer that enables users to apply for and manage more than one savings account at the same time. That is a genuine time-saver if you are spreading savings across several products or providers - but Raisin is not a full-market platform, and not every bank, building society or savings provider offers their accounts through it.

It suits savers who are comfortable managing their money entirely online. You can manage your Raisin account via the app, available on Google Play and the App Store, which lets you apply for, fund and manage all of your savings accounts and set up savings alerts. There are no branches, so if face-to-face service matters to you, it is worth bearing that in mind.

Rates and offers change regularly, so use the live figures on this page to compare what Raisin UK is currently offering against the rest of the market before you decide.