Raisin UK

Marketplace

Who they are

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. It is not a bank. 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 is authorised and regulated by the FCA (FRN: 813894), and only works with banks that are protected by the FSCS (or the European equivalent). Raisin does not charge any fees for its service - it makes money by introducing depositors to its partner banks.

Savings accounts

Raisin currently lists two types of account on DepositScout. The easy access Savings Account pays 4.15% variable and can be opened with as little as £1. The Notice Account pays 4.30% - this one uses an expected profit rate, meaning it is a Sharia-compliant product, and requires a minimum of £1,000 to open. Both carry FSCS protection up to £120,000.

It is important to understand where that protection sits. Raisin itself does not hold the FSCS licence - each partner bank holds its own authorisation, and your deposit sits with that partner bank. So protection applies at the level of the underlying institution, not Raisin. If you hold savings with multiple partner banks through the platform, each one is assessed separately for FSCS purposes, which can work in your favour when spreading larger sums. In some cases, banks may offer different rates directly , so it is worth a quick check before committing a large sum.

Is it right for you?

Raisin works best as an organisational tool for savers who want to spread money across several products without juggling multiple logins and application processes. The model suits a specific type of saver: someone who wants competitive rates without the admin overhead of maintaining five or six separate bank relationships. 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.

The trade-off is that you are choosing from Raisin's partner panel rather than the whole UK savings market - so the single best rate on any given day may sit outside the platform. For fixed-rate savers who value simplicity and clear oversight, that is often a reasonable compromise.

As always, rates change - use the live figures on this page to see exactly what Raisin is offering right now before you decide.