From today, Raisin UK is changing how the bonus structure on its savings accounts works, which could result in savers earning up to £50 simply by opening a savings account.
Under the new bonus structure, savers depositing £75,000 and over can earn a £50 bonus, those depositing £40,000 - £74,999 can earn £25, a deposit of £10,000 - £39,999 can earn £10 and those depositing £5,000 - £9,999 can earn £5. There is no bonus offered on deposits of less than £5,000.
As well as this, Raisin UK is allowing a grace period for customers depositing between £5,000 - £9,999, who will be worse off with this new bonus structure. The automatic grace period allows anyone who funds their first savings account with the amount of £5,000 - £9,999 by the 31 August 2020 to receive a £10 bonus instead of the new bonus of £5.
Bonuses are offered to those opening their first Raisin UK account and the account must be opened via its website.