Bonus Offer Helps To Boost Savings | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 10/08/2020

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.

Competitive Raisin UK rates

Raisin UK offers a wide range of savings accounts, many of which offer highly competitive rates. For example, in the one year fixed rate bond chart, QIB (UK) tops the chart with a Raisin UK product. Its Raisin UK – 1 Year Fixed Term Deposit pays an expected profit rate of 1.20% gross on maturity. While its Raisin UK – 18 Month Fixed Term Deposit pays an expected profit rate of 1.25% gross on maturity. In the two year chart, QIB (UK) again offers the top rate with a Raisin UK product. Its Raisin UK – 2 Year Fixed Term Deposit pays an expected profit rate of 1.40% gross on maturity.

Meanwhile, in the five year fixed rate bond chart, Gatehouse Bank offers a competitive rate with a Raisin UK product. Its Raisin UK – 5 Year Fixed Term Deposit pays an expected profit rate of 1.25% gross on maturity.

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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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