Connect with us

Banking

‘Raisin’ The Roof On The Savings Market With Sharia And Challenger Banks

Published

on

‘Raisin’ The Roof On The Savings Market With Sharia And Challenger Banks
  • New savings marketplace raisin.co.uk offers consumers competitive savings rates
  • Sharia-compliant banks spark new found interest in savings products
  • One single login for multiple savings products across a range of banks
  • £85,000 FSCS protection for each bank
  • All new savers are rewarded with a welcome cash bonus of £50

New savings marketplace Raisin UK welcomes its 2,000th customer today, following a strong period of success. The platform provides consumers with access to some of the highest fixed rate savings products on the market, which are mainly driven by non-high street ‘challenger banks’.

A special cash bonus of £50 per customer is also guaranteed for all customers who successfully fund their first fixed term deposit during the launch window.

Raisin UK has been shaking up the savings market, which has been stagnant for years and comes in the wake of open banking reforms and pension freedoms, with many people having access to cash lump sums. Raisin UK is opening a gateway to competitive savings products from both new and established banks in the UK market, with partner banks including Shawbrook, Gatehouse Bank, ICICI Bank, AgriBank, Bank & Clients and Banco BNI Europa. All customer deposits are protected by the FSCS or its European equivalent1.

With a potential interest rate rise on the horizon, savings rates are increasing in anticipation and Sharia and challenger banks are leading the pack. Raisin UK is championing those banks, in order to provide British consumers with attractive rates and a streamlined application process. Sharia-compliant financial products on the raisin.co.uk savings marketplace are FSCS protected, meaning consumer’s savings will never be at risk. Anyone can make a deposit into a Sharia savings account as long as they meet the eligibility criteria.

At Raisin UK, consumers will only ever fill out one online application form, after which they can open and manage multiple savings products across a range of banks with their one single secure login. The new marketplace also offers savers a portfolio view, so they can readily see interest payments, renew or open new savings products with any of Raisin UK’s partner banks.

Raisin UK CEO Kevin Mountford comments: “We are revolutionising the UK savings landscape by creating a one stop marketplace.  In an environment of low interest rates and high inflation, savers have been on an uphill struggle, but raisin.co.uk offers consumers competitive rates and the convenience of having all of their savings on one secure platform.

 We are really proud to welcome our 2,000th customer and are thrilled to be offering something new, working with some of the leading challenger banks. Ultimately, we know savers care about rates and protection, of which all products listed on raisin.co.uk offer. We continue to build our offering to savers and over the coming months are looking forward to broadening the range of savings products available as well as welcoming new partner banks to the marketplace.”

Raisin.co.uk is the British arm of leading European deposit marketplace raisin.com. Raisin was established in Berlin in 2013 and has quickly grown to be one of Europe’s leading financial technology (FinTech) businesses, with over €6 billion of savings deposits processed and more than 120,000 customers across Europe.

Consumers can apply for Raisin UK products at https://www.raisin.co.uk/

Banking

Japan PM Suga’s cellphone cut call adds to BOJ’s headaches

Published

on

Japan PM Suga's cellphone cut call adds to BOJ's headaches 1

By Leika Kihara and Kaori Kaneko

TOKYO (Reuters) – Prime Minister Yoshihide Suga is making life tougher for the Bank of Japan as carriers respond to his calls to cut cellphone charges, a move seen as adding deflationary pressure on the country’s already weak economy.

Suga has publicly said he believes Japan’s cellphone fees are too high and that carriers are a monopoly, a message seen as resonating with younger voters.

Nodding to the pressure, major Japanese carriers NTT Docomo, KDDI and Softbank announced plans to cut charges by up to 20% from as early as March.

That could push down the core consumer price index, which fell 0.6% in January from a year earlier to mark the sixth straight month of falls, by as much as half a percentage point, analysts say.

The move highlights how deflation remains the BOJ’s primary headache, even as its U.S. and European peers face communication challenges posed by recent rises in inflation.

It also shows how in Japan, even seemingly straightforward government decisions can have vast ramifications for the BOJ, given the spectre of deflation.

“Unlike in the United States, government policies work to push down inflation in Japan,” said Mari Iwashita, chief market economist at Daiwa Securities.

“Japan is a country where companies struggle to raise prices because consumers are so sensitive to price hikes,” she added.

(Graphic: Japan is facing rising deflationary risks, https://graphics.reuters.com/JAPAN-ECONOMY/DEFLATION/jznpnolgjvl/chart.png)

(For an interactive graphic on Japan’s core consumer price index, click here https://tmsnrt.rs/3qAtiXc)

Cellphone fees have a big influence on Japan’s price gauge because they have the fourth highest weighting among the 523 components making up the core consumer price index (CPI).

The resulting fall in core CPI would mostly offset an expected boost from a recent rise in energy costs and the base effect of last year’s pandemic-induced sharp declines, analysts say.

Excluding any impact from cellphone fee cuts, analysts expect core consumer prices to start creeping up by mid-year but rise only modestly thereafter.

“Bottom line, Japan’s trend inflation is quite weak because demand is sluggish,” said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute.

To be sure, lower fees would give households money to spend on other items. Fees for a 20-gigabyte plan in Tokyo are highest among the world’s six major cities and triple the sum in London, according to a Japanese government survey last year.

But data so far paints a bleak consumption outlook.

Bank deposits jumped a record 15.5% in January from a year earlier to 827 trillion yen ($7.83 trillion), 1.5 times the size of Japan’s economy, as households save rather than spend.

Real wages fell 1.2% last year, the fastest pace of drop since 2014. Nearly three quarters of firms have no plan to offer blanket base pay hikes at this year’s labour talks, a recent Reuters poll showed.

Takumi Harada, a 27-year-old engineer, says he would consider switching plans to reduce the 6,000 yen in smartphone fees his family pays each month.

But he has no intention of spending the extra money on other items. “I think I’ll just save,” he said.

($1 = 105.5800 yen)

(Reporting by Leika Kihara and Kaori Kaneko, additional reporting by Kentaro Sugiyama; Editing by Raju Gopalakrishnan)

Continue Reading

Banking

ECB accounts show worries over strong euro

Published

on

ECB accounts show worries over strong euro 2

FRANKFURT (Reuters) – Euro zone inflation is still distant from the European Central Bank target and a strong euro posed an added danger, ECB policymakers concluded last month, the accounts of their Jan 21 meeting showed on Thursday.

The ECB left policy unchanged last month but warned that a recent surge in COVID-19 infections posed a risk to the euro zone’s recovery and raised the chance of a delayed recovery.

Data since the meeting have all pointed to an even weaker start of the year than earlier projected as vaccinations were proceeding slowly and countries were extending lockdown measures, keeping much of the services sector shuttered.

“Concerns were voiced, however, over developments in the exchange rate that might have negative implications for euro area financial conditions and, ultimately, consequences for the inflation outlook,” the ECB said.

“Ample monetary stimulus remained essential,” the ECB added.

Policymakers were more sanguine about a rise in bond yields, saying they remained at historical lows once adjusting for inflation.

“It was maintained that not every increase in nominal yields should be interpreted as an unwarranted tightening of financing conditions and trigger a corresponding policy response,” the ECB said.

Having extended stimulus well into next year in December, the ECB is under no pressure to act anytime soon, as it has already allotted enough firepower to keep borrowing costs down, in line with its commitment to keep borrowing costs stable.

The election of former ECB chief Mario Draghi as Italy’s prime minister also buoyed markets, welcome relief for the ECB as Italy’s ballooning debt is one of the top headaches for policymakers.

(Reporting by Balazs Koranyi; Editing by Francesco Canepa)

Continue Reading

Banking

BOJ’s Kuroda says explained March review plan to PM Suga

Published

on

BOJ's Kuroda says explained March review plan to PM Suga 3

By Yoshifumi Takemoto

TOKYO (Reuters) – Bank of Japan Governor Haruhiko Kuroda said on Thursday he explained to Prime Minister Yoshihide Suga the central bank’s plan to conduct a review of its policy tools in March.

“I explained how the global economy was picking up, and how the BOJ needed to conduct the review to continue its ultra-loose monetary policy,” Kuroda told reporters after meeting with Suga.

Kuroda said Suga did not have any particular comment on the BOJ’s March review and the two did not discuss the Tokyo Olympic Games.

The BOJ governor and the prime minister hold meetings once every few months as a regular practice to exchange views on the economy and policy.

The BOJ unveiled a plan to review its policy tools in March to make them “more sustainable and effective,” as the hit to growth from the coronavirus pandemic forces the central bank to maintain its massive stimulus programme for a prolonged period.

(Reporting by Yoshifumi Takemoto, Writing by Leika Kihara; Editing by Jacqueline Wong)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

UV Cured Coatings Market – Latest Research, Industry Analysis, Driver, Trends, Business Overview, Key Value, Demand And Forecast 2016-2026. 4 UV Cured Coatings Market – Latest Research, Industry Analysis, Driver, Trends, Business Overview, Key Value, Demand And Forecast 2016-2026. 5
Research Reports58 seconds ago

UV Cured Coatings Market – Latest Research, Industry Analysis, Driver, Trends, Business Overview, Key Value, Demand And Forecast 2016-2026.

Impact of COVID-19 on Chemicals & Materials Industry COVID-19 pandemic has caused severe impact on the global economy at various...

Rotomoulding Powder Market Current Scenario Trends, Comprehensive Analysis and Regional Forecast to 2027 6 Rotomoulding Powder Market Current Scenario Trends, Comprehensive Analysis and Regional Forecast to 2027 7
Research Reports2 mins ago

Rotomoulding Powder Market Current Scenario Trends, Comprehensive Analysis and Regional Forecast to 2027

Impact of COVID-19 on Chemicals & Materials Industry COVID-19 pandemic has caused severe impact on the global economy at various...

Food And Beverage Chemicals Market Business Growth, Size and Comprehensive Research Study Forecast to 2027| GIVAUDAN,ARCHES DANIELS MIDLAND (ADM),BASF SE,DANISCO,Avantor Performance Materials, LLC,Ecolab Food & Beverage. 8 Food And Beverage Chemicals Market Business Growth, Size and Comprehensive Research Study Forecast to 2027| GIVAUDAN,ARCHES DANIELS MIDLAND (ADM),BASF SE,DANISCO,Avantor Performance Materials, LLC,Ecolab Food & Beverage. 9
Research Reports3 mins ago

Food And Beverage Chemicals Market Business Growth, Size and Comprehensive Research Study Forecast to 2027| GIVAUDAN,ARCHES DANIELS MIDLAND (ADM),BASF SE,DANISCO,Avantor Performance Materials, LLC,Ecolab Food & Beverage.

Impact of COVID-19 on Chemicals & Materials Industry COVID-19 pandemic has caused severe impact on the global economy at various...

Cell Culture Media Bags Market Will Reach US$ 2.6 billion by 2030 – Future Market Insights 10 Cell Culture Media Bags Market Will Reach US$ 2.6 billion by 2030 – Future Market Insights 11
Research Reports4 mins ago

Cell Culture Media Bags Market Will Reach US$ 2.6 billion by 2030 – Future Market Insights

The cell culture media bags market is expected to expand at CAGR of 10.7% through the forecast period (2020-2030). Demand for cell...

PD1/PD-L1 Inhibitors Market Witnessing Growing Adoption on Back of Proven Efficiency – Future Market Insights 12 PD1/PD-L1 Inhibitors Market Witnessing Growing Adoption on Back of Proven Efficiency – Future Market Insights 13
Research Reports5 mins ago

PD1/PD-L1 Inhibitors Market Witnessing Growing Adoption on Back of Proven Efficiency – Future Market Insights

The pd1 pdl1 inhibitors market is showing considerable amount of growth in the healthcare sector due to inclination towards safe and toxin...

Traction Motors Market by Technology, Application & Geography – Analysis & Forecast to 2025  Says FMI Analyst 14 Traction Motors Market by Technology, Application & Geography – Analysis & Forecast to 2025  Says FMI Analyst 15
Research Reports6 mins ago

Traction Motors Market by Technology, Application & Geography – Analysis & Forecast to 2025  Says FMI Analyst

During the prediction era, Future Market Insights adopted a multidisciplinary approach to shed light on the success and progress of...

Atopic Dermatitis Treatment Market Will Register a CAGR value of 12% through 2029 – Future Market Insights 16 Atopic Dermatitis Treatment Market Will Register a CAGR value of 12% through 2029 – Future Market Insights 17
Research Reports7 mins ago

Atopic Dermatitis Treatment Market Will Register a CAGR value of 12% through 2029 – Future Market Insights

The atopic dermatitis treatment market is expected to expand at CAGR of 12% in terms of value through the forecast period (2019-2029)....

2 – Ethyl Anthraquinone Market Size 2021Industry Share, Trends, Growth, COVID-19 Impact Analysis, Opportunity Analysis and Industry Forecast, 2021–2025 18 2 – Ethyl Anthraquinone Market Size 2021Industry Share, Trends, Growth, COVID-19 Impact Analysis, Opportunity Analysis and Industry Forecast, 2021–2025 19
Research Reports8 mins ago

2 – Ethyl Anthraquinone Market Size 2021Industry Share, Trends, Growth, COVID-19 Impact Analysis, Opportunity Analysis and Industry Forecast, 2021–2025

Future Market Insights has adopted multi-disciplinary approach to shed light on the advancement of the 2 – Ethyl Anthraquinone Market...

Laboratory Balances And Scales Market is projected to grow significantly to reach US$ 2,129.7 Mn by 2027 20 Laboratory Balances And Scales Market is projected to grow significantly to reach US$ 2,129.7 Mn by 2027 21
Research Reports13 mins ago

Laboratory Balances And Scales Market is projected to grow significantly to reach US$ 2,129.7 Mn by 2027

According to FMI analyst’s laboratory balances and scales market is going to expand its research and development part, sooner or later. Manufacturers...

Will COVID Finally Give Big Banks Their Direction? 22 Will COVID Finally Give Big Banks Their Direction? 23
Top Stories39 mins ago

Will COVID Finally Give Big Banks Their Direction?

By Shreya Jain If the recently finished 2020 has taught us anything, it is that we’d do well to re-evaluate...

Newsletters with Secrets & Analysis. Subscribe Now