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‘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/