- Raisin is offering a £50 sign up bonus on top of its 5.22% rate for a one-year fix
- This brings the rate up to 5.69% for one year on £10k, beating the top deal
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Savers can now beat the top one-year fixed-rate deal by opening an account with savings platform Raisin UK.
It is once again offering new customers a £50 bonus when signing up for an account*.
Currently, the top one-year deal it has on the platform is with National Bank of Egypt, which offers an already competitive 5.22 per cent.
However, on a £10,000 balance – the minimum required to qualify for the bonus – that bump brings it up to a best buy at 5.69 per cent.
This rate beats the top deal for a one-year fixed-rate account on This is Money’s independent best buy tables, which is offered by Access Bank paying 5.2 per cent.
One year fixed-rate bonds have fallen a lot since they peaked in September when NS&I unleashed its blockbuster 6.2 per cent one year fix. But savers can still get a 5 per cent return or more on a one-year fix.
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A rate cut looming on the horizon means that savers may want to think about locking away their cash to secure a guaranteed rate.
It is worth noting that shorter-term fixes of less than six months are not eligible for the £50 Raisin bonus.
Raisin says savings on its platform are protected by the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000.
As a savings platform, Raisin UK offers access to multiple savings products and banks. It allows savers to manage all their savings through a single online app-based account.
As for whether savings platforms are a safe place to park your savings, Andrew Hagger says: ‘All Raisin’s UK-based partners are part of the FSCS.
‘This means, if the provider fails, your money is protected up to the value of £85,000, the same as investing direct.
James Blower, founder of Savings Guru says: ‘Savings platforms are good for both savers who want to spread their money around multiple providers, maximising FSCS protection, but without having to open a new account at each bank every time.
‘They can open a single account with Raisin, or the other platforms, and access a wealth of providers – some of whom offer deals better than those available direct and some with providers who aren’t accessible to ordinary savers.’
To get this boosted rate, savers need to register for a Raisin account between today and 30 June using this link* and enter the bonus code SUMMER5024.
Savers then need to open and fund a savings account with at least £10,000 by 15 July to receive the £50 cashback.
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