Raisin UK, the UK’s leading cash savings service, has announced the launch of easy access savings accounts onto its online marketplace.
The first of these accounts has been provided by Teachers Building Society with a rate of 0.20% AER on balances between £1,000 and £85,000, fully protected by the FSCS scheme up to £85,000, with more easy access accounts from other providers to follow in the coming weeks.
New customers to the online cash savings service are also able to benefit from a Welcome Bonus of up to £50 for opening their first savings account at Raisin UK.
Kevin Mountford, a co-founder of Raisin UK, commented: “Easy access savings accounts have been a staple of the UK savings industry for decades. However, they’re not always the best way for consumers to make the most of their savings due to their adaptive rates, with recent high-street accounts dropping as low as 0.02% AER. The introduction of easy access accounts has always been an integral part of the long-term launch of Raisin into the UK and we’re excited to be expanding the platform at a time where flexibility over money and competitive rates have never been more important to UK savers.
With the global pandemic already having an effect on consumer spending habits, we’ve also seen a shift in how consumers save; with many now opting to split their deposits between high-earning fixed-term bonds and shorter-term notice accounts.
The introduction of easy access accounts to Raisin UK will allow customers to still make the most of their savings while also offering them an emergency buffer should they need quick access to their money in the current landscape.”
Simon Beresford, Chief Executive for Teachers Building Society, added: “Being one of the first easy access savings provider on the Raisin platform makes us proud for more than one reason. It’s a good thing for savers, but also for borrowers too. Put simply, the more money that is saved with us, the more we can support teachers taking their first step on the property ladder.”
To date, across Europe Raisin has brokered 27.5 billion Euros, and has 290,000 customers across 31 European countries on Raisin’s seven platforms. With 99 partner banks, Raisin offers by far the largest variety of products and partner banks of all savings platforms and allows customers a wider choice and freedom of choice.