- 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
Products featured in this article are independently selected by This is Money’s specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.
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.
Boost your savings: Savings platform Raisin is offering a £50 sign up bonus for new customers who open an account and deposit £10,000
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.
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.