richfool wrote:stevensfo wrote:I have absolutely no idea why, but my applications for savings with Raisin were never accepted.
So I stick with my AJBell account which has 6% for 1 year. Though I generally go for the 2-year rates.
https://www.ajbell.co.uk/cash-savings#listSteve
I read some reviews before I proceeded (with Raisin), and noticed that some applicants had had problems where they had used some of the newer online banks like Wise and Resolut(?) (as their feeder bank accounts). I was accepted OK (using my UK high street bank account), but then later I didn't proceed, because I didn't like that Raisin was rather like an intermediary and would be passing my details on to the other "banks" with whom the accounts would be opened. That also added a delay to transactions. There were also quite a number of moans about difficulties in contacting them by telephone and/or the responses that customers then got, and also about accessing funds upon the maturity of fixed term accounts.
I was also accepted by Raisin themselves and then applied for a fixed term savings bond, using an established bank. Why I was rejected is a mystery, since most of the banks that Raisin uses are the same as AJBell uses. So far, I never had a problem with AJBell or Monzo. However, I would never use the phone to contact them. Email, secure messaging or letter only.
I believe that Wise and Revolut are EMIs, not registered banks, so I can understand why some places may not accept them. The irony is that I have both and use them a lot!
