Raisin UK Terms and Conditions

Clearbank T&Cs

Raisin UK T&Cs

These are the terms and conditions which govern your use of the Raisin UK Platform and the services we provide via the Platform (“Terms”). Please read these Terms carefully as they, along with your Account Application, will form a legal contract between you (“you, your”) and Raisin UK (“us, we, our”) and set out your rights and obligations, as well as limitations and exclusions which may apply to you.

In these Terms, words which we define in the singular form will also include the plural and vice versa and headings are for convenience only and do not limit their scope. By using the Raisin UK Platform and/or completing and submitting an Account Application for a Raisin UK Account you confirm that you have read, understood and agree to these Terms. If you do not agree to these Terms, please do not register for a Raisin UK Account. If there is anything that you do not understand please contact us.

If you require a copy of these Terms in an alternative accessible format, please contact us by telephone on 0161 388 2399 or by email at help@raisin.com.

Raisin UK is a trading name of Raisin Platforms Limited (registered no 11075085), whose registered office is at Cobden House, 12-16 Mosley Street, Manchester, M2 3AQ.

Raisin Platforms Limited is authorised and regulated by the Financial Conduct Authority under firm reference number 813894 for investment services under the Financial Services and Markets Act 2000 and under firm reference number 978619 for payment services under the Payment Services Regulations 2017. You can check these details by visiting the UK financial register at https://register.fca.org.uk/s/. Raisin Platforms Limited is the entity responsible for the registration and management of customer data on the Raisin UK Platform.

Raisin UK Account means your Raisin profile which is linked to your Transaction Account and from which you can access Savings Accounts that are held with Partner Banks, through the Raisin UK Platform.

Account Application means an application to open your Raisin UK Account, your Transaction Account and any Cash ISA. This is actioned by completing the online registration form on the Website or the Raisin App.

AML Requirements means all statutory and other requirements relating to money laundering, including the Drug Trafficking Act 1994, the Terrorism Act 2000, the Proceeds of Crime Act 2002, The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended from time to time), the Guidance Notes for the Financial Sector of the Joint Money Laundering Steering Group (JMLSG) and any applicable FCA Rules or (where relevant) equivalent in another jurisdiction, as amended from time to time.

Business Day(s) means any day(s) except for Saturdays, Sundays and public holidays in England.

Cash ISA means a “Cash Deposit ISA” (as defined in the Glossary to the FCA Handbook) which is an FSCS-eligible non-payment transaction account opened on your sole behalf with the Service Bank and in accordance with the Service Bank Terms and allows you to invest your money into a variety of savings products within a tax-free Cash ISA wrapper.

Cleared Funds means funds that have been credited and have cleared through the banking system in your Transaction Account.

Data Protection Act means the Data Protection Act 2018 as amended from time to time.

FCA means the Financial Conduct Authority or any successor regulator(s) which regulates our savings business from time to time.

FCA Rules means the Handbook of Rules and Guidance of the FCA or any successor regulator(s) to the FCA, as amended and/or replaced from time to time.

FSCS means the UK Financial Services Compensation Scheme.

Funding Window means the period as specified by the relevant Partner Bank in which the Pledged Deposit Amount must be received into your Transaction Account from the date of a Savings Account Application.

ISA Manager means a person approved by HMRC for the purposes of the ISA Regulations as an account manager. For the purposes of the Cash ISA, the Service Bank acts as the ISA Manager.

ISA Regulations means the Individual Savings Account Regulations 1998 as amended and updated from time to time.

Nominated Account means a UK-based, pound sterling bank or building society or EMI account from which you transfer funds to, and to which you receive funds from, your Transaction Account as further described in clause 1.8.1.

Partner Bank means any bank, building society or credit union which makes Savings Accounts available through the Raisin UK Platform.

Platform (or ‘the Raisin UK Platform”) means the online platform accessible via your Raisin UK Account, as further described in these Terms.

Pledged Deposit Amount means the amount of funds you wish to invest in a Savings Account.

Raisin App means the software application designed to run on a mobile device and is available for Android phones through Google Play, and for iPhones via the App Store. Customers can use the Raisin App to view, apply for and manage Savings Accounts in accordance with these Terms.

Raisin UK means Raisin Platforms Limited (see “About us” above).

Savings Account(s) means one or more savings products (i) opened by you directly or (ii) by the Trustee into which funds are invested on your behalf with any of our Partner Banks with either a variable or fixed rate.

Savings Account Application means an application to open a Savings Account that is held with one of our Partner Banks.

Savings Plan means the feature made available via the Platform for the purposes of transferring funds to an easy access Savings Account (via your Transaction Account) by standing order from your Nominated Account using a specific reference code, usually on a regular basis.

Service Bank means the FSCS-protected bank authorised by the Prudential Regulation Authority with whom Raisin UK has contracted to provide Transaction Accounts and Cash ISAs to its customers and for whom Raisin UK acts as outsourced service provider in relation to certain services.

Service Bank Terms means the terms and conditions of the Service Bank in respect of the provision of your Transaction Account and Cash ISA, as amended or replaced from time to time.

Services means the online services available to you from your Raisin UK Account. These services will include:

1. the functionality to open and administer your Raisin UK Account, Savings Accounts, Transaction Account and any Cash ISA;
2. the functionality to view Savings Accounts via your Raisin UK Account
3. the functionality to view reports relating to your Raisin UK Account, Savings Accounts, Transaction Account and any Cash ISA; and
4. access to information and literature relating to your Raisin UK Account, your Savings Accounts, Transaction Account and any Cash ISA.

Tax Year means the period from and including 6th April to and including the subsequent 5th April.

Terms means these Raisin UK Terms and Conditions, as amended from time to time in accordance with these Terms.

Transaction Account means the account opened on your behalf with the Service Bank following your successful Account Application and which is required in order for you to open a Cash ISA.

Trustee means Raisin Platforms Limited, the trustee and deposit administrator for some of our Partner Banks

UK means the United Kingdom of Great Britain and Northern Ireland, excluding the Isle of Man and the Channel Islands.

UK Resident means a person who:

1. is resident in the UK for tax purposes and has a UK residential address; or
2. performs duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, provided that in order to open and maintain a Cash ISA, the individual must be a resident in the UK for tax purposes and have a UK residential address. For the avoidance of doubt, an individual who does not satisfy these requirements may nevertheless be eligible to open and maintain a Transaction Account; or
3. is married to, or in a civil partnership with, a person who performs such duties.

Website means www.raisin.com/en-gb

Any reference in these Terms to writing or similar expressions includes a reference to email or comparable means of communication. Any reference in these Terms to provisions of a statute or statutory instrument is a reference to it as amended, extended or re-enacted from time to time.

Raisin UK Account 

1.1. We provide the Raisin UK Platform which is a savings marketplace platform that enables you to register for a Raisin UK Account in order to access and manage multiple savings products from our panel of Partner Banks.

1.2. By registering for a Raisin UK Account on the Raisin UK Platform, you can hold and view a range of Savings Accounts in one place.

1.3. To open a Raisin UK Account with us, you must be at least 18 years old and a UK Resident. You will not be able to open a Raisin UK Account with us if you are not a UK Resident with sole UK tax residency or if you are a US person (i.e., US citizen, US resident, or a green card holder).

1.4. You are unable to open a Raisin UK Account if you currently have any of the following accounts: an existing Raisin UK Account in your name, Smart Savings from Willis Owen, Cash savings hub from AJ Bell YouInvest or AvivaSave from Aviva.

1.5. Your Raisin UK Account is for your sole and personal use and should not be used by any other individuals such as trustees, attorneys, family members or other third parties, for example financial advisers. You must use your Raisin UK Account solely to invest funds belonging to you. We do not provide advice about the suitability of any savings product or assess its appropriateness for you. Please ensure you read the materials we provide about savings products carefully before you invest. If there is something you do not understand, let us know. If you want advice about investing, please contact a qualified investment adviser.

1.6. When registering for a Raisin UK Account, you will also be applying to open a Transaction Account and, if selected, a Cash ISA in your name with the Service Bank. Your Transaction Account and Cash ISA are operated by the Service Bank, with certain administrative functions being provided by Raisin UK, under the Service Bank Terms. The Service Bank acts as the ISA Manager for your Cash ISA and retains responsibility for regulatory compliance, subscription limits, and submission of HMRC returns, while Raisin UK provides administrative functions and executes fund transfers on its behalf. Your deposits with the Service Bank are protected by the FSCS, up to the FSCS limit. Please refer to the Service Bank Terms for more information.

1.7. We are entitled to change the bank acting as Service Bank at any time and, if we decide to do so, we shall provide at least 2 months’ prior written notice to you of such change, along with a summary of how that change will affect you both in respect of your Transaction Account and any Cash ISA you may hold.

1.8. You will be asked for certain information when you register for a Raisin UK Account, including the following details:

1.8.1. you must nominate a UK bank, building society or EMI account which must be held in your name (“Nominated Account”) from which you will fund your Transaction Account. Any withdrawals from your Transaction Account can only be paid back to a Nominated Account; and

1.8.2. you must provide us with a unique UK-registered mobile telephone number to register for a Raisin UK Account and to access our Services. The mobile number cannot already be allocated to a different Raisin UK Account. We and our partners use this number to ensure the security of our customers, for example, by verifying newly registered Raisin UK accounts and/or when money is being withdrawn from your Transaction Account. It may also be used to remind you of maturing deposits and your options.

1.9. Your application for a Raisin UK Account and opening of your Transaction Account may involve the Service Bank (or its subcontractor(s)) performing certain checks and verifications, including checks required under the AML requirements and other applicable UK law.

1.10. By completing an Account Application, you confirm (i) that the information you have provided is accurate and complete; (ii) consent to the Service Bank opening a Transaction Account on your behalf; and (iii) to Raisin UK and its partners undertaking relevant anti-money laundering and identity verification checks on you.

1.11. If we accept your Account Application, you will have access to the Raisin UK Platform via your Raisin UK Account for use in accordance with these Terms.

1.12. Your Raisin UK Account will only be opened when:

1.12.1. you have accepted these Terms;

1.12.2.you have accepted the Service Bank Terms; and

1.12.3.we have accepted your Account Application.

1.13. Once we have accepted your Account Application, we will provide a Raisin UK Account in your name and maintain it in accordance with these Terms and we will request that the Service Bank open a Transaction Account in your name, in accordance with the Service Bank Terms.

1.14. When you view information about your Transaction Account on the Platform, we are providing you with an account information service under the Payment Services Regulations 2017. When you make payment orders from your Transaction Account through the Platform, we are providing you with a payment initiation service under those regulations.

1.15. If you apply for a Cash ISA, the Service Bank Terms will apply, along with the following specific terms: 

1.15.1.1. You may only apply for a Cash ISA online and via the Raisin Platform.

1.15.1.2. You may only deposit up to the maximum annual ISA allowance each tax year into your Cash ISA. This allowance applies across all ISAs you hold.

1.15.1.3. Your Cash ISA is a flexible cash ISA, meaning you can take money out and replace it into the same Cash ISA in the same tax year without it counting towards your annual ISA allowance for that tax year. 

1.15.1.4. You can fund your Cash ISA from your Transaction Account, or by transferring funds from a cash ISA or if ISA Regulations permit, from a stocks and shares ISA held with another provider, or from the return of funds arising from your investments in Savings Accounts with Partner Banks, subject to our transfer-in process via the Platform.

1.16. If you apply for a Cash ISA, you will be required to make a declaration to confirm certain information prior to any Cash ISA being opened on your behalf. Such declaration will include confirmation that:

1.16.1. All subscriptions made belong to you;

1.16.2. You are 18 years or over;

1.16.3. You have not subscribed, and will not subscribe, to more than the overall ISA subscription limit total in the same tax year;

1.16.4. You are resident in the United Kingdom for tax purposes;

1.16.5. You will inform the ISA Manager if you cease to be resident; and

1.16.6. You have agreed to these terms and conditions.

1.17. If any information provided in your Account Application is found to be incorrect or incomplete or we, the Service Bank or any of our partners have been unable to complete an identity verification check or other checks to our satisfaction, we will request further information from you. We may reject your Account Application if you do not provide the required information.

1.18. If we, the Service Bank or any of our partners have been unable to complete identity verification checks to our satisfaction following receipt of your Account Application and any further information requested or obtained pursuant to these Terms, we will reject your Account Application.

1.19. We have full discretion to accept or not to accept an Account Application and we reserve the right to reject your Account Application and not to give you any reasons for doing so.

1.20. You are required to notify us promptly if there is a change to any of the following:

1.20.1. your name;

1.20.2. your address;

1.20.3. your Nominated Account;

1.20.4. your unique UK registered mobile phone number

1.20.5. your email address; 

1.20.6. your status as a UK Resident; and/or

1.20.7. your status as a US person

1.21. Any changes notified under clause 1.20 or changes to our internal policies may necessitate further anti-money laundering checks being carried out. It might be necessary for us to ask you for, and for you to provide, more information as part of this process.

1.22. For the terms and conditions of particular Savings Accounts offered through the Raisin UK Platform, please refer to the specific product details provided by the Partner Bank within your Raisin UK Account.

1.23. After registration and opening of the Raisin UK Account in accordance with clause 1.11 above, you will have access to the Raisin UK Platform. Via the Platform, you can – subject to the specific conditions of each Savings Account – manage your Savings Account(s) and, for example, renew or request a termination or receive messages from the Partner Bank. You can also use the Platform to transfer funds in your Transaction Account (for example, proceeds received following a closure of a Savings Account) back to your Nominated Account (subject to clause 8 of the Service Bank Terms), in which case the Service Bank will receive such instructions the day you give them. This option will be clearly displayed on the Platform. Once given, your instructions cannot be withdrawn. Occasionally, we may need to make checks or ask for further information, which may delay the payment.

1.24. Once you are a Raisin UK customer and have a Raisin UK Account and a Transaction Account, should you decide to open a Savings Account, you will need to enter into a deposit contract with the relevant Partner Bank, unless the Trustee enters into a deposit contract with the relevant Partner Bank as bare trustee on your behalf. Further information in relation to the terms of each Savings Account is available on the Raisin UK Platform.

1.25. Your Raisin UK Account can hold one or more Savings Accounts, allowing you to select and monitor your portfolio. Please note that while most Savings Accounts involve only ordinary deposits, some may be structured deposit products. Structured deposits are deposits with interest rates linked to the performance of underlying investments. We will always make it clear when a Partner Bank product is a structured deposit and explain to you how the particular product works.

1.26. As the Savings Account is held by a Partner Bank, there may be some additional verification or information required from you. Opening a Savings Account may involve the Partner Bank (or its subcontractor(s)) performing certain checks and verifications, including checks required under AML Requirements and other applicable UK law. The Partner Banks may decline your application to open a Savings Account following their completion of such checks.

1.27. We will send you details of how to fund any Savings Accounts opened through your Raisin UK Account within the Funding Window, and explain what information is required, with an acknowledgement of receipt of your application for the Savings Account(s). If you want to (subject to any specific terms and conditions of each savings product) select any savings products, order a renewal or carry out any other action or transaction in relation to your Transaction Account or any Savings Account, you can action these via the Platform when logged into your Raisin UK Account. You will first need to send funds from your Nominated Account to your Transaction Account. When you do this, your Nominated Account provider may request to check that your name matches the account number and sort code you’ve given them ('Confirmation of Payee'). You can ask us to opt out of your details being checked using the contact details at 2.2 and opt in again the same way.

1.28. If your application to open a Savings Account is successful, you will need to make a transfer from your Transaction Account or Cash ISA to a Partner Bank (or to the Trustee who will then make a deposit in a Savings Account with the Partner Bank as bare trustee on your behalf). You can, via the Platform, instruct the Service Bank to transfer the confirmed deposit amount from your Transaction Account or Cash ISA to your Savings Account at the Partner Bank (or the Trustee, if appropriate), once the required funds are held in your Transaction Account (subject to clause 8 of the Service Bank Terms). The Service Bank will receive the instructions the day you give them. Occasionally, we may need to make checks or ask for further information, which may delay the payment. Please note these instructions cannot be withdrawn. The Trustee works as a deposit administrator for some of our Partner Banks and will, as required, provide administration services in order to execute your instructions. If the Trustee deposits funds with a Partner Bank on your behalf, this may be in a pooled account with other customers’ funds.

Cash ISA

1.29. When you open a Cash ISA, the Service Bank will open a second transaction account that is subject to the ISA rules (the Cash ISA) in your name. To invest money in your Cash ISA you will need to either (i) (deposit funds into your Cash ISA using new money transferred into your Transaction Account, or reinvest payout funds from a previous savings account, or (ii) request a transfer in from another eligible ISA held with another ISA provider by selecting "Transfer My ISA to Raisin" on your dashboard. You will not be able to deposit funds in your Cash ISA other than via the routes listed at (i) and (ii) above. From your Cash ISA you will then be able to  invest money held in your Cash ISA into a Savings Account offered by a Partner Bank and those funds will be transferred out of your Cash ISA and held by Raisin UK as Trustee with the Partner Bank in a pooled account on your behalf. Although your funds will be held outside your Cash ISA during this period, they will continue to count as part of your ISA subscription for the tax year in which they were originally paid in, and any interest earned will remain tax-free. Any Savings Account opened within the Cash ISA wrapper can only be funded from funds held in your Cash ISA transaction account. 

1.30. For new subscriptions you may only deposit up to the maximum annual ISA allowance each tax year, into your Cash ISA.

1.31. The annual ISA allowance applies to you across all ISAs, not per individual ISA. This means that if you hold multiple ISAs, your total subscriptions across all such accounts cannot exceed the annual ISA allowance. If you hold more than one ISA with the Service Bank through eligible intermediaries, and the Service Bank identifies that your combined subscriptions have reached or exceeded the annual ISA allowance, the Service Bank may enforce the limit. This may include refusing to process any further subscriptions.

Transfers in to your Raisin Cash ISA

1.32. We may accept transfers into your Raisin Cash ISA from any existing ISAs that you hold if: (i) our Website provides you with the option to transfer in; and (ii) they are to be made by electronic transfer from an ISA provider that is included on our list of supported transfer providers. All other Transfer in requests made by email or on paper  will be rejected. To ask for a transfer in, you will need to complete and submit to us a transfer instruction that meets your current ISA provider’s requirements. When you choose to transfer funds from an ISA managed by another provider to your Cash ISA, you must initiate the process by providing us with your formal transfer instructions by requesting a transfer in using the Platform by selecting “Transfer My ISA to Raisin” on your dashboard. Upon receiving your request, we will promptly review the transfer application and confirm you are requesting to transfer funds from another cash ISA, and from a provider which is supported by us, and that you have no other transfers already in progress. We will notify you if the transfer request is rejected.

1.33. On acceptance, we will promptly notify the existing ISA manager and proceed with the transfer.  The transfer will be processed and confirmed to the other manager within 5 working days, although transfers from stocks and shares ISAs could take longer.

1.34. Please note that: (i) we only accept transfers in, in cash. If you want to transfer a non-Cash ISA to us, any investments will be sold as part of the process. If the price of the investments you held go up while the transfer is happening, you may lose out on any increase in value; (ii) all transfers in will be paid into your ISA Transaction Account. Once received into your ISA Transaction Account, you will then be able to select new Savings Products and/or move money to other existing Savings Products in your Raisin Cash ISA; (iii) you should check your existing provider’s charges for transferring-out your existing ISA – for example exit costs or charges for closing your existing account early (iv) Raisin will request an early closure waiver from you to enable the selling or closing of your holdings for the purposes of completing the transfer for all transfer in requests, regardless of the type of account you are transferring from.

1.35. The time it will take to transfer in an existing ISA is subject to the processes of your existing ISA provider. Following the receipt of your funds and all required documentation from the outgoing ISA manager, we will credit your Cash ISA within 3 working days.

1.36. You are also entitled to transfer funds from a cash ISA or a stocks and shares ISA held with another provider into your Cash ISA, but you cannot transfer funds from an ISA that is not a cash ISA or a stocks and shares ISA into your Cash ISA. 

1.37. The ISA Manager does not accept defaulted cash subscriptions from a cash ISA that has been managed by an ISA manager declared to be in default by either the Financial Conduct Authority or Financial Services Compensation Scheme.

Transfers out of your Raisin Cash ISA

1.38. Should you wish to transfer funds out of your Cash ISA to another cash ISA, you will be required to transfer all funds deposited in Savings Accounts and close all Savings Accounts held in your Cash ISA. We will not process partial transfers out and you may incur interest penalties with the Partner Bank(s) for breaking any fixed term deposits early. Prior to requesting any transfer out you should consult the product literature in relation to each Savings Account held within your Cash ISA.

1.39. Transfers from the Raisin Cash ISA to another ISA provider will take place following the receipt of the valid instruction from your new ISA provider. Subject to the ISA Regulations, we will transfer your Raisin Cash ISA in accordance with the instruction being received, however, it may take up to 15 working days (or 30 calendar days if it’s a transfer to a non-cash ISA) for us to implement your instructions.

1.40. You can only transfer the full balance of your Raisin Cash ISA to another provider and, upon you doing so, your Raisin Cash ISA will close.

1.41. If a residual interest payment is received following the full transfer out of your Raisin Cash ISA we will transfer this to your Nominated Bank Account (if you have one). If you do not hold a Nominated Account we will contact to outline your available options.

1.42. You cannot transfer Savings Accounts held in your Raisin Cash ISA, but in the event of a valid transfer out request we will close your account and transfer the entire balance of your Raisin Cash ISA to your new ISA Manager. If you hold: (i) a fixed-term Savings Account, you may incur an interest penalty or break fee which we will deduct from the balance to be transferred to your new ISA provider. You should tell your new ISA provider whether you want to transfer straight away, or wait for fixed-term products to mature so that the money can be transferred without charge; (ii) a Savings Account that is a limited access or notice account, you may incur an interest penalty if you have exceeded the number of permitted withdrawals or you do not give us the necessary prior notice to close the Savings Account before you instruct the transfer to your new ISA provider. You should tell your new ISA provider whether you want to transfer straight away, or wait for a notice period to expire so that the money can be transferred without incurring an interest penalty.

1.43. Transfers out can be rejected or fail and may not be completed, including for reasons outside of our or the ISA Manager’s control. In such circumstances, the funds will be held in your Cash ISA with the Service Bank but we will be unable to reinvest those funds in the Savings Accounts from which they were transferred nor restore original savings rates or refund lost interest.  

1.44. The Service Bank reserves the right to retire as your ISA manager. If they do this, they will transfer your Raisin Cash ISA to another ISA provider in accordance with the ISA Regulations. If this happens, we will give you at two (2) months’ notice. 

Subscriptions 

1.45. You can subscribe to various cash ISAs (including the Raisin Cash ISA) in each Tax Year as long as you remain within the ISA allowance for that Tax Year. If you believe that you have broken the ISA Regulations (for example, by exceeding your ISA allowance in the Tax Year) you should first call HMRC’s savings helpline on 0300 200 3300. In the event of an oversubscription HMRC may advise you to make a repair to bring you within your annual limit by making a withdrawal. You must inform us if you have exceeded your ISA allowance and the steps you are taking.

1.46. We will contact you if we become aware that a failure to follow the ISA Regulations means that your Raisin Cash ISA, or a particular subscription within it, has, or will, need a repair or become void. In either case income tax may be due on the interest earned, including any interest that has already been paid. You are responsible for paying any tax due to HMRC.

1.47. If your Raisin Cash ISA does not meet the ISA Regulations, we may close it. This may incur a break fee or interest penalty which we will deduct from the funds in your Cash ISA.

Interest  

1.48. Any interest you earn on money invested in a Savings Account offered through your Cash ISA is set and paid by that Partner Bank in accordance with the terms that apply to that product. Neither the ISA Manager or Raisin determine, guarantee, or pay interest on the Savings Accounts, and we are not responsible for any changes to, delays in, or non‑payment of interest by the Partner Bank.

1.49. All information about interest (such as rates, when interest is paid and how it is calculated) will be set out in the terms of the relevant Partner Bank.

1.50. Interest will stop being earned once your funds are returned from the Partner Bank back into your Cash ISA. Funds held in your Cash ISA wrapper but not invested in a savings product will not earn interest.

1.51. All interest paid on Savings Accounts held within your Cash ISA wrapper will continue to be treated as tax‑free for as long as the Cash ISA remains valid under the ISA Regulations

General terms applicable to Raisin UK Account and Cash ISA

1.52. If a Partner Bank is in the UK, your funds should be protected under the FSCS, even if you invested through the Trustee as bare trustee. If a Partner Bank is abroad, we will explain whether a different deposit guarantee scheme applies instead.

1.53. For further information about the FSCS (including current limits, amounts covered and eligibility to claim) contact us or visit our Website. You can also visit the FSCS Website at fscs.org.uk or call the FSCS on 020 7741 4100 or 0800 678 1100.

1.54. Raisin will cap your deposit limit per Partner Bank at the time of opening any Savings Account at current FSCS limit at that time. If you hold a Savings Account and then open a Savings Account through your Cash ISA the total value of those deposits will be unable to collectively exceed the FSCS limit. However, interest accruals may mean that your total funds invested per Partner Bank exceed the FSCS limit. 

1.55. In addition to the agreements you have in place under clause 1.12, you will need to enter into the following contracts to invest in a savings product provided by any Partner Bank:

1.55.1. terms and conditions and/or product factsheet applicable to the specific product you are investing in (provided by the Partner Bank via the Raisin UK Platform); and

1.55.2. where the Trustee provides deposit administration services, the Trustee’s terms and conditions, under which the Trustee deposits funds in certain Savings Accounts as bare trustee on your behalf.

1.56. You agree to provide us from time to time with all such information about you as we may reasonably require in order to fulfil:

1.56.1. our legal or regulatory obligations; and/or

1.56.2. our obligations to you under these Terms.

1.57. You acknowledge and agree that when authorising and operating a Savings Plan via the Platform:

1.57.1.1. only the specific reference provided for investment in a specified Savings Account must be used, and if you try to use any other reference, this will not move any funds to the specified Savings Account, but instead remain in your Transaction Account;

1.57.2. you must be accurate in the provision and inputting of the reference provided;

1.57.3. only Savings Plan transfers initiated from your Nominated Account will be accepted; and

1.57.4. you agree that you instruct and authorise us to make payment from your Transaction Account to the specified Savings Account when you provide a payment instruction requesting the initiation of a payment from your Nominated Account using a specific Savings Plan reference.

1.58. From time to time, we may ask you for information or invite you to take part in surveys to determine whether our Services, the Transaction Account, Cash ISA or Savings Accounts are appropriate, provide fair value and are producing the right outcomes for you. We may share the results of such information on an anonymised basis with the Service Bank or Partner Banks.

2.1. We will usually contact you and provide notices in connection with these Terms through your Raisin UK Account. In some cases, we may also contact you using the UK mobile phone number or email address you provided in your Account Application, or as subsequently updated by you.

2.2. You can contact us by telephone at 0161 388 2399, by email at help@raisin.com or by secure message via your Raisin UK Account. If you contact us electronically, we may collect your electronic identifier (Internet Protocol (IP) address) supplied by your service provider. You may also contact us via the Raisin App. For further information about this you should refer to clause 4 of these Terms.

2.3. We record or monitor telephone calls with you in order to verify our dealings with you and to make sure that we are meeting our service standards. Recordings and emails may be used by us in evidence in the event of a dispute.

2.4. These Terms and all of our communications and documents in relation to your Raisin UK Account will be in English and are available on the Website. If at any time you require a copy of these Terms, please let us know.

2.5. In the messages area of your Raisin UK Account you will find your individual documents and messages from Raisin UK, the Service Bank, the Trustee and Partner Banks (for example, contracts or account statements).

2.6. If you require an alternative accessible format of any of the documents and/or messages created by us that we send to you, then please contact us by telephone on 0161 388 2399 or by email at help@raisin.com.

2.7. Raisin UK will contact you approximately one month before the maturity date of any fixed term Savings Account to provide information from the relevant Partner Bank in relation to your options. If Raisin UK does not receive a response from you by the maturity date of your Savings Account, your returned deposit plus any interest (“Maturity Proceeds”) will be transferred to your Transaction Account at the end of the fixed term unless, where permitted, you have notified the Partner Bank before then (giving such notice as the Partner Bank requires) that you would like to reinvest. If you are not reinvesting, please note that Maturity Proceeds can take up to two Business Days after the maturity date to appear in your Transaction Account.

2.8. If you don’t tell the ISA Manager to close your Cash ISA, the ISA Manager will automatically renew it at the start of every tax year in accordance with the Service Bank Terms. 

3.1. Push Notifications: If you are a registered user of the Raisin App, you may receive notifications from us. With your consent, we may send push notifications or alerts to your unique registered UK mobile phone even when you are not logged in to the Raisin App. We use push notifications to send you notifications related to our Services, any Savings Account Application(s) you have made and any active Savings Account(s) you may have with us. You can manage your push notification preferences or deactivate these notifications at any time by turning off the notification settings in the Raisin App or in the settings of your UK mobile phone. If you choose not to receive push notifications, then you will still receive in-app notifications within the Raisin App.

3.2. Location Information: When you use the Raisin App or the Website and with your consent, we may collect and use your precise (or GPS) location information collected from the Raisin App or the Website to enhance your use of the Raisin App or the Website. Please note that turning off location services may affect certain features of our Raisin App or the Website, including the ability to identify which country you are in, as the Raisin App is available throughout Europe. For security purposes, if you are located outside the UK in certain high-risk countries (as determined from time to time by Raisin), the Raisin App and the Website access may be temporarily paused until you return to a non high-risk country. You are responsible for ensuring that you have downloaded the latest version of the Raisin App. If you have not downloaded the latest version, or you have not upgraded your UK mobile phone's operating system to the latest available, then you may not be able to access all the features of the Raisin App.

4.1. You should provide any instructions via the Platform. You may also, in limited circumstances, give instructions to us in writing by secure message via your Raisin UK Account, or by email in relation to a change of your personal details or information, but such instructions will require additional security measures to ensure that they are valid and may take more time to be processed. 

4.2. You agree that if you provide an instruction via the Platform, then the Service Bank, the Trustee or the Partner Bank (each, a “Receiving Party”) may rely upon the contents of, and act on, that instruction and the accuracy of the information contained therein.

4.3. The Receiving Party may refuse to act on any instruction (or request additional information or documentation from you before processing your instruction) in accordance with their terms or contractual arrangements with you.

5.1. We will make available statements at least once a month showing the balance of the Transaction Account. The statement(s) will be made available for you to download by accessing your Raisin UK Account. We will notify you when statements are available via the secure messages on the Platform.

5.2. We will make available statements at least once a year for your Cash ISA and any existing Savings Accounts you have with the Partner Bank(s) and, in respect of each, the amount of interest, or in the case of any Shariah account(s), the amount of profit, paid to you. The statement(s) will be made available for you to download by accessing your Raisin UK Account. We will notify you when statements are available via the secure messages on the Platform. Please check your statements carefully and tell us at once if they include something which appears to you to be wrong or not in accordance with your instructions.

6.1. We will process your personal information in accordance with our Privacy Policy, which explains the types of personal information we collect, the purposes for which we process it, and your rights under data protection laws. By using our services, you confirm that you have read and understood our Privacy Policy and that all information you provide to us is accurate and up to date.

6.2. In certain circumstances, we may be required by law or applicable regulations to share information about your accounts with the UK tax authorities. The tax authority we share the relevant information with could then share it with overseas tax authorities by virtue of applicable international data sharing agreements or as otherwise required by applicable law. If we require additional information from you for these purposes, you must provide such information on request. 

7.1. We may make changes to these Terms for a number of reasons, including:

7.1.1. to change the way your Raisin UK account operates, including to reflect improvements to that technological, service or propositional enhancements have allowed us to make; or to reflect a change in the Service Bank or to reflect the circumstances of particular Partner Banks; 

7.1.2. to comply with a change in law, regulation or related guidance or to reflect changes in industry standards or market practice; or

7.1.3. where we reasonably believe the change benefits you or is necessary to preserve any tax relief you have in relation to your Cash ISA

7.2. We will inform you of changes to these Terms by directing you to the Website, where the amended version will be available. Where a change affects your Transaction Account or payments to and from it, we will do this two months before the change takes effect (unless the change reflects a change in law which has to be reflected sooner). For all other changes, we will either give you 30 days’ notice or, if the change (a) benefits you, (b) is made to reflect a change in the law; or (c) is a minor change or correction, we will tell you soon after the change has come into effect.

7.3. If you object to a change made by us under this clause, please contact us. You may be able to terminate our relationship under clause 8.4.

7.4. Any change to the Terms shall come into effect and be deemed accepted by you if you continue to use your Raisin UK Account and the Raisin UK Platform after the expiry of the notice period stated in clause 7.2.

8.1. If we are concerned about the security of your Raisin UK Account or suspect unauthorised or fraudulent use, we may suspend the operation of any or all of our Services with immediate effect. If we do so we will promptly notify you of any such suspension, unless we are not able to do so for legal or regulatory reasons. The Service Bank may also suspend your ability to access your Transaction Account in certain circumstances, as set out in the Service Bank Terms.

8.2. We may take action to close your Raisin UK Account (including any associated accounts) immediately if we reasonably believe that:

8.2.1.0. you have given us any false information;

8.2.1.1. you fail to provide adequate information to facilitate compliance with legal or regulatory obligations to include but not be limited to the carrying out further anti-money laundering and KYC checks;

8.2.1.2. your Transaction Account is closed by the Service Bank;

8.2.1.3. you have breached the Service Bank Terms;

8.2.1.4. you or someone else is using your Raisin UK Account illegally or fraudulently;

8.2.1.5. you behave in a threatening or violent manner towards our staff;

8.2.1.6. you were not entitled to open your Raisin UK Account or you no longer have a Nominated Account or mobile phone number fulfilling the criteria set out in clause 1.8 above;

8.2.1.7. you have been in serious or persistent breach of these Terms or any additional conditions which apply to your Raisin UK Account;

8.2.1.8. you have become bankrupt; or you are unable to pay your debts; or any step, application or proceeding has been taken by you or against you or in respect of the whole or any part of your business for a voluntary arrangement or composition or reconstruction of your debts, winding up, dissolution, administration, receivership or otherwise;

8.2.1.9. you are no longer UK Resident or are a US person;

8.2.1.10. the person using the Raisin UK Account is not the account holder; 

8.2.1.11. your Cash ISA has become void as a result of a failure to satisfy the ISA Regulations

8.3. If you have lost your mobile phone and are getting a replacement, please let us know as soon as possible. We are unlikely to close your Raisin UK Account under those circumstances. We can end our relationship with you, for any reason or without giving a reason, by telling you in writing. We will give you 90 days’ notice in writing unless there are exceptional reasons for us needing to terminate the relationship sooner (for example, in the circumstances set out in clause 8.2 or where we are no longer appropriately authorised to hold your Account). Where the relevant law or regulation governing your Raisin UK Account does not permit immediate termination in such circumstances, we will follow the process required under those rules

8.4. If you have no active savings products in any Savings Accounts, you may close your Raisin UK Account by giving us 30 calendar days' notice through the App or our Website. If you instruct us to close your Cash ISA within fourteen (14) days of opening it, the money you paid into it will not count towards your annual ISA allowance. If you wish to retain your ISA tax benefits upon closure, you may arrange to transfer your Cash ISA balance to another ISA provider. The transfer can take up to 15 working days to complete. Once a transfer-out request is successfully processed, your Cash ISA will be closed. We will instruct the Service Bank to transfer any Cleared Funds from your Transaction Account and Cash ISA to your Nominated Account at the end of this period and to close your Transaction Account and Cash ISA. Please note that a Cash ISA cannot be maintained without an active Transaction Account. However, you cannot generally close your Raisin UK Account before the expiry of the fixed terms for all savings held in your Savings Accounts or the expiry of the relevant notice periods in respect of any notice accounts. We may agree to allow you to close your Raisin UK Account earlier in exceptional circumstances, for example where you have died, been diagnosed with a terminal illness or have been declared bankrupt. During the thirty (30) calendar day notice period, you should download and save any statements, contracts and/or other content in your Raisin UK Account as these will not be available to you to access once your Raisin UK Account has closed.

8.5. Where your Raisin UK Account is closed as a result of any of the circumstances arising in clauses 8.2 to 8.3, if you have any active Savings Accounts with Partner Banks, we will arrange for the return of the funds you have in those Savings Accounts to your Nominated Account, subject to any delays required by the Partner Bank's terms and conditions or product factsheet.

8.6. Where your Raisin UK Account is closed as a result of any of the circumstances arising in clauses 8.2 to 8.3, prior to the closure of your Raisin UK Account we will also arrange for any Cleared Funds in your Transaction Account to be returned to your Nominated Account.

8.7. For the avoidance of doubt, closing your Transaction Account will also require the closure of your Cash ISA, as a Cash ISA cannot be maintained without a Transaction Account. In that case, any funds invested through your Cash ISA will be returned to your Cash ISA, then transferred to your Transaction Account, and finally to your Nominated Account before both accounts are closed.

8.8. If you wish to close your Cash ISA you must first close all Savings Deposits (in accordance with those product terms) and request a withdrawal from your Cash ISA, once funds are available or request a transfer out. If only your Cash ISA is closed, we will arrange for any funds invested in Savings Accounts through it to be returned to your Cash ISA and then transferred to your Transaction Account prior to closing the Cash ISA. Your Transaction Account will remain open unless you separately instruct the Service Bank to close it. You may incur interest penalties with the Partner Bank(s) should you break any fixed term deposits early. Prior to requesting any early termination, you should consult the product literature in relation to each Savings Account held within your Cash ISA.

8.9. If you die, your representatives must contact us and provide all necessary information to confirm your death. The ISA Manager will no longer accept any payments or transfers into your Cash ISA. The ISA Manager will continue to treat money already in your Cash ISA the same way from the date of your death until the earliest of: the administration of your estate is completed, your Cash ISA is closed, or 3 years have passed since your death. After your death, your spouse or civil partner may be able to make an additional subscription to their own ISAs (to the value of your Cash ISA) without affecting their own annual allowance where applicable laws allow for this. We do not allow additional permitted subscriptions to be opened or managed within the Raisin Cash ISA but we will support the additional permitted subscription transfer process off the Raisin platform.

9.1. You must take all reasonable precautions to prevent misuse of your Raisin UK Account and to safeguard your customer security details. Do not disclose the details of the security procedures, password, PIN or other security codes relating to your Raisin UK Account to anyone else.

9.2. Do not store your customer security details in any way that can be understood by someone else. Any security related device must be kept physically secure, which includes making sure that customer security details are not kept in any form (including browser or any other software) in such a way that anyone using the same device can go through the security procedures using stored details.

9.3. If your customer security details are lost or stolen or you think someone knows them or has used or tried to use them, or your Raisin UK Account has otherwise been compromised, you must tell us immediately by contacting 0161 388 2399 or email help@raisin.com . If we suspect that your Raisin UK Account has been compromised, we will contact you by phone and take you through our security procedure.

9.4. We will do all that we reasonably can to prevent a breach of security resulting in unauthorised access to your Raisin UK Account and the information that we hold about you. For clarity, the Service Bank may be liable to you in certain circumstances when payments from or to your Transaction Account have gone wrong (for example, if a payment was unauthorised or incorrectly executed by the Service Bank). See the Service Bank Terms for details. Where the Service Bank would usually be liable to you but the fault is ours, we may be liable to you instead. In these cases, we will be liable only to the extent required by applicable laws.

10.1. Mistakes: If you make a mistake and give us the wrong details for a payment from your Transaction Account, please tell us, as depending on the facts, we may be able to help. Please see the Service Bank Terms for details.

10.2. Rights of third parties: Save as otherwise set out in these Terms, nothing in these Terms shall create or confer any rights or other benefits whether pursuant to  

10.3. the Contracts (Rights of Third Parties) Act 1999 or otherwise in favour of any person other than the parties to these Terms.

10.4. Assigning your rights or obligations: You may not transfer or assign any rights or obligations you may have under these Terms to any other person without our prior written consent.

10.5. Enforceability: Even if we delay in enforcing these Terms, we can still enforce them later. If we do not insist immediately that you do anything you are required to do under these Terms, or if we delay in taking steps against you in respect of your breaking these Terms, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date.

10.6. Severability: Each of the sections of these Terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining sections will remain in full force and effect.

10.7. Governing Law and Jurisdiction: These Terms are governed by English law and you can bring legal proceedings in respect of these Terms in the English or Welsh courts. If you live in Scotland you can bring legal proceedings in respect of these Terms in either the Scottish or the English courts. If you live in Northern Ireland, you can bring legal proceedings in respect of these Terms in either the Northern Irish or the English courts.

11.1. If you feel dissatisfied with any aspect of our service, then in the first instance please contact complaints-uk@raisin.com. We will acknowledge your complaint within 5 Business Days of receipt and look into it. More complicated matters can take longer, but generally we'll try to resolve your complaint within 15 Business Days, or 35 Business Days for more complex matters.

11.2. If we are unable to resolve your complaint to your satisfaction and you are an eligible complainant as defined by the FCA, you will have recourse to the Financial Ombudsman Service. Its contact details are as follows:

Telephone: 0800 023 4567

Email: complaint.info@financial-ombudsman.org.uk

Webpage: www.financial-ombudsman.org.uk/contact-us

12.1. If you think you've been tricked into sending money to a fraudster (known as 'authorised push payment' or APP fraud) from your Transaction Account, you must let us know as soon as you can, and at most within 13 months. We’ll look into the matter on behalf of the Service Bank. We’ll let you know whether you’re entitled to a full, partial or no refund, usually within five working days after the day you told us. It may take up to 35 working days if we need to gather further information. If you’re entitled to a refund, we’ll pay this to your Nominated Account. Note that a £100 excess may apply, in which case the Service Bank may deduct this from the amount of your refund. Payments made before 7 October 2024 are not refundable.

12.2. You may not get a refund if we believe you acted grossly negligently, and should have known you were sending money to a fraudster. We will consider all the circumstances before we make our decision.

12.3. For more details, including on eligibility for reimbursement, please see clause 17 of the Service Bank Terms.

13.1. Nothing in the Terms excludes or limits our liability for death or personal injury arising from our negligence, or our fraud or fraudulent misrepresentation, or any other liability that cannot be excluded or limited under English law.

13.2. Subject to clause 13.1, we will not be liable for:

13.2.1. any interruption, disruption or impairment of our Services that is not our fault;

13.2.2. declining your application for a Raisin UK Account;

13.2.3. a Partner Bank or the Trustee declining your application to open a Savings Account;

13.2.4. closing or suspending your Raisin UK Account in accordance with these Terms;

13.2.5. any loss arising from your inability to use the Raisin UK Platform due to interruptions not within our control;

13.2.6. any direct or indirect loss or damage you may suffer including loss of revenue, loss of reputation, goodwill, opportunity or anticipated savings as a result of your total or partial use or inability to use your Raisin UK Account or the Raisin UK Platform; and/or

13.2.7. for the quality, performance or legality or any other aspect of any savings product or any other service provided by a third party via the Raisin UK Platform (though the third party may be liable to you).

13.3. In all other circumstances (including where we have been negligent), our liability to you will be limited to a refund of the balance of the account in respect of which the event giving rise to the liability occurred (and if the event giving rise to the liability does not relate to any account, then the balance of your Transaction Account at the time the event occurred).

Effective Date: 14 October 2026