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.
Savings rates have suffered in recent months, as the the Bank of England cutting the base rate first to 5 per cent in September, and more recently to 4.75 per cent.
Experts agree that savings rates will likely continue to drop over the coming months.
The top easy-access account for new customers has seen a drop of 0.35 per cent in the last month alone, according to rates scrutineer Moneyfacts Compare.
There is some good news, though. Savers can beat the top easy-access and fixed-rate deals by opening an account with savings platform Raisin UK*.
From 25 November, Raisin is offering a bumper £100 cash bonus to new customers who sign up for a savings account on its platform.
Currently, the best easy-access deal it has on its platform is with Monument Bank which offers 4.51 per cent.
However, on a £10,000 balance, that bonus brings it up to an effective interest rate of 5.45 per cent and a best buy.
The best easy-access account on This is Money’s independent savings tables currently pays 4.85 per cent.
Silver linings: Saving platform Raisin UK is offering a £100 opening bonus to customers who deposit £10,000 or more in an easy-access, notice or fixed-rate deal
For those seeking a one-year fixed rate savings account, the top one-year deal Raisin has on the platform is with Al-Rayan Bank, which offers an already market-leading 4.8 per cent over 12 months.
On a £10,000 balance, that bonus brings it up to a best buy 5.7 per cent.
This beats the best buy by some margin. The best one-year fixed-rate account on This is Money’s savings tables pays 4.76 per cent.
This is a good option for savers who want to lock away some savings for a year in an account offering a high rate – though they must be sure they won’t need to access the money in that time, as there will be penalties for doing so.
Caitlyn Eastell of Moneyfacts Compare said: ‘Sensible savers would be wise to lock away their cash for guaranteed returns.’
Likewise, the £100 bonus also brings Raisin’s two-year, three-year and five-year fixed-rate deals to best buy levels.
Raisin’s top two-year deal, paying 4.52 per cent through Ceylon Bank is boosted to 5.56 per cent with the £100 bonus.
By comparison, the best two-year deal on This is Money’s independent savings tables pays 4.52 per cent, the same as Ceylon’s deal without the bonus.
Savers can get a three-year deal from Raisin paying 4.6 per cent through Al Rayan Bank. This rate is boosted to 5.54 per cent with the bonus. Smartsave Bank, the best buy, currently offers 4.46 per cent for a three year fix.
Over five years, the best deal Raisin offers pays 4.4 per cent also through Al Rayan Bank.
Smartsave Bank is currently offering the market-leading rate over five years of 4.46 per cent. But Raisin’s five-year deal is boosted to an unrivalled 5.35 per cent with the opening bonus.
How to get the Raisin bonus
To get the bonus, customers need to sign up for a Raisin account using this link* by 6 December, and then enter the bonus code OFFER100.
Savers must deposit a minimum of £10,000 in a savings account on Raisin and hold it for six months to get the £100 bonus boost.
While you must sign up by 6 December, the money does not need to be deposited until 31 December.
Customers opening a fixed-rate account will only get the bonus if they open an account with a term of six months or more. The bonus for fixed-rate accounts will be paid within 28 days.
For easy-access and notice accounts, the balance must remain at £10,000 or more in their account for at least six months. The bonus will then be paid within 14 days.
Raisin says savings held with its platform are protected by the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000.
This means that if a provider fails, your money is protected up to the value 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.
They are good for savers who want to spread their money around multiple providers whilst maximising FSCS protection, but without having to open a new account at each bank every time.
SAVE MONEY, MAKE MONEY
1% cashback
1% cashback
On debit card spending. Max £15 p/m*
4.05% 6 month fix
4.05% 6 month fix
Prosper rate boost on GB Bank
Free share offer
Free share offer
No account fee and free share dealing
4.58% cash Isa
4.58% cash Isa
Flexible Isa that now accepts transfers
Sipp fee offer
Sipp fee offer
Get six months fee-free on a Sipp
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. *Chase: Cashback available for first year. Exceptions apply. 18+, UK residents.
Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.