Raisin is offering savers up to £100 to open a savings account
Dismal interest rates means that savers are getting a rough deal on their cash at the moment, so any opportunity to boost our earnings is okay by us.
Raisin is a hybrid service, a mash up between a comparison site and a money management tool.
That means that you can register, open a savings account and manage your finances all in one place.
You can pick from a number of fixed-rate bonds that range from one to five years.
Suspicious that it sounds too good to be true? Well, here are the catches you should probably be aware of before signing up.
BEST BANK ACCOUNTS FOR SAVINGS
Here are some of the highest-paying current accounts around.
Nationwide FlexDirect – You'll get 5 per cent on balances up to £2,500 for the first year you have the account before it drops to 1 per cent.
You'll have to pay in £1,000 a month to qualify for the interest.
Tesco Bank Current Account – This pays 3 per cent on balances up to £3,000, until 1 April 2019 (at the earliest). To get the interest you must pay in £750 a month and pay at least three direct debits from it each month. However, you are allowed to open two accounts, so you could get 3 per cent on up to £6,000.
TSB Classic Plus – You'll get 5 per cent with TSB but only on balances up to £1,500.
You'll need to start with a pretty huge sum of money to get the most out of the offer.
The site is currently offering new customers £25 cashback when they open an account with £10,000 to £39,000, £80 cashback for sums up to £74,999 and £100 on savings £75,000 and more.
If you use it properly, the cash incentive can actually make the savings account a best buy.
Currently, the best interest rates on a one-year fixed rate savings account from Atom, Tandem and Investic pay 2.05 per cent AER.
These accounts aren't available on Raisin, and the best rate available is 1.9 per cent AER on a one-year fixed-rate account with Bank & Clients.
If you open a Bank & Clients account with a £10,000 deposit then you savings will actually be equal to 2.15 per cent with the cashback.
Unfortunately, Raisin doesn't offer easy-access accounts yet so you need to be prepared to stash away your savings for at least a year without tapping in to it.
That goes for the cashback too, which will be transferred straight into your savings account so you won't be able to touch it until the term is up.
If you know that you're likely to dip into your savings over the next year, then you're better off opening a best-buy easy access account with Marcus or Kent Reliance which offer 1.5 per cent.
Of course, Raisin isn't the only money management tool either. You can use apps like Emma, Bean and HSBC Connected to view all of your finances in one place, without having to open an account.
Savers looking to earn some extra cash on their savings should trust their money with banks that they’ve probably never heard of, experts say.
An investigation by The Sun found that some customers are being offered rates of just 0.05 per cent on their easy access accounts, amounting to just £5 in interest on savings worth £10,000 over a year.
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