Raisin and Other Savings Platforms in the UK: How They Work, Pros and Cons
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Online savings platforms have become increasingly popular in the UK. Instead of opening separate savings accounts with multiple banks, these platforms allow you to access many savings products from one place.
One of the best-known platforms is Raisin UK, but there are several others worth considering.
In this guide, we explain how savings platforms work, compare some of the most popular ones, and outline the advantages and disadvantages of using them.
What Is a Savings Platform?
A savings platform (sometimes called a cash deposit marketplace) allows you to open and manage savings accounts from multiple banks through a single login and application.
Instead of filling out separate forms for every bank, you register once and then choose from a range of savings products such as:
- Easy access savings accounts
- Fixed-rate bonds
- Notice accounts
These platforms often partner with dozens of banks and building societies, giving savers more options and potentially better interest rates.
What Is Raisin UK?
Raisin UK is an online savings marketplace that lets users open and manage savings accounts with multiple banks from a single account. It is free to use, earning its revenue from partner banks rather than from customers.
Key features include:
- Access to savings accounts from 40+ partner banks and building societies
- Easy-access accounts, notice accounts, and fixed-rate bonds
- One application and one login for multiple accounts
- FSCS or equivalent deposit protection depending on the bank
Your money is typically transferred to a transaction account provided by ClearBank before being placed with the chosen bank.
Other Popular UK Savings Platforms
Several platforms offer similar services. Here are a few major alternatives:
Flagstone
- Offers access to 65+ banks
- Focuses on higher-value savers
- Minimum deposits often around £10,000
Hargreaves Lansdown Active Savings
- Known primarily as an investment platform
- Provides access to savings accounts from 30+ banks
- No platform fee for savers
Interactive Investor Cash Savings
- Savings service powered by Flagstone
- Typically requires minimum deposits of around £10,000
Prosper
- App-based platform launched in 2022
- Offers savings products from around 25 banks
- Occasionally provides bonus interest through “Prosper Boost”
Savings platforms usually provide fixed-rate bonds, notice accounts, and easy-access savings through a central “hub” account.
Comparison of Major Savings Platforms
| Platform | Number of Partner Banks | Minimum Deposit | Fees |
| Raisin UK | 40+ | Varies | Free |
| Flagstone | 65+ | ~£10,000 | Usually built into rates |
| Hargreaves Lansdown Active Savings | 30+ | Varies | Free |
| Interactive Investor Cash Savings | 25+ | ~£10,000 | Included in rates |
| Prosper | 25+ | Varies | Free |
These platforms typically earn money from partner banks rather than directly charging savers.
✅ The Pros of Using Savings Platforms
1. One Application for Many Accounts
You only need to submit your personal details once to access multiple banks.
2. Potentially Better Interest Rates
Some platforms offer competitive or exclusive rates through partner banks.
3. Easy to Manage Savings
You can monitor all accounts from a single dashboard.
4. Diversification
Large savers can spread money across multiple banks to stay within the £120,000 FSCS protection limit per bank.
5. Reminders for Maturing Bonds
Platforms often notify users when fixed-rate accounts mature so you can reinvest.
❌ The Cons of Using Savings Platforms
1. Not the Entire Market
Savings platforms only list partner banks, so the best rates may sometimes be elsewhere.
2. Minimum Deposits Can Be High
Some platforms require £10,000 or more to access accounts.
3. Slightly Lower Rates
Banks may reduce rates slightly because they pay the platform a referral fee.
4. Extra Layer Between You and the Bank
Some people prefer opening accounts directly with banks.
5. FSCS Protection Needs Checking
Protection usually applies to the bank holding the funds, not necessarily the platform itself.
Who Should Consider a Savings Platform?
Savings platforms can be particularly useful for:
- People with large cash savings
- Savers who frequently switch to chase the best rates
- Anyone who wants to manage multiple accounts easily
However, if you only have a small amount of savings in a single account, opening accounts directly with banks may be simpler.
Final Thoughts
Savings platforms such as Raisin UK make it easier to compare and manage savings accounts from multiple banks. They offer convenience, competitive rates, and the ability to diversify deposits.
However, they may not always provide the absolute best rates on the market, and some require relatively high minimum deposits.
For many savers, the key benefit is simplicity: one login, multiple savings accounts, and less paperwork.
Why Trust Bright Savings UK?
Bright Savings UK is run by a former banker with over 25 years of experience in the banking and financial services industry. Our goal is to help everyday people save smarter, with clear explanations and practical guidance.
Suggested Internal Links
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- 7 Smart Things to Do Before the UK Tax Year Ends (5 April 2026) Last chance [Link]
- The 6% Cash ISA War in the UK — March 2026 Snapshot [Link]
- Best Cash ISA, Savings & Fixed Deposit Rates UK – March 2026 [Link]
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Disclaimer: This article is for educational purposes only and does not constitute financial advice. Always review provider terms directly before applying.