Raisin, Starling, Meteor? I was only trying to invest with ICICI…
Was trying to invest with ICICI Bank as recommended through Martin Lewis and found I needed to open a Raisin account. Opened the Raisin, rather uncomfortable about a corrupted dashboard on the way. Then it seemed my deposit must go through Starling Bank, and then a fourth organisation, Meteor, would also be involved, all needing to "hold" my money on its way in and out of ICICI. Maybe others, who knows! None of this clearly explained in terms and conditions or during account opening. Once I decided this process is not for me (I had not deposited anything), I find I can't close my Raisin account, only ASK for Raisin to do this.
So I have asked Raisin to close my account, delete my data and instruct Starling, Meteor, Tom, Duck and Harry to all do the same sharpish. I'll give them a few days before I make a formal FSA complaint and feedback through Martin Lewis. We'll see what happens. My advice to investors - read the T&C carefully and ask questions as you go along.
Please note, perhaps Raisin don't want to come across like this, but it didn't feel comfy to me.
Thank you for your review on Trustpilot.
First of all, please accept our apologies for not having replied to you sooner.
We are sorry that you feel uncomfortable with Raisin´s business model and we would be very happy to have an opportunity to speak with you in order that we can explain the way Raisin works as well as outlining the advantages of opening a Raisin Account.
Of course at first glance, it may appear that your money is being passed from one financial institution to another, and although the system may appear a little confusing at the start, there are three big advantages in opening the Raisin Account.
1) Our free one-stop online savings solution has been designed to help you earn more money from your savings. With a range of partner banks offering FSCS protected savings accounts with competitive rates in one place, we take the hassle out of finding the right savings account for you. This in essence means that your raisin Account also acts as a reliable “manager” so that you can choose from various partner banks and manage all of these savings using the single Raisin Account.
2) You can rest assured, knowing that all of our partner banks offer the above mentioned FSCS protection up to 85,000 GBP per banking group and Customer.
3) You have one Customer Services Team which will be able to assist you with questions regarding your various savings products. Were you to open several bonds with different financial institutions, you would also have different set-ups and of course different customer services teams to deal with.
We look forward to getting in touch with you and in case you have decided to have your registration cancelled, then of course we will fully respect your decision.
Kind regards,
The Raisin UK Customer Service Team
