Raisin is an online savings marketplace that allows savers to compare rates and open a number of different accounts all under one roof.

So how do these platforms work? And are they a good option for savers? Let's take a look...

An online savings marketplace is a platform that aggregates savings accounts from different banks into a central hub.

The idea is that savers can sign up to an online marketplace, deposit funds, and then choose where to put their money - all within a single login.

In the UK savings marketplaces weren’t really a ‘thing’ until German-based Raisin launched its platform in 2018. Nowadays there are a handful of marketplaces out there such as Hargreaves Lansdown, Flagstone and Insignis Cash.

Now we’ve explained what an online savings marketplace is, let’s explore some of the main benefits of using one…

1. They can make life easier.

One key benefit of using an online savings marketplace is convenience.

Should you discover the rate you’re earning can be beaten, with an online savings marketplace you can shift your cash to another account within the platform (as long as your cash isn’t locked away in a fixed account, of course).

While withdrawing your cash and moving your money to another savings account is also possible when it comes to managing a savings account the traditional way, that typically requires more steps and time. For starters, when opening a new account you normally have to fill out a brand-new application form which can take time to complete.

2. They’re transparent.

Another benefit of using an online marketplace is transparency. This is because when using an online marketplace, you can compare rates and digest eligibility requirements across providers.

Because marketplace platforms standardise how products are presented, it's straightforward to compare rates and eligibility requirements for each provider side by side. Deposit limits and withdrawal restrictions vary more when comparing providers directly across the open market, since each bank sets its own terms.

In contrast, minimum and maximum deposit limits are something you need to keep a close eye on when you open and manage a savings account the traditional way. Likewise, restrictive withdrawal limits on easy-access accounts are now quite common, so this may be another reason to opt for an online marketplace.

3. Some accounts aren’t available elsewhere.

Another potential benefit of using an online savings marketplace is the opportunity to come across exclusive savings accounts not available elsewhere.

These 'exclusive' marketplace deals sometimes offer the highest rate available in the market, though this isn't always the case.

1. They don’t compare whole of market.

Yes, online marketplaces can make it easier to compare rates and switch accounts. However, online marketplaces only work with a select number of banks. So, while rates offered may be competitive, many will miss the highest-paying deals available elsewhere in the market (which you might find in our best savings accounts guide).

2. You’ll need to keep an eye on FSCS protection.

While marketplaces often make it clear whether or not your money is covered by the all-important Financial Services Compensation Scheme (FSCS), don’t lose sight of the fact that, as of December 1, 2025, the protection limit has increased. Now, up to £120,000 of your money is protected per person, per financial institution. If you have a joint account, this protection effectively doubles to £240,000.

Importantly, some savings platforms share their FSCS protection with partner banks because they use them to hold your 'uninvested' cash. For example, the Hargreaves Lansdown Active Savings 'Cash Hub' is currently held with Barclays Bank. This means if you already have £110,000 saved directly with Barclays and you then transfer £20,000 into the HL Cash Hub, £10,000 of your total cash would sit above the £120,000 limit and would not be covered by the FSCS if Barclays were to fail. Always check which bank manages a platform's cash hub to ensure you aren't accidentally exceeding your safety limit across a single banking licence.

Something to keep in mind...

3. Rates are sometimes lower than going direct.

If you open an online savings marketplace account, you may be tempted to rely on it to compare rates. And while we’ve already covered the fact that marketplaces don’t cover whole of market, it’s also worth bearing in mind that there are occasions when rates offered by online marketplaces are lower than the rates you can earn by opening an account directly with the same provider.

One way to guard against this is to compare the marketplace rate against the provider's own direct rate before applying. Similar, in some ways, to how you might check the price of a hotel directly, rather than rely only on a third-party booking website.

Raisin is a well-known online savings marketplace in the UK. The company launched its platform in Britain back in 2018, five years after being founded in Germany in 2013.

Raisin UK has significantly expanded its network and now partners with over 40 British-based banks and building societies. Its marketplace continues to offer a comprehensive range of savings products - including easy-access, fixed-term, notice, and Sharia-compliant accounts - allowing savers to manage a diverse portfolio through a single login.

Globally, the platform's reach is even larger, connecting over 1 million savers with hundreds of partner banks across multiple European markets and the US.

You can manage your accounts through Raisin’s website, or its mobile app where you can view your balance, look at previous transactions, and download statements.

Once registered with Raisin, you’ll be invited to add your funds into a secure wallet. You can then move your cash to a savings account of your choosing.

On its website, Raisin makes a point about being able to open ‘as many accounts as you like’ so there’s nothing stopping you opening more than one type of account. Do note that if you opt for a fixed savings account, interest and your initial deposit will be paid back into your Raisin account at maturity (which you can then withdraw to your nominated bank account).

In terms of eligibility, to use the Raisin platform you need to be a UK resident aged 18 or over and have a UK bank or building society account that accepts electronic transfers. At the application stage you’ll also need to have your UK tax and National Insurance number at hand.

All accounts offered by UK banks through Raisin are protected by the Financial Services Compensation Scheme. (You’ll see the purple FSCS logo clearly displayed beside each provider in Raisin’s best-buy tables.)

Rates on marketplace platforms like Raisin move with the broader savings market.

Bank of England data shows average quoted rates across account types have risen since early 2026: instant-access rates have stayed close to flat, around 2.1%, while average 1-year fixed bond rates climbed from a low of 3.51% in March 2026 to 4.04% by August 2026, and 3-year fixed bond rates rose from 3.74% to 4.37% over the same period — even though the Bank of England's base rate itself has held steady at 3.75%.

As with any comparison site, the specific rates on offer through Raisin at any given time will depend on which partner banks are featured, so it's worth checking live rates before applying.

Source: Bank of England, Quoted household interest rates (series IUMWTFA, IUMB6RI, IUMB6VJ), monthly data to August 2026.

Even when Raisin's rates don't top the market, marketplaces still offer one practical advantage: moving funds into a different notice or fixed-rate account on the same platform doesn't require filling out a new application, unlike opening an account directly with a new provider.

Raisin has continued to run cashback and welcome-bonus promotions periodically since launch, most recently in 2026; these come and go, so check current terms before applying.

Keen to stay on top of the market? Take a look at our best savings accounts guide.

Details correct as of 08 September 2026.