How a savings platform can make managing your money easier

Managing your money is yet another task on a full to-do list for most of us, so it’s not surprising that nearly 23% of UK adults have over £2,500 sitting in a current account*.  That means they’re potentially missing out on higher interest returns, which can help shield the real purchasing power of their money against inflation.. For some, the admin required to manage savings across multiple banks and apps to improve their return is enough to keep them where they are. 

There is an easier way to access a wide range of savings products without juggling multiple logins or filling out a series of applications, however Savings platforms source competitive savings accounts from multiple banks and building societies while allowing you to manage your money from one platform, simplifying the process and giving you access to a range of rates. 

Explore the six ways a savings platform can make managing your money easier.

*https://www.wearepay.uk/new-research-reveals-one-in-four-have-less-than-250-in-their-current-account/

With a savings platform, your admin is cut right down with:

1. One login
2. One platform to manage all accounts
3. One application process

Savings platforms are like a marketplace for your money,  typically offering access to multiple accounts and interest rates including fixed rate bonds, notice accounts and easy access savings accounts. You can usually open as many as you like and transfer funds between them (depending on account rules), all from one platform. 

Savings platforms are marketplaces, not banks, so there’s no requirement to open a current account to access better rates, avoiding hard credit checks that could impact your credit score. 

To apply for an online savings account via a savings platform, you need to be aged 18 or over and have a valid email address and mobile phone number. You will also usually need to provide your:

• Name
• Address
• Date of birth
• National Insurance number
• ID (this is not always required)

…then that’s the admin done. These details are used to streamline the application process for savings accounts within the platform so you don’t need to enter them every time you want to open a new account. 

It might feel easiest and safest to leave your cash sitting in the familiar high street current account if you’ve banked with them long term. But all too often, this means your money is missing out on the opportunity to grow as other banks may offer better returns. . This is known as the loyalty penalty.

A savings platform can be an empowering alternative, providing access to a host of account options without the burden of multiple logins and additional admin. Your eligible funds remain in a protected environment, covered by the Financial Services Compensation Scheme (FSCS) up to £120,000 per depositor and institution. 

With Raisin UK, once you sign up you can start earning interest in three simple steps, with rates from over 45 partner banks. 

You don’t need to be a tech savvy saver or an experienced investor to use a savings platform. They’re designed for everyday savers who want to grow their wealth with the backing of FSCS protection, and without labour-intensive applications and admin.

The Raisin UK platform is simple and intuitive, and can be accessed via the website or our dedicated app. Forms and interfaces are user-friendly and easy to navigate, prioritising user experience. Comparing rates and moving your money can be done in just a few clicks. 

If you have questions or need some support, you don’t have to contact individual banks and building societies and go through multiple security checks. You can contact customer support for your savings platform and get answers to questions across all your savings accounts, all in one place. 

Reputable savings platforms offer FSCS protection, which covers eligible deposits up to £120,000 per depositor, per institution. This means that in the unlikely event a bank fails, you have a safety net that’s government backed. You don’t need to register or sign anything, FSCS protection is applied as standard by regulated institutions. 

When you open an account with Raisin UK, the funds in your Transaction Account and any funds you deposit with our partner banks are FSCS protected. If you save more than £120,000, this should be split across different accounts to lock in your protection; Raisin UK caps the amount you can deposit with a single institution to the FSCS limit to help you keep more of your savings protected. 

Savings platforms either charge a small platform fee, or they are free to use. This can make them excellent value when you find the right one. Raisin UK is 100% free to use because we earn our revenue by charging an intermediary fee to partner banks. When you save with us, your deposits and interest are never reduced by platform administration fees.