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The savings platform Raisin is offering up to £150 cashback when you deposit money into a fixed rate bond with one of its partner banks.
To get the maximum amount, you must lock away between £50,000 and £85,000. If you have between £25,000 and £49,999 to stash, you’ll get £100, while those who have between £10,000 and £24,999 will get just £40.
You must open and fund a fixed rate bond of at least one year by 30 November 2025 and use the promo code ‘VAULTBYRAISIN’ when registering for your Raisin account.
It’s always great to earn cashback on your money, but those with less cash to squirrel away will get a lower sum. This means it’s best to work out whether the cashback offsets the potentially higher interest you can earn elsewhere, and you should always read the terms and conditions of the deal.
For example, the top one-year fixed rate bond available on Raisin is from Al Rayan Bank at 4.35 per cent. This same account is also available through savings platform Prosper, which is currently boosting the rate to 4.56 per cent.
If you have more than around £19,050 but less than £25,000, you’ll make more money through Prosper than Raisin when choosing this account, even after factoring in the cashback.
Platforms like Raisin give savers an easy way to compare accounts and rates from a myriad of providers at the same time. You can open several accounts and manage them on one website, which helps to make sure you’re earning the top rates of interest.
> Choose an account and get your cashback with Raisin*
Compare quickly: Savings platforms help you work out where to put your money
How do savings accounts compare?
Last week we covered a tussle among fixed rate savings providers, with LHV, Marcus and Prosper all hiking rates on one-year fixed products recently.
LHV moved first and upped the rate on its one-year fixed bond to 4.46 per cent. Marcus followed suit by launching a market-leading 4.55 per cent rate, in terms of direct providers.
Not to be beaten, savings platform Prosper* upped its boost on the Al Rayan Bank account from 0.25 per cent to 0.31 per cent, pushing the overall rate to 4.56 per cent.
Savings platforms like Flagstone, Hargreaves Lansdown*, Prosper* and Raisin* are more useful if you have already exhausted your tax-free Isa allowance. The accounts available through the platforms aren’t tax-free, so you may need to pay tax on the interest earned above your personal savings allowance.
The rates and accounts available differ from platform to platform, so compare providers first if you’re considering using one.
As an example, these are the top one-year fixed rate bonds by rate available through each of the four providers mentioned above:
| Flagstone | Hargreaves Lansdown | Prosper | Raisin |
|---|---|---|---|
| Al Rayan Bank – 4.35% | Investec – 4.22% | Al Rayan Bank – 4.56% (boosted) | Al Rayan Bank – 4.35% |
| OakNorth – 4.34% | LHV Bank – 4.2% | OakNorth – 4.23% | Punjab National Bank – 4.31% |
| Punjab National Bank – 4.06% | Aldermore – 4.19% | Blme – 4.05% | Ziraat Bank / QIB – 4.3% |
In terms of FSCS protection, your money is protected by up to £85,000 with each bank. This applies to the total amount you have with the bank, not just the product you open through the savings platform.
Is your money better off invested?
To get a decent amount of cashback through Raisin, you need to have a decent amount to deposit.
But if you have a large amount saved, it’s worth considering investing. While there’s risk involved, returns achieved when investing generally beat those that cash can generate over the long term.
You can get started by reading our round-up of the best investing platforms and checking out our guide to investing for beginners.
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