Monese and Raisin announce partnership
Monese Savings will allow the digital bank’s customers in the UK, Germany, Austria, France, the Netherlands, and Spain to gain access to the Raisin platform, directly through the Monese Hub.
The move means Monese customers will be able to access more than 500 savings products via the Raisin platform.
These are available from more than 80 partner banks located across the entire European Area and include a five-year fixed bond at 2.2 per cent AER with Wyelands Bank and a one-year bond with QIB UK paying 1.85 per cent AER.
Account holders will also benefit from a welcome bonus of up to £100 when they open a Monese Savings account with Raisin.
Monese says the partnership will provide seamless savings account access and management all within the Monese app. When the service is fully up and running, customers will be able to set up automated, recurring payments to their Raisin savings account.
Monese Savings sit alongside “Pots”, Monese’s non-interest bearing savings accounts which were introduced in May 2019.
Norris Koppel, CEO and founder of Monese, said: “We are excited to be launching this partnership with Raisin, as we further develop our savings products and features. We serve a fast-growing and incredibly international audience who travel the world for study, work, family, or retirement.
“The majority of these customers use Monese as a primary account and we know they want their money and their savings to work harder, so they can thrive anywhere. Through this partnership with Raisin our customers will have fantastic access to competitive savings rates.”
Kevin Mountford, Raisin UK CEO, said: “Monese customers already know how important cross-border banking is, so we’re especially excited to join forces in offering them the opportunity to find the best deposit products from all over Europe.
“In enabling users of the innovative Monese banking app to save better and earn more interest, and, uniquely, launching in six European markets simultaneously, this partnership represents another milestone in the transformation of 21st century banking toward meeting consumers’ real and changing needs.”
What is Monese?
Set up in 2015, Monese is an app-only bank which lets anyone living in the European Economic Area open a bank account in GBP or EUR without the need to prove their address. It offers international money transfers as well as a current account.
More than 1.4 million people have signed up to Monese, with customer growth tripling in 2018 and more than 100,000 people opening a Monese account each month.
What is Raisin?
Raisin is a savings marketplace which launched in the UK in summer 2018. It provides users with multiple savings account options from more than 60 savings providers across Europe
Customers only need complete a single application form to open an account with Raisin and move money from one savings provider to another.
At the moment Raisin only offers fixed rate savings products – not easy access accounts.