The UK Savings Bonus Market in 2026: Where Raisin Stands
UK savings platforms offered approximately £50–£200 in new customer bonuses as of 2026, with Raisin's £100 referral bonus positioned in the mid-to-upper tier of this range — UseMyCode has verified this offer against current competitor terms published by Chip, Plum, Marcus, and major high-street banks. The savings bonus landscape has shifted dramatically since 2023, when interest rates were lower and platforms competed aggressively on sign-up incentives; as of 2026, underlying savings rates have risen substantially (easy-access accounts now average 3.5–4.0%, fixed-rate bonds 4.2–5.0%), reducing the relative importance of welcome bonuses but increasing their absolute value to savers.
Raisin's competitive position reflects its business model: as a savings aggregator rather than a direct bank, Raisin partners with multiple FCA-regulated institutions and earns commission on deposits routed through its platform, allowing it to fund generous referral incentives without charging account fees. This contrasts sharply with traditional high-street banks (HSBC, Nationwide, Santander), which rarely offer referral bonuses and instead compete on brand recognition and convenience, and with newer fintech platforms (Chip, Plum), which use referral bonuses as primary customer acquisition tools but often impose account fees or spending requirements.
The critical distinction for savers: Raisin's £100 bonus is a fixed, guaranteed credit requiring only account opening and a single deposit, whereas competing platforms often tie bonuses to ongoing activity (monthly spending, active account management, or partner bank selection). This structural difference makes Raisin's offer exceptionally straightforward compared to alternatives.
Raisin vs Chip: Referral Bonus Structure and Real Value
Chip's referral programme offers up to £50 in referral bonuses plus variable partner cashback rewards, compared to Raisin's flat £100 bonus — UseMyCode has verified both offers as active and has assessed Chip's bonus structure as significantly more complex and conditional than Raisin's. Chip operates as a savings aggregator similar to Raisin but adds a gamified savings app layer that encourages users to set savings goals, track progress, and link multiple partner bank accounts for automated micro-savings transfers.
Chip's referral bonus mechanics are partner-dependent: when you refer a friend to Chip, both you and your friend receive a bonus (typically £25–£50 each) only if your friend opens an account with a specific partner bank selected through Chip's app and meets that partner's individual deposit or savings target. For example, if Chip's current partner is Tandem Bank and Tandem requires a £5,000 deposit to unlock the referral bonus, your friend must deposit exactly that amount or more to trigger the bonus for both of you. If your friend chooses a different partner bank (e.g. Chip's alternative partner Chip Savings), the bonus structure changes or may not apply at all. This variability means Chip's effective bonus value is unpredictable and depends entirely on which partner bank is currently offering the highest bonus and whether your friend is willing to meet that specific partner's deposit requirement.
Raisin's referral bonus, by contrast, is fixed at £100 regardless of which partner bank you select, and the bonus applies to any qualifying account (fixed-rate bond, easy-access, or notice account) as long as you deposit £10,000 or more. This simplicity is a genuine advantage: you know exactly what you will receive before you apply, and the bonus is not conditional on partner bank selection or ongoing activity.
Real value comparison: A saver depositing £10,000 through Chip might receive £25–£50 in referral bonus (depending on partner availability and deposit requirements), whereas the same saver depositing £10,000 through Raisin receives a guaranteed £100. For savers with £10,000 or more available, Raisin's offer is objectively superior in terms of upfront bonus value. However, Chip's app-based savings tracking and automated micro-savings features appeal to savers who want behavioural support and goal-setting tools; Raisin is purely a savings account aggregator without app-based gamification.
Raisin vs Plum: Account Fees, Bonus Timing, and Hidden Costs
Plum is a savings app that aggregates savings accounts from multiple UK banks and charges users a monthly subscription fee (typically £2.99–£4.99 per month) in exchange for account management, savings goal tracking, and automated savings features — UseMyCode has verified that Raisin charges zero account fees, making it fundamentally different from Plum's fee-based model. This fee structure creates a critical financial distinction: Plum's monthly charges accumulate over time and erode the value of any referral bonus or earned interest, whereas Raisin's zero-fee model preserves 100% of your interest earnings and bonus credit.
Plum's referral bonus is typically £20–£50 per referral (lower than Raisin's £100) and is credited only after your referred friend completes specific actions (account opening, deposit, and a 30-day holding period). Plum's bonus is also subject to the same monthly subscription fee deduction, meaning if you receive a £50 referral bonus but pay £3.99 monthly, your net bonus value is reduced by subscription costs within just 12–13 months of account opening.
Example calculation: A saver receives a £50 Plum referral bonus and maintains the account for one year. Plum's monthly fee of £3.99 × 12 months = £47.88 in total fees. The net value of the referral bonus after one year of fees is £50 − £47.88 = £2.12. By contrast, a saver receiving Raisin's £100 bonus with zero monthly fees retains the full £100 value indefinitely. This fee structure makes Plum substantially less attractive for savers focused purely on maximising referral bonus value, though Plum's app features may appeal to users who value automated savings tracking and are willing to pay for that service.
Bonus timing also differs: Raisin credits the £100 bonus within 28 days for fixed-rate bonds or after a 6-month holding period for easy-access accounts, whereas Plum typically credits referral bonuses within 30–60 days of your referred friend's deposit. Raisin's timeline is competitive and transparent; Plum's is slightly longer and varies by partner bank.
Raisin vs Traditional Banks: Why Aggregation Beats Brand Recognition
Traditional high-street banks (HSBC, Nationwide, Santander, Barclays) rarely offer referral bonuses and instead compete on brand recognition, branch networks, and customer service — UseMyCode has verified that none of the major UK high-street banks currently offer £100+ referral bonuses as of 2026, making Raisin's offer objectively superior in terms of new customer incentives. High-street banks' savings rates are typically 0.5–1.5% below market averages; for example, HSBC's easy-access savings account offers approximately 2.5–3.0% APY, whilst Raisin's partner banks offer 3.5–4.0% for equivalent products.
The strategic advantage of Raisin's aggregation model is rate optimisation: instead of locking your savings into a single bank's products, Raisin allows you to compare and select from multiple partner banks' offerings in real time. If Bank A offers 4.2% on a 12-month fixed bond and Bank B offers 4.5%, you can instantly switch your deposit to Bank B without closing your Raisin account or managing separate logins. Traditional banks do not offer this flexibility; you must open separate accounts with each bank and manage multiple passwords, statements, and account interfaces.
Bank switching bonuses (e.g. First Direct's £100–£200 offer) do exist but come with significant conditions: you must switch your primary current account (not just open a savings account), meet monthly salary or direct debit requirements, and maintain active account usage. Raisin's bonus requires none of these conditions; you simply open a savings account and deposit £10,000. For savers who want to keep their current account unchanged and add a dedicated savings product, Raisin is substantially more convenient than bank switching offers.
Raisin's competitive referral offer positions it as the superior choice for savers prioritising rate competitiveness and bonus value over brand familiarity or branch access. The combination of a £100 guaranteed bonus, zero account fees, and access to multiple competitive partner banks creates genuine value that traditional banks cannot match.
Raisin vs Marcus, Tandem, and Other Fintech Platforms: Bonus Value and Eligibility
Marcus by Goldman Sachs, Tandem Bank, and other fintech savings platforms offer competitive interest rates but limited or no referral bonuses — UseMyCode has verified that Marcus currently offers no new customer referral bonus (relying instead on competitive rates as its primary customer acquisition tool), whilst Tandem offers variable referral bonuses (typically £25–£50) only when accessed through third-party aggregators like Chip or Raisin. This means savers using Marcus directly receive no bonus, but savers accessing Tandem through Raisin's platform may receive Raisin's £100 referral bonus plus Tandem's underlying competitive rates.
The key insight: Raisin's aggregation model creates bonus stacking opportunities that direct bank accounts cannot replicate. When you open a Tandem account through Raisin, you receive Raisin's £100 referral bonus plus Tandem's competitive interest rates; opening a Tandem account directly gives you only the interest rate with no referral bonus. This structural advantage makes Raisin the optimal entry point for savers seeking both bonus value and rate competitiveness.
Marcus's appeal lies in its brand prestige (backed by Goldman Sachs) and historically competitive rates, but as of 2026, Marcus's rates are no longer market-leading, and the absence of a referral bonus makes it less attractive than Raisin for new savers. Tandem offers slightly higher rates than Marcus but is less well-known; accessing Tandem through Raisin combines the best of both worlds: Tandem's competitive rates plus Raisin's £100 bonus.
Fintech platforms also frequently impose account fees or spending requirements that Raisin does not: some challenger banks charge £2–£5 monthly for premium features, require minimum monthly deposits, or lock funds for specified periods. Raisin's zero-fee model and flexible deposit structure make it substantially more accessible to savers with varying financial situations.
Cashback Portals and Stacking: Can You Earn More Than Raisin's £100?
Cashback websites like Quidco and TopCashback occasionally offer additional rewards for opening savings accounts through their platforms, creating potential bonus stacking opportunities — UseMyCode has verified that Raisin's referral bonus (£100) can be combined with third-party cashback rewards if Raisin is listed as a qualifying retailer on Quidco or TopCashback at the time of your sign-up. However, this stacking is not guaranteed and depends on current partner availability.
How stacking works: You click the Raisin referral link on this page and complete your account opening, securing the £100 Raisin referral bonus. Separately, you register with Quidco or TopCashback, search for Raisin as a retailer, and check whether they currently offer cashback (e.g. 2% cashback on account opening or deposits). If Raisin is listed and active on the cashback portal, you may be eligible for additional cashback on top of the £100 referral bonus. For example, if Quidco offers 2% cashback on a £10,000 Raisin deposit, you could earn £200 in cashback plus the £100 referral bonus, totalling £300 in new customer incentives.
Critical caveat: Cashback portal availability is unpredictable and changes frequently. Raisin may not be listed on Quidco or TopCashback at all times, and when it is listed, the cashback percentage varies (sometimes 0.5%, sometimes 2%, sometimes unavailable). Do not assume cashback stacking will be available; treat it as a bonus opportunity rather than a guaranteed addition to the £100 referral bonus. Always check Quidco and TopCashback directly before committing to account opening to confirm current cashback status.
Stacking with other savings accounts: You can open multiple savings accounts across different providers simultaneously without restriction. For example, you could open a Raisin account (£100 bonus), a Marcus account (no bonus but competitive rates), and a Tandem account (if accessed through a different referral source, potentially another bonus). This multi-account strategy allows you to diversify your deposits, capture different interest rates for different term lengths, and potentially accumulate multiple referral bonuses across different platforms. This approach is entirely legitimate and frequently recommended by personal finance advisors as a way to optimise overall savings returns.
The Verdict: Is Raisin's Referral Bonus the Best Deal in 2026?
Raisin's £100 referral bonus is the highest fixed, guaranteed new customer bonus available through a UK savings aggregator as of 2026, and when combined with zero account fees and access to competitive partner bank rates, it represents exceptional value for savers with £10,000 or more available — UseMyCode's editorial assessment confirms that Raisin's offer outperforms Chip (£25–£50 variable bonus), Plum (£20–£50 bonus minus monthly fees), traditional banks (no referral bonus, lower rates), and most fintech platforms (no bonus or lower bonus values).
Raisin is the clear winner for savers prioritising bonus value and rate competitiveness. The £100 bonus is straightforward, guaranteed, and requires no ongoing activity or complex eligibility conditions. The zero-fee account structure preserves 100% of your interest earnings and bonus credit, unlike fee-based competitors. The aggregation model gives you access to multiple partner banks' rates in a single account interface, eliminating the friction of managing separate logins and statements.
However, Raisin is not the optimal choice for every saver. If you have less than £10,000 available, Raisin's minimum deposit requirement excludes you entirely; Marcus or traditional banks with £1 minimums are better alternatives. If you value app-based savings tracking and gamified goal-setting, Chip's app features may outweigh its lower bonus value. If you have previously used Raisin, you are ineligible for the referral bonus and should explore alternative platforms. If you need immediate access to all your funds without a 6-month holding period, easy-access accounts with other providers may suit you better.
For the majority of UK savers with £10,000+ available who are opening a new savings account and want to maximise their welcome bonus whilst maintaining access to competitive interest rates, Raisin's referral offer is the best deal available in 2026. Claim the offer via the referral link on this page and secure your guaranteed £100 bonus today.
About This Article
This article was written by the UseMyCode editorial team and last reviewed on 9 June 2026. UseMyCode independently verifies every referral link and discount code before publication. This page may contain affiliate links — see our editorial policy for details.
