Berlin-based Raisin, the European deposit marketplace, has teamed up with British Legal & General, the financial services group and investor, to provide the latter’s customers with protected cash savings accounts.
The accounts will be compliant with the UK’s Financial Services Compensation Scheme as well as with the European equivalent.
As an initial step, Legal & General’s customers can compare and choose from a range of savings accounts offered by Raisin’s European partner banks. All of it can now be managed through Raisin’s portal.
Janine Menasakanian, head of distribution strategy at Legal & General, stated that the firm was delighted to partner with Raisin as it would provide customers “with an additional option for securing their financial future.”
She added, “Investing has an invaluable place in any savings strategy because of the opportunity for greater returns in the long-run, but we do recognise an immediate need to access higher rates for cash savings so our customers can meet short-term goals. Through our partnership we can offer the competitive rates that Raisin has negotiated while working collaboratively with a like-minded, forward-thinking business. Our relationship with Raisin is one of many we hope to commit to going forward”.
Kevin Mountford, CEO of Raisin UK, argued that the deal would make the British savings market less stale. “With bottoming rates and a genuine outcry from consumers looking for greater choice and more control, our partnership with Legal & General is a big step in helping UK consumers actualise those demands,” he said.
Raisin was launched in 2012. Today the company has served over 185,000 customers across Europe, enabling them to place over €14.5bn in savings deposits. Mountford added that the firm was “looking forward to welcoming Legal & General customers to the Raisin.co.uk marketplace as we further develop this strategic partnership further.”
