By: Dimitra Koutsoukos, Director, Deposits Partnerships at OakNorth Bank
Deposit partnerships with market-leading fintechs enable OakNorth Bank to reach customers of other wealth aggregators in the UK.
Raisin UK is one such market-leading cash savings fintech. Originally founded in 2012 in Germany, Raisin is a personal savings marketplace, enabling customers to open savings accounts seamlessly across many different providers. Since its launch, Raisin has placed EUR 26.5bn deposits with 97 savings providers across 30 countries. Convinced of its capacity to replicate its successful Savings as a Service Solution business model in the UK, OakNorth Bank and Raisin UK formed a partnership last year.
We are pleased to announce that Raisin UK has just created the savings marketplace for AJ Bell Youinvest, the award-winning investment platform for DIY investors. The new service, called Cash savings hub, enables AJ Bell’s customers to seamlessly open savings accounts with Raisin UK’s partner banks, including OakNorth Bank and more effectively manage their cash savings alongside their AJ Bell Youinvest investment accounts.
At OakNorth Bank, we’re always looking for partnerships to further diversify our deposit base. Through our partnership with Raisin UK, we are fortunate to be able to tap into AJ Bell’s customers and offer them additional choices for their savings.