Savings marketplace Raisin UK has launched an exclusive bonus offer of up to £1,000 for their customers.

To be eligible, customers must open a two-year or longer fixed-rate bond with a minimum deposit of £50,000 between July 15 and September 27, 2024.

Kevin Mountford, co-founder of Raisin UK, commented: "At Raisin UK, we're excited to offer our Savings Marathon bonus, perfect for retirees looking to maximise their savings.

“By opening a two-year fixed rate bond or longer term with a minimum deposit of £50,000 between July 15 and September 27, savers can earn up to £1,000 in bonuses.

“This offer not only provides the competitive interest rates our customers are used to but also helps our savers reach their financial goals faster.”

Customers can spread funds across multiple eligible savings accounts, as long as the total deposited is at least £50,000.

For example, opening two eligible savings accounts with a balance of £50,000 each would qualify them for a £300 bonus.

The bonus amounts are as follows:

• £50,000 - £99,999.99 = £100 bonus
• £100,000 - £199,999.99 = £300 bonus
• £200,000 - £249,999.99 = £400 bonus
• £250,000 - £unlimited = £1,000 bonus.

Mr Mountford continued: “Just yesterday, the Bank of England reduced interest rates by a quarter percentage point to five percent, with the announcement coming after rates were held at a 16-year high of 5.25 percent since August 2023.

“Across the market, savings accounts should start to reflect these lower interest rates immediately.

“Any individuals with savings or pension pots should consider locking in any market-leading rates on longer terms immediately.”

Raisin UK savings accounts are available exclusively through their online application process. To apply, people must be a UK resident aged 18 or over and hold a UK bank or Building Society account to fund their application.

Applicants must also have a valid mobile phone number and email address, and a UK National Insurance Number.

After opening an eligible account, email bonus@raisin.co.uk with Marathon1000 in the subject line. If applicants meet the conditions, Raisin UK will credit their Raisin Transaction Account with the bonus by October 31, 2024.