This article explains when your interest rate is secured and whether it can change in the time between your application to open a deposit and when your deposit is actually opened.
Is the interest rate locked in when I apply?
No, submitting your application does not guarantee the interest rate shown at the time.
Your interest rate is only secured once the partner bank confirms your deposit account application has been received and accepted. This happens after your funds and any required documents have been received and reviewed.
Can the rate change before the deposit is opened?
Yes, partner banks can update their interest rates at any time. However, in most cases, if your funds and any required documents have been submitted promptly after placing your order, your application will be processed at the opening rate.
You’ll be informed of any rate change in advance. If you’re not happy with the new rate, you’ll have the option to withdraw your application..
When should I fund my deposit?
Your deposit will only be forwarded to the partner bank once:\
- The full deposit amount has been received in your Raisin Account
- Any required documents have been submitted
Once both steps are complete, the application is sent to the partner bank for final confirmation.
You’ll receive an email once your deposit is confirmed and the interest rate has been secured.