How and when interest is paid depends on whether you have opened a Demand Deposit Account or a Deposit Account, as well as the specific terms set by the partner bank.
1. Deposit Accounts (Fixed Term):
Terms under 1 year: Interest is paid at maturity (at the end of the term) and credited directly to your Raisin Account.
Terms of 1 year or more: Depending on the partner bank, interest is either:
Credited annually: Paid to your Raisin Account or added to your deposit balance every 12 months.
Credited at maturity: Paid as a single total sum at the end of the term.
Note: "Annually" refers to 12 months from the date your Deposit Account is officially opened, not the calendar year.
2. Demand Deposit Accounts (Easy Access):
Interest accumulates over time and is compounded or credited monthly, quarterly, or annually, depending on the partner bank’s terms.
To check interest payout terms for a specific savings account, review the Information Sheet or check the account details under 'My Savings' in your Raisin Account.