This article explains what needs to happen before your deposit is opened, how long it usually takes, and when the term officially begins.
How long does it take to open a deposit?
Once you’ve submitted your application, the following steps must be completed:
- You’ll need to transfer the amount you want to save from one of your Nominated accounts to your Raisin Account. If the partner bank requires documentation, you’ll also need to upload this before your application can be processed.
- Once both your funds and required documents have been received, your application will be forwarded to the partner bank.
- After that, it can take up to 4 banking days for the partner bank to confirm the deposit opening. You’ll receive an email once your deposit has been successfully opened.
When does the deposit term begin?
The term of your deposit begins on the day the partner bank confirms the deposit has been opened — not the day you submit your application or transfer the funds.
You can always track the status of your deposit by logging into your Raisin Account and checking the 'My savings' section.