funding Raisin question

ua8
ua8 Posts: 20
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edited 23 October 2023 at 8:03AM in Savings & investments
Hi, I sent small amount to Raisin its coming on Raisin account as pending transfer and in transactions its coming up as completed , does it have to come up as avaliable ? or is it normal untill I send full amount that I agreed on ?  as the rates have gone lower I have till 26th october to keep the original rate

Thanks

Comments

  • It should all be 'automatic' once you have transferred the agreed sum to your Raisin account (this can be in multiple transfers). When your Raisin account has the agreed sum then the account you opened will be funded. 
    'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.
  • ua8
    ua8 Posts: 20
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    It should all be 'automatic' once you have transferred the agreed sum to your Raisin account (this can be in multiple transfers). When your Raisin account has the agreed sum then the account you opened will be funded. 

    Thanks was just confused if it was normal for it to stay on pending transfer on Raisin or need to go to available, so looks like once I sent the reminder agreed it will go to available 
  • Chloe_G
    Chloe_G Posts: 303
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    Will they only open it if you match the pledged amount?  I opened an account believing I would have longer to fund it but now they say the cut off is Thursday.  I intended to fund it with money in an existing account with them but it will not mature until after that date.  I've just transferred some money in but won't be able to match the pledged amount by Thursday.  I was hoping they would open the account with a smaller sum.  Thanks.
  • Doctor_Who
    Doctor_Who Posts: 908
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    edited 24 October 2023 at 8:00AM
    Chloe_G said:
    Will they only open it if you match the pledged amount?  I opened an account believing I would have longer to fund it but now they say the cut off is Thursday.  I intended to fund it with money in an existing account with them but it will not mature until after that date.  I've just transferred some money in but won't be able to match the pledged amount by Thursday.  I was hoping they would open the account with a smaller sum.  Thanks.
    In my experience, yes. Maybe you could cancel the first application and make a new one with a smaller amount, that may get funded by Thursday.

    Edit: although if the rate has already reduced and they were holding it for existing applications the above may not help.
    'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.
  • ua8
    ua8 Posts: 20
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    Forumite
    edited 24 October 2023 at 9:57AM
    Chloe_G said:
    Will they only open it if you match the pledged amount?  I opened an account believing I would have longer to fund it but now they say the cut off is Thursday.  I intended to fund it with money in an existing account with them but it will not mature until after that date.  I've just transferred some money in but won't be able to match the pledged amount by Thursday.  I was hoping they would open the account with a smaller sum.  Thanks.
    yes need to transfer full amount for account to open , rates can change anytime they give you 5 days to fund to keep the original rate
    To secure your savings account, you must transfer your full deposit amount (in multiple transfers if needed) to your Raisin UK Account within five business days; otherwise, we will cancel your order

    you can open new one but will be reduced rate

    I also got the thursday cut off email, I transferred the full amount on monday and got the email its being forwarded and can take upto 2 working days for the account to open 

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