Raisin fixed rate - what happens if processing not complete before rate reduction?

HardCoreProgrammer2

This morning, I applied for a fixed rate account through Raisin.
There is a notice from the provider saying that the rate will reduce starting from tomorrow.
I completed the procedure (transferred money into Raisin account, then applied for the fixed rate).

I checked just now (just before 20:00).
The money is still in the Raisin account, but it appears under Reserved balance while Available balance is nil.
The account is not shown under "All savings accounts".
Under "Fixed rate bonds", it is not shown under Overview, but appears under Portfolio.

When I click on the Details link, I see the following status:
✔ Your order has been received
✔ Please complete all requirements
✔ Your order has been forwarded to [provider]
🕓 [provider] is opening your deposit. Deposits are opened daily.

Above the status, the "interest rate" section is as follows:

[current rate] AER
[lower rate] AER 19/09/2025
ⓘ variable until the order is completed

Can I assume that the current rate will be honoured? Is it possible that if the processing is not completed today, the provider can legitimately turn around and offer the lower rate?

subjecttocontract

If you applied today knowing the rate was due to fall tomorrow and you know the t&cs tell you it can take 2 days or more to process, it's very likely you will get the lower rate.

HardCoreProgrammer2

Thank you for the response. Will I still be able cancel when the account has been opened and I see the lower rate, or would it be too late? I can still see a Cancel button, so I may be able to get out now if I want to.

subjecttocontract

Don't know.....I've used Raisin a lot & currently have around 10 accounts with them. When I've looked at what's on offer, if it says the rate is about to drop I pick a different account so have never been in your position. Normally once they take the money from your holding account they send it to the bank you have selected and at that point it's to late to change your mind. If the money is no longer showing in your holding account you should get an email confirming the process has started and cannot be reversed. 

HardCoreProgrammer2

I decided to check and call customer services first thing in the morning (they open at 08:30), reasoning that I should have rights to cancel in the first 14 days if it all goes wrong.
But to my surprise, the account was opened and it is on the old rate.
I neglected to mention that I saw in the Details section "accounts opened every day", so perhaps it was because of this, or perhaps I was just lucky.

qsk

HardCoreProgrammer2 said:

I decided to check and call customer services first thing in the morning (they open at 08:30), reasoning that I should have rights to cancel in the first 14 days if it all goes wrong.
But to my surprise, the account was opened and it is on the old rate.
I neglected to mention that I saw in the Details section "accounts opened every day", so perhaps it was because of this, or perhaps I was just lucky.

I'm in exactly the same situation as you (opened yesterday morning and missed the rate reduction warning). The rate showed 4.10% at 7:00 this morning when the account status was "pending" but reverted back to 4.35% once account is opened. I guess the account was opened at 4.35% yesterday but only completed with funding today.