Your Cash Account serves as a central hub for transactions on the Raisin platform. It helps facilitate faster, simpler transfers between savings products on Raisin and your Linked Bank Account.
How it works: Withdrawals from high-yield savings accounts and money market deposit accounts are available in your Cash Account immediately. From there, you can deposit funds into another savings product or transfer them to your Linked Bank Account.
Deposits and Protection: The Cash Account is powered by First International Bank & Trust ("FIBT"), an FDIC-member bank based in Watford City, North Dakota. Funds held in the Cash Account are eligible for pass-through deposit insurance, subject to certain conditions.
Interest Earnings: Funds in your Cash Account do not earn interest. It is meant to be a temporary place to hold available cash while you decide what to do next. To keep your savings earning, deposit available funds into a savings product when you're ready.