What happens to Raisin deposits at account maturity?

Disclaimer

We kindly ask you to note that the declaration of taxes, be it income tax, withholding tax or any other type of tax, is your personal responsibility. Your specific tax treatment depends on your personal circumstances, and there may also be future changes in the tax treatment.

At Raisin, we do not offer tax advice, and we assume no responsibility for the accuracy of the tax information provided. For more information, consult with your tax advisor or directly with Revenue.

Account maturity means you’ve reached the end of your fixed deposit term, whether that’s six months or several years. At account maturity, your original deposit, plus any accrued interest, will become available again for you to withdraw, renew your deposit or open a new savings account.

As you approach this date, your bank or credit union will typically notify you in advance, giving you time to consider your next steps. This could be through in-app notifications, email, or post. At this point, it’s worth comparing the interest rates and account types available to you, whether that’s online or in a branch, to find one that suits you.

At maturity, you’ll typically have the option to either “rollover” or “cash out”. Your options are:

1. Renew the account for another termIf you're happy with how your term deposit performed and don’t need the funds immediately, you can choose to renew it. This may be for the same or a different term, depending on the savings account.

2. Transfer the funds into a different accountIf you’re looking to save with a different type of savings account this time, such as a demand deposit account, you could open a new account and transfer your matured funds (principal plus interest) into it.

3. Withdraw the fundsYou can also “cash out” your original deposit plus interest earned (minus withholding tax, if applicable) by withdrawing it back to your Nominated Account. You could then choose to save, spend, or open another savings account through Raisin at another time.

A term renewal, or rollover, refers to the process of keeping your savings with the same partner bank by opening a new fixed-term deposit once your current term ends. This allows your money to continue earning interest without the need to withdraw or transfer it elsewhere. Renewing a term deposit can help your savings keep earning interest without interruption, especially if interest rates are favourable. Just be sure to check whether the rate or terms have changed.

At Raisin, some partner banks offer automatic renewal, while others require you to opt in, so it’s important to check your product details in advance of your account maturity date.

In terms of your account maturity options at Raisin, not all of our partner banks offer the option to automatically renew your deposit account.

You can use the table below to check whether your bank allows automatic renewal of your deposit at maturity. For specific account information, refer to your Product Information Sheet.

*Correct as of September 2025

Choosing the right option for you at maturity is important because if you don’t act, your funds may be automatically rolled over into a new term deposit. This may be at a lower interest rate, have different terms, or be a different term length than you would have chosen.

At Raisin, if the bank you hold a deposit account with offers a renewal option, and you know you want to cash out your funds, you can deactivate the renewal option up to five days before maturity. You can find this option in your Online Banking under "My Savings" > "Deposit Accounts".

If you’ve decided you would like to renew your maturing deposit, it’s a simple process to do so. Here are the steps you’ll need to take before your account maturity date:

Head to raisin.com/en-ie/ and log in using your secure credentials.

Once you’ve accessed your account, go to the “My Savings” section to see an overview of all your active deposits, including any that are about to mature.

If your term deposit is close to maturity, you’ll see an option to “Renew”. Click on the “Renew” button to view all available renewal options, including renewing the same deposit or switching to a different term length with the same partner bank.

Once you’ve selected your chosen product, follow the prompts to confirm your renewal.

We’ll send you confirmation by email once your renewal is complete and your new deposit is active. The new term (and your automatic renewal) will begin as soon as your previous deposit matures and the funds are transferred to your new savings account, so you don’t need to do anything else at this point.

If you’ve chosen not to renew your deposit, or this option isn’t available to you, your original deposit, plus accrued interest, will be automatically transferred to your Raisin Account. This typically appears within two working days of your account maturity date.

From there, you can withdraw this income back to your Nominated Account by logging in to your Raisin Account, navigating to your initials in the top right-hand corner of the screen, selecting “Withdraw funds” from the drop-down menu, and then following the on-screen instructions. If you’re using the Raisin app, you’ll need to tap on the “Settings” icon in the bottom right-hand corner of the screen, select the “Withdraw funds” option, then follow the on-screen instructions.

If you don’t want to move your cash into another term deposit, you could consider opening a demand deposit account, which offers more flexible access to your money.

If you’re renewing a matured deposit, Raisin makes it easy to explore a wide range of savings accounts from trusted partner banks. Access competitive interest rates from more than 25 partner banks across Europe, and seamlessly manage your savings under one roof.