How to set up beneficiaries on your Raisin account
A guide to designating Payable-on-Death (POD) beneficiaries on your Raisin account to help keep your savings organized and transferred according to your wishes.
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Key takeaways
Adding a beneficiary creates a Payable-on-Death (POD) account, which designates who receives your funds in the event of your passing.
Designating beneficiaries helps your assets transfer directly to your named loved ones without going through the lengthy court probate process.
You can add, update, or manage beneficiary designations directly through your single Raisin login for the products you hold across our partner institutions.
What is a beneficiary designation on a deposit account?
A beneficiary designation on a bank account is a formal arrangement that names the individual or entity entitled to receive the funds in the account upon the owner's death. When you add a beneficiary to a deposit account, it is often legally classified as a Payable-on-Death (POD) or Transfer-on-Death (TOD) account.
How Payable-on-Death (POD) accounts work
A POD designation allows the money in your bank account to transfer directly to your named beneficiaries when you pass away, bypassing probate court. During your lifetime, the designated beneficiary has zero ownership rights, cannot access the funds, and cannot view your account details. You maintain complete control over the funds, including the ability to deposit, withdraw, or change the beneficiary designation at any time.
Difference between single, joint, and beneficiary accounts
Understanding account ownership structures helps you select the right setup for your financial goals:
Single accounts: Owned by one individual. Adding a POD beneficiary helps transfer the assets directly to that individual upon your death.
Joint accounts: At Raisin, owned by two people with rights of survivorship. If one account holder passes away, ownership automatically transfers to the surviving account holder. On a joint account with right of survivorship, the surviving account owner gains full legal control of the account upon the first owner's death. This means the surviving owner can freely change, replace, or remove any named beneficiaries. Beneficiaries will only inherit whatever funds remain if the surviving owner keeps the designation intact until their death.
Beneficiary designations: An added layer to single or joint accounts that dictates final asset distribution without granting current operational ownership to the named person.
Understanding custodial banks and partner institutions
When you deposit funds through Raisin, your money is held in a custodial account maintained by a primary custodial bank for your benefit, which then places the funds with the partner institution offering the savings product you chose. Because of this unified structure, beneficiary designations set up through your Raisin account apply to your holdings across the platform, allowing for clear records across your various savings products.
Step-by-step: How to set up beneficiaries on Raisin
Adding a beneficiary to your Raisin account is a straightforward digital process that can be completed entirely online.
Log in to your dashboard: Sign in to your secure Raisin account using your credentials and two-factor authentication.
Navigate to account settings: Access your account settings tab from the main navigation menu where personal and account ownership details are managed.
Enter required beneficiary details: Select the option to add or manage beneficiaries, provide the required personal information for each individual, allocate primary percentages, and save your changes.
What information do you need to add a beneficiary?
To help verify identity and prevent legal ambiguity during asset transfers, you will need to provide specific personal details for each beneficiary you name.
Full legal name (as it appears on government-issued identification)
Date of birth
Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
Primary residential address and contact information
Relationship to the account holder
Allocation percentage (if assigning multiple beneficiaries)
Updating or changing your designated beneficiaries
Life circumstances change, and your estate strategy should reflect those changes. Events such as marriage, divorce, the birth of a child, or changes in financial circumstances often prompt an update to your designated beneficiaries.
You can update, add, or remove beneficiaries through your Raisin account settings at any time during your life without needing consent from the current beneficiaries. Many savers choose to review their account designations annually to keep their named beneficiaries aligned with their current estate planning goals.
Bottom line
Designating beneficiaries on your Raisin account is an effective way to support your financial legacy and help facilitate a smooth, direct transfer of your savings to your loved ones. By establishing Payable-on-Death instructions, you keep full control over your money today while avoiding unnecessary court probate processes for your heirs in the future.
Whether you are saving in a high-yield savings account or building a CD ladder, taking a few minutes to complete your beneficiary setup provides clarity across all your deposits.
Frequently asked questions
Can I add multiple beneficiaries to a single savings product on Raisin?
Yes, you can designate multiple beneficiaries on your account. When adding multiple individuals, you will specify the percentage of funds each beneficiary should receive upon your passing, ensuring the total allocation equals 100%.
Does setting up a beneficiary on Raisin avoid the probate process?
Yes. Setting up a Payable-on-Death (POD) beneficiary creates a non-probate transfer. Upon the account holder's death, the funds transfer directly to the named beneficiaries once proper legal documentation, such as a death certificate, is verified.
Can I set up a beneficiary on a joint account opened through Raisin?
Yes, joint accounts can have designated beneficiaries. However, under standard rights of survivorship, the beneficiary only inherits the remaining account balance after all surviving joint account owners have passed away.
What happens to my CD or savings balance if I pass away?
If a valid beneficiary is designated, the remaining principal balance and accrued interest will be released directly to the named beneficiary upon verification. If no beneficiary is listed, the funds become part of your estate and pass through probate.
The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
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Raisin does not hold any customer funds. Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodial Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through Raisin.com. The Custodial Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered by the applicable bank or credit union through Raisin.com. Each customer also authorizes the Service Bank to move funds among the various banks and credit unions at the customer’s request. First International Bank & Trust (FIBT), Member FDIC, is the Service Bank. Bell Bank and Starion Bank, each Member FDIC, are the Custodial Banks.
†Based on $250,000 in FDIC or NCUA insurance coverage per insurable category of ownership at each partner bank or credit union on the Raisin platform (each a "Product Bank"), when aggregated with all other deposits held by you at such Product Bank and in the same insurable category. Deposits made through Raisin will be eligible to receive deposit insurance from the FDIC or the NCUA (each a "Deposit Insurer") in accordance with and up to the maximum amount permitted by law at each Product Bank. Raisin is not a bank or credit union and does not hold any customer funds. Funds are held at FDIC-insured banks and NCUA-insured credit unions. Deposit insurance covers the failure of an insured bank or credit union. Certain conditions must be satisfied for pass through deposit insurance coverage to apply. Customers may choose to deposit funds with identically registered accounts at different Product Banks on the Raisin platform to be eligible for Deposit Insurer coverage up to $10 million for individual accounts and $20 million for joint accounts when at least 40 Product Banks are utilized. Please be aware, however, that any deposits you have at a Product Bank, whether through the Raisin platform or outside the Raisin platform, that you may hold in the same capacity (such as in an individual capacity or joint capacity) count toward the applicable Deposit Insurer's deposit insurance maximum amount, and any such amounts that you hold in the same capacity at a Product Bank that exceed the maximum insurance coverage by the applicable Deposit Insurer will not be insured. For more information on FDIC deposit insurance, please see here. For more information on the NCUA share insurance fund, please see here. You are solely responsible for monitoring the amount of funds you have on deposit at each a Product Bank, whether through the Raisin platform or outside the Raisin platform, to confirm that the deposits you hold in the same capacity at each Product Bank do not exceed the maximum deposit insurance coverage provided by the applicable Deposit Insurer.