Raisin Review [2024]: A Simple Online Platform to Maximize Your Savings

Raisin (formerly known as SaveBetter) is an online platform that has partnered with many insured financial institutions. Through Raisin's convenient platform, you can explore multiple places to save your money, including savings accounts, certificates of deposit (CDs), and money market accounts. You can make a deposit in any of these through the Raisin platform and have one simple statement to keep track of all your accounts.

This Raisin review will explain more about how this process works and will help you make an informed choice about whether investing your money with Raisin is a smart choice for you.

Key takeaways

• Raisin is a platform that allows you to fund multiple savings products from one simple platform.
• When you invest money with Raisin, your money is always in an FDIC-insured or NCUA-insured account.
• You can open one Raisin account and easily move your money into different savings accounts and other financial products.
• Raisin does not charge customers any fees.
• Raisin doesn't offer checking accounts or bill pay.

Raisin overview

Finding the best bank accounts to keep your savings invested in helps you to maximize potential returns. But, since offerings from financial institutions change and many institutions offer products with competitive rates, it can be time-consuming to find the right place to put your money.

Raisin is a technology company that aims to make this process easier. Raisin works by partnering with a network of online banks, traditional banks, and credit unions offering some of the most competitive rates in the industry.

You can easily shop Raisin's platform to see all of the partner bank products available, compare rates and terms (including any minimum balance requirements), and find one that meets your needs.

Once you've opened a Raisin account, you won't have to go through a lengthy application process with every financial institution you want to deposit money with. Instead, your money is moved from a custodial account at Raisin's service bank into a custodial account at the institution you've selected. This makes it quick and easy to move your money into a variety of different accounts.

The downside to this arrangement is that Raisin customers can’t use any third-party apps and don’t get a separate routing or account number for each account.

Raisin partners are FDIC-insured banks or NCUA-insured credit unions, and your money is always held at a bank with deposit insurance.

Raisin is a German company with more than 650,000 customers across the U.S. and Europe. Raisin also has more than 400 bank partners across 30 markets, so you can rest assured you're working with a trusted company with a large network of partners offering the best financial products.

Pros	Cons
Raisin works with dozens of bank partners. FDIC insurance or NCUA insurance protects your deposited funds. Raisin does not charge any fees to depositors.	Raisin does not offer checking accounts or bill pay. Withdrawals could take as long as three business days. You can't link your Raisin account to any third-party apps.

High-yield savings accounts

High-yield savings accounts are savings accounts that offer higher than average interest rates on deposited funds compared with traditional savings accounts. Raisin has partnered with a number of different financial institutions that offer competitive rates including the following:

• Western Alliance Bank
• Mission Valley Bank
• GreenState Credit Union
• CloudBank 247
• Greenwood Credit Union
• FirstMid Bank & Trust
• Adda Bank
• The State Exchange Bank
• Connexus Credit Union
• Liberty Savings bank FSB
• Continental Bank

If you choose to put your money into an account with a credit union, Raisin will help you to become a member through a quick, easy process and your account will still be managed through your Raisin dashboard.

Here are some examples of the high-yield savings accounts offered by Raisin to learn more about what they're offering.

Western Alliance high-yield savings

Annual percentage yield (APY)	5.25%
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	Yes

Greenwood Credit Union high-yield savings

Annual percentage yield (APY)	5.00% (as of June 6, 2023)
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	National Credit Union Administration insured (NCUA)

Money market accounts

Money market deposit accounts are insured by the FDIC or NCUA. These accounts tend to provide higher interest rates than other similar types of deposit products, but they often come with limits on transactions each month, and some require minimum deposits to invest your funds with them.

Raisin has partnered with many financial institutions to offer money market accounts. Here are some of Raisin's partners with active offers as of May 2023.

• Ponce Bank
• America First Credit Union
• Patriot Bank N.A.
• The Atlantic Federal Credit Union
• Great Lakes Credit Union
• FVCbank
• Blue Federal Credit Union
• Hanover Bank
• First Financial Northwest Bank
• mph.bank
• Lemmata Savings Bank
• Idabel National Bank
• SkyOne Federal Credit Union

Check out some of the terms and conditions offered by money market accounts that have partnered with Raisin.

Ponce Bank money market

Annual percentage yield (APY)	0.10%-0.20% (as of Jan. 24, 2024)
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	Yes

The Atlantic Federal Credit Union money market

Annual percentage yield (APY)	5.03% (as of June 6, 2023)
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	NCUA Insured

Fixed term CDs

CDs typically require you to invest a lump sum and leave it alone until the end of the designated term. With a fixed term CD, you will typically face fees and penalties if you take your money out early. Fixed term CDs have a set interest rate that stays the same throughout the term.

Raisin offers a variety of fixed term CDs from different partners, including the following:

• Ponce Bank
• Patriot Bank N.A.
• Sallie Mae Bank
• Blue Federal Credit Union
• First Mid Bank & Trust
• Idabel National Bank
• Western Alliance Bank
• Freedom Bank
• The State Exchange Bank
• America First Credit Union
• Great Lakes Credit Union
• SkyOne Federal Credit Union
• Lematta Savings Bank
• mph.bank
• Continental Bank

Check out some examples of the fixed term CD rates you could potentially see on the Raisin platform.

Ponce Bank 3-month CD

Annual percentage yield (APY)	5.20% (as of April 22, 2024)
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
Early withdrawal penalty	90 days simple interest on the principal at the CD's effective rate
ATM access	None
FDIC insured	Yes

Sallie Mae Bank 14-month CD

Annual percentage yield (APY)	4.95% (as of June 6, 2023)
Minimum deposit requirement	$1
Monthly maintenance fees	None
Early withdrawal penalty	180 days simple interest on the principal at the CD's effective rate
ATM access	No
FDIC insured	NCUA Coverage

No penalty CDs

No penalty CDs allow you to get a competitive rate that's typically higher than what a high-yield savings account would offer. But, unlike traditional CDs that require you to keep your money locked up for a certain amount of time, you can withdraw funds penalty-free from these CDs.

Raisin partners offering no penalty CDs include the following:

• Ponce Bank
• Blue Federal Credit Union
• mph.bank
• First Mid Bank & Trust
• American First Credit Union
• FVCbank
• Sallie Mae Bank

Here are some examples of no penalty CD offerings.

Ponce Bank 4-month no penalty CD

Annual percentage yield (APY)	5.06% (as of June 6, 2023)
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	Yes

Sallie Mae 14-month no penalty CD

Annual percentage yield (APY)	4.75% (as of June 6, 2023)
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	Yes

What we like about Raisin

• No fees: Raisin opens the door to maximizing returns on savings without charging you any fees at all. This allows you to keep more of your returns in your own pocket.
• Convenience: Raisin makes it incredibly easy to put your money into different high-yield savings accounts, money market accounts, or CDs. You can quickly compare options and invest in multiple accounts through Raisin without having to open separate accounts at different financial institutions. And you'll see a summary of your account performance in one single statement, even if you have money in multiple savings accounts, money market accounts, and CDs.

What Raisin could improve

• No checking accounts: Raisin does not offer a checking account, facilitate bill pay, or provide ATM access to your money. This makes it less convenient to bank with the company as you must have a separate checking account with another financial institution. You also must wait up to three days to withdraw money from Raisin. You can research the best checking account to find your separate account, but you will still have to deal with the hassle of moving money around to different financial institutions.
• No third-party app access: If you like to use apps such as Rocket Money that enable you to track accounts in one dashboard, keep track of your net worth, and see how investments are performing, you'll likely be disappointed you can't integrate your Raisin account.

Who is Raisin best for?

Raisin is best for people who want to capture the best rate on their savings and who are looking for a simple, effective solution to do that.

How to open an account with Raisin

Raisin promises you can open an account within three minutes. To begin the process, click on the orange button reading Explore products on the Raisin homepage.

After clicking there, you will be taken to a page with the company's partners’ latest offers. You can narrow this list by looking at deposit amounts, financial institution, savings rates, and types of products each has such as savings, high-yield CDs, or no-penalty CD accounts.

When you've selected your product, click on Save now and you will then create and fund your account. You will be asked to provide your:

• Email address
• First and last name
• Referral code, if applicable

You’ll also need to create a password.

Once you've completed the preliminary steps, you will then need to fill out a full application including these things:

• Your Social Security number
• Your street address
• Whether you'd like to add a joint account

After completing the application process, you must specify how you want to fund your account and link an external bank to make moving the money possible. Then you receive a single statement from Raisin that details the performance of all your accounts purchased through its platform.

Alternatives to Raisin

If you're not convinced Raisin is right for you, consider these alternatives that offer features Raisin doesn't.

CIT Bank Savings Builder

CIT Bank is another option for those who would prefer to do all of their banking in one place. CIT Bank is a division of First-Citizens Bank & Trust Company and has been the recipient of a Best Customer Experience award from American Banker.

Unlike Raisin, CIT provides access to a more limited array of financial accounts. And all of CIT's accounts require a $100 minimum opening deposit, including its starter savings account, Savings Builder. The good news is, unlike Raisin, CIT offers checking accounts as well as home loans. So if you want one bank to handle all your financial needs, CIT Bank may be a better bet.

Visit CIT Bank

… or read our full CIT Bank Savings Builder review.

Ally Bank

If you just want a simple high-yield savings account from one online company rather than investing with multiple partners, then Ally Bank's high-yield savings account could be the ticket.

This account offers a simple 3.85% APY on all balance tiers, and it comes with unique features like savings buckets to organize your savings accounts and round-ups to transfer change when you pay for something with your Ally debit card. The link between Ally's high-yield savings account and its checking accounts also adds convenience if you have both savings and checking with Ally.

Visit Ally

… or read our full Ally Savings Account review.

FAQs about Raisin

Raisin review: bottom line

Raisin.com is a great option for savers who want to put money into a high-interest savings account, CD, or money market account to reach their personal finance goals.

As long as you don't mind it being a little more time-consuming to withdraw your funds, there's nothing to lose from giving Raisin a try today. And if it doesn’t seem right for you, check out our list of the best savings accounts for more options.

Disclaimer: All rates and fees are accurate as of May 31, 2023.