Updated November 1, 2023

Is Raisin Safe and Legit?

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Raisin offers great savings accounts with impressive APYs to boost your savings. But is it safe to use? Read on to find out.

Raisin lets you compare and open multiple savings accounts from different banks in one platform.

But, since Raisin is not a bank, there is a lot of skepticism regarding its legitimacy. Read on to know more about them.

Is Raisin Safe?

Yes, Raisin is safe since all its partner institutions have insurance coverage. The banks they work with are FDIC-insured up to $250,000 for individual accounts and up to $500,000 for joint accounts. Their partner credit unions are NCUA-insured up to the same amount.[1]

Your account is insured per bank you choose to work with. So if you decide to use Raisin to open accounts with 2 different banks, you'll be insured $250,000 for EACH of those accounts.

Additionally, Raisin boasts a SOC 2 certification, which means they implement proper security measures on their platform.[2]

They also have encryptions, multi-factor authentication, and other programs to avoid fraud, DDOS attacks, etc.

Is Raisin Legit?

Yes, Raisin is a legitimate business. They work with 400+ financial institutions and operate in 30+ markets, offering various savings products that pay high rates.

Some of the big names in their network include OceanFirst Bank, Western Alliance Bank, Continental Bank, MPH Bank, and more.

Raisin Partner Banks

Here are the banks and credit unions in partnership with Raisin:

Would you consider using Raisin for the higher APYs it offers on its savings accounts?

What happens if Raisin goes out of business?

Should Raisin go bankrupt, its partner institutions will just return the funds to the owner's external account. Plus, all its partners are FDIC and NCUA-insured.[3]

Raisin also keeps records of all the funds for added security.

Is Raisin (SaveBetter) a bank?
No, Raisin (SaveBetter) is not a bank, which means they do not have your money. Your funds are actually in a custodial deposit account with the financial institution offering your chosen product.

Pros and Cons

These pros and cons may help you weigh if Raisin is worth it.


  • Variety of savings products with competitive APY
  • No monthly charges
  • $1 minimum initial deposit
  • Access to multiple bank accounts
  • Interest compounded daily
  • Partner banks are insured by the FDIC or NCUA


  • Affiliated with smaller banks
  • No checking accounts offered
  • No direct deposit, cash deposit, or wire transfer options

What is your biggest concern when using an online platform like Raisin for managing savings?

How Does Raisin Work?

Raisin, formerly known as SaveBetter, is a digital marketplace for all your savings needs. They connect people to federally insured banks and credit unions that offer impressive rates.

They act as the bridge between the customer and the financial institution. So, you can open and manage multiple savings accounts, money market accounts, and CDs, all on the Raisin platform.

This makes managing your money a lot easier.

What Fees Does Raisin Charge?

You can easily create an account with Raisin for free. You also won't have to worry about paying monthly fees with any of the savings products on their platform. Plus, the minimum opening deposit is only $1.

However, users may potentially encounter an early withdrawal penalty for fixed-term CDs. So make sure to read the terms and conditions.

How does Raisin make money?
Raisin primarily earns commissions from its partners when you open an account.

Raisin Customer Complaints

Raisin is rated 4.1 out of 5 on Trustpilot. There are a lot of mixed reviews for Raisin. Most of the comments revolve around their poor customer service, confusing business model, and unrefined digital banking platform.

Some complaints touch on unresolved account concerns due to calls not being returned and inquiries not being answered.

Meanwhile, others are unsatisfied with the lack of options on the Raisin platform when it comes to moving funds.

How do I withdraw money through Raisin?
To withdraw through Raisin, you must first link an external checking account to your Raisin account. Then, simply transfer funds between those two accounts and your money should be credited within 1-3 business days.

Why Should You Use Raisin?

Using Raisin allows you to save money into different accounts without the hassle of dealing with multiple banks.

It provides a simple and easy way to access your funds through one digital platform.

It is also a convenient and safe platform to use if you want to compare different savings products. In fact, the accounts they offer have competitive rates, allowing you to boost your savings.

How to Open an Account with Raisin

Here are the steps to open an account on Raisin:

  1. Browse Raisin's platform and choose the product you like. You can browse without needing an account.
  2. Open an account with your name, SSN, date of birth, and address.
  3. Link a bank account so you can fund your savings product.
  4. Start saving!

Bottom Line

Raisin is a legitimate company that allows customers to safely grow their money through affiliated financial institutions.

Moreover, their network of banks and credit unions offers competitive rates for customers to enjoy.

Just keep in mind that they don't operate like a bank, so do a lot of research before opening a Raisin account!


  1. ^ Raisin. Deposit Insurance, Retrieved 10/27/23
  2. ^ Raisin. Raisin takes data protection to the next level, Retrieved 10/27/23
  3. ^ Raisin. FAQ: What happens if Raisin goes out of business?, Retrieved 10/27/23
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