Is Raisin Safe and Legit?
Raisin offers great savings accounts with impressive APYs to boost your savings. But is it safe to use? Read on to find out.
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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.
High-Yield Savings Account - Up to $1,500 Bonus
- Select a savings offer and sign up: Choose and fund at least one high-yield savings account or CD on the Raisin platform to get started. Be sure to enter bonus code HEADSTART during sign-up to be eligible for a cash bonus.
- Deposit funds: The more you save, the more you can earn. Make a qualifying deposit(s) within 14 days of opening your account to set your bonus tier.
- Maintain your deposit(s): Maintain your deposit(s) for 90 days from your first deposit date to earn your bonus.
| Deposit | Cash Bonus |
|---|---|
| $10,000 - $24,999 | $70 |
| $25,000 - $49,999 | $175 |
| $50,000 - $99,999 | $350 |
| $100,000 - $199,999 | $750 |
| $200,000 or more | $1,500 |
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:
- Western Alliance Bank:
High Yield Savings Account - 3.80% APY - Mission Valley Bank:
High Yield Savings Account - 3.86% APY - Valley National Bank:
High-Yield Savings Account - 3.95% APY - Sallie Mae Bank:
14-Month No Penalty CD - 3.40% APY
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.
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
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These pros and cons may help you weigh if Raisin is worth it.
Pros:
- 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
Cons:
- Affiliated with smaller banks
- No checking accounts offered
- No direct deposit, cash deposit, or wire transfer options
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.
Raisin primarily earns commissions from its partners when you open an account.
Raisin Customer Complaints
Raisin is rated 4.4 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.
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:
- Browse Raisin's platform and choose the product you like. You can browse without needing an account.
- Open an account with your name, SSN, date of birth, and contact details.[4]
- Link a bank account so you can fund your savings product.
- Start saving!
High-Yield Savings Account - Up to $1,500 Bonus
- Select a savings offer and sign up: Choose and fund at least one high-yield savings account or CD on the Raisin platform to get started. Be sure to enter bonus code HEADSTART during sign-up to be eligible for a cash bonus.
- Deposit funds: The more you save, the more you can earn. Make a qualifying deposit(s) within 14 days of opening your account to set your bonus tier.
- Maintain your deposit(s): Maintain your deposit(s) for 90 days from your first deposit date to earn your bonus.
| Deposit | Cash Bonus |
|---|---|
| $10,000 - $24,999 | $70 |
| $25,000 - $49,999 | $175 |
| $50,000 - $99,999 | $350 |
| $100,000 - $199,999 | $750 |
| $200,000 or more | $1,500 |
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!
References
- ^ Raisin. Deposit Insurance, Retrieved 10/27/23
- ^ Raisin. Raisin takes data protection to the next level, Retrieved 10/27/23
- ^ Raisin. FAQ: What happens if Raisin goes out of business?, Retrieved 10/27/23
- ^ Raisin. How to Register, Retrieved 06/15/24
High-Yield Savings Account - Up to $1,500 Bonus
- Select a savings offer and sign up: Choose and fund at least one high-yield savings account or CD on the Raisin platform to get started. Be sure to enter bonus code HEADSTART during sign-up to be eligible for a cash bonus.
- Deposit funds: The more you save, the more you can earn. Make a qualifying deposit(s) within 14 days of opening your account to set your bonus tier.
- Maintain your deposit(s): Maintain your deposit(s) for 90 days from your first deposit date to earn your bonus.
| Deposit | Cash Bonus |
|---|---|
| $10,000 - $24,999 | $70 |
| $25,000 - $49,999 | $175 |
| $50,000 - $99,999 | $350 |
| $100,000 - $199,999 | $750 |
| $200,000 or more | $1,500 |
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
U.S. Bank Business Essentials - $400 Bonus
Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC
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