June 20, 2023

Raisin (formerly SaveBetter) Review

Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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Are you looking for a convenient way to handle multiple accounts with different banks or credit unions? Find out if Raisin is the best option for you.

Raisin (formerly SaveBetter) Promotions
All Products on SaveBetter

Overall Score

4.1

Savings

5.0

CD

5.0

Money Market

5.0

Customer Service

3.5

Mobile App

2.0
5-point scale (the higher, the better)

Pros and Cons

  • Multiple savings accounts in one place
  • No monthly fee
  • $1 minimum
  • No checking accounts
  • Smaller banks & credit unions

Bottom Line

Online savings platform offering some of the highest APYs in the nation

Imagine opening a savings account with one bank, then seeing a better rate at another.

Good thing Raisin (formerly SaveBetter) allows you to compare savings rates. You can even handle many accounts from different banks and credit unions in one place!

Read on to see if Raisin is legit and what they have to offer.

What Is Raisin?

Raisin is an online marketplace for savings accounts, money market accounts, and certificates of deposit (CDs).

By opening an account with Raisin, you can access a network of partner banks and credit unions which offer competitive rates. You won't have the hassle of dealing with them on different platforms.

Think of Raisin like a grocery store (the name even fits!): you can get a bunch of different things you like without being forced to stick to just one brand.

If Raisin is not a bank, then where are my funds held?
When you deposit your money, your funds are held in a custodial account at the bank/credit union you chose to work with.

Don't worry! Since all financial institutions involved in the Raisin platform are FDIC/NCUA insured, you still get full insurance coverage for up to $250,000. This means that your funds are always held at a federally insured institution.

What Accounts Does Raisin Offer?

Raisin offers these types of savings accounts:

  • Savings and Money Market: Competitive APYs with no withdrawal limits.

  • Certificate of Deposit: Terms ranging from 1 to 60 months; $1 to open an account.

  • No-Penalty Certificate of Deposit: 3 to 14 months terms; no penalty for early withdrawal.

Does Raisin offer accounts other than savings, money market, and CDs?
No. Currently, these are the only accounts that they offer.

Read on to learn more about the different accounts in detail.

Raisin High-Yield Savings and Money Market Accounts

Unlike traditional savings accounts, Raisin's high-yield savings and money market accounts have no withdrawal limits. They also partner with banks/credit unions with a minimum opening deposit of only $1.

They even offer a higher APY than national or bigger banks. If you'd rather not have your money locked up for a long time or deal with potential early redemption policies, you should consider this account instead of CDs.

Money market account vs savings account: A money market account and a savings account are both interest-earning accounts.

But money market accounts typically earn at a higher interest rate than traditional and sometimes even high-yield savings accounts. But they usually also require higher opening deposits.

Some money market accounts allow checkwriting or debit card use, which may not be the case for savings accounts.

Raisin High-Yield Certificates of Deposit

Raisin's CDs offer very competitive rates and terms ranging from 1 month to 60 months.

Usually, CD accounts require high opening deposits (around $500-$1,000) since they offer higher rates than other accounts. But if you use Raisin, the opening deposit will only be $1.

Their high-yield CDs have a similar APY to the savings and money market accounts.

It's best to open a CD account with Raisin to lessen the temptation of spending. This is because you'll incur a penalty if you withdraw before the end of your term.

If you have extra cash you don't need to spend soon, look into opening a CD account.

Raisin No-Penalty Certificates of Deposit

Raisin's no-penalty CDs' APYs are just slightly lower than their high-yield savings, money market, and term CDs.

You'd want to open a no-penalty CD if you believe you might need to tap into those funds. Otherwise, you're better off with a term CD since it offers a more attractive APY.

They offer terms from 3 months to 14 months.

Although it is a "no-penalty" CD, you can usually withdraw your funds without incurring any penalties starting seven days after funding.

Pros and Cons

Check out the pros and cons of having an account with Raisin:

Pros:

  • No monthly fees
  • $1 minimum opening deposit
  • Very competitive APYs
  • Only one account is needed to work with multiple financial institutions
  • All partners are FDIC or NCUA insured

Cons:

  • Doesn't offer checking accounts
  • Partnered with smaller regional banks

Fees to Look Out For

It's completely free to use Raisin as a customer. There are no monthly fees for any of their accounts.

The only fee you may encounter is a penalty should you withdraw your funds from term CDs before the maturity date. Typically, failing to complete the full term of a fixed term CD will result in a fee being charged.

You might be wondering... how does Raisin make any money, then? They actually charge their partner banks and credit unions a fee. And in exchange, Raisin markets their products on its site.

Raisin Partner Banks

Raisin partners with smaller regional banks and credit unions. Their partners include:

Is Raisin safe?

Yes! Raisin ensures the banks they partner with are FDIC-insured for up to $250,000. Likewise, the credit unions are NCUA-insured for up to $250,000. If it's a joint account, you're insured by the bank/credit union for up to $500,000.

Note that 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.

Who Is Raisin Best For?

Raisin is best if you want one marketplace to compare different savings accounts to get the highest APY.

They offer some of the highest rates for these accounts. Plus, you get the convenience of getting high APYs without the hassle of working with different institutions. This is good because you won't have to keep track of several accounts.

Raisin is great for those who really want to start saving but need help figuring out where to start.

Do I need to open an account with the bank/credit union even if I already opened one with Raisin?
No. Once you open an account with Raisin, they also take care of all the necessary registration with their partner banks/credit unions. This way, having multiple accounts with different financial institutions becomes easy.

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

For a minimum deposit of only $1, you can access very competitive rates for different savings accounts. Plus, all their partner banks and credit unions are insured. So you don't need to worry about being unable to trust the site.

It's worth considering that the level of customer service may vary between a digital platform like Raisin and working directly with a bank.

Nonetheless, Raisin is a great site to enjoy high rates for low minimum deposits. Its convenient and unique qualities make it a great motivator to start saving.

Good luck!

Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 10/18/2023
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  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
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Bank of America
Member FDIC

Bank of America Business Advantage Checking Account - $200 Bonus Offer

Expires 12/31/2023
Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by December 31, 2023
  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
Citibank

Citi Priority - Earn up to $2,000 Cash Bonus

Expires 1/9/2024
  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
  • New to Relationship customers can choose their Relationship Tier.
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

Expires 12/14/2023

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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