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mph.bank 6 Month No Penalty CD -
CloudBank 24/7 High Yield Savings Account
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GreenState Credit Union 10 Month CD
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Ponce Bank 3 Month CD
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Western Alliance Bank 6 Month CD
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Western Alliance Bank 9 Month CD
Note: Raisin is a European company that started operations in the US under the name SaveBetter. On June 19, 2023, SaveBetter officially rebranded as Raisin.
Raisin Review
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How Raisin Works
Raisin is a digital marketplace for finding high-yield accounts. It partners with banks and credit unions to offer you special interest rates if you open an account through Raisin rather than directly on the partner banks' websites.
Raisin has been providing a similar high-yield savings account marketplace in Europe. It works with over 400 banks and has more than 1 million direct customers. It started providing services in the US through SaveBetter, and SaveBetter has now officially rebranded as Raisin.
As of June 2023, Raisin partners with the following institutions to offer high interest rates:
- Adda Bank
- American First Credit Union
- The Atlantic Federal Credit Union
- Axiom Bank
- Bellco Credit Union
- Blue Federal Credit Union
- Central Bank of Kansas City
- Cloudbank 24/7
- Columbia Bank
- Continental Bank
- First Mid Bank & Trust
- Freedom Bank
- FVCbank
- Great Lakes Credit Union
- GreenState Credit Union
- Hanover Bank
- Idabel National Bank
- Lemmata Savings Bank
- Liberty Savings Bank
- Mission Valley Bank
- mph.bank
- OceanFirst Bank
- Patriot Bank
- Ponce Bank
- Sallie Mae
- SkyOne Federal Credit Union
- The State Exchange Bank
- Technology Credit Union
- Western Alliance Bank
- Wex Bank
Raisin could change partner institutions over time, and the list above may not include all of the partner banks and credit unions at any given time.
Many of the institutions are less well-known companies — but the good news is that your money is still safe with these less popular brands. You have FDIC insurance for banks (or NCUA insurance with credit unions) when you open accounts through Raisin. This means up to $250,000 is safe in an individual account, and $500,000 in a joint account.
Credit unions require you to become a member to open an account, and membership is usually only available to employees of certain companies or residents of specific counties. But when you open a credit union account through Raisin, you simply have to sign a membership agreement, and you'll qualify without having to pay any membership fees.
Some of the partner bank accounts are available nationwide, but you'll earn a higher rate through Raisin. Others are usually only available in certain areas, but they're available around the US through Raisin.
The marketplace gives you the chance to earn high interest rates with the added bonus of working with institutions whose values you support. For example, Ponce Bank is certified as a community development financial institution (CDFI), meaning it serves a local disadvantaged community. It's also a Hispanic-American owned bank. When you're searching for accounts, Raisin lets you filter by the type of institution you want, such as minority-led, family-owned, or one with a local focus.
Once you deposit money into your account through Raisin, it's held in an omnibus custodial account at the partner bank. The custodial account is managed by Lewis & Clark Bank, which is the custodian bank. When your funds are in a custodial account, the money is pooled with deposits from other Raisin customers.
Custodial accounts make it possible for Raisin to deposit money to separate banks, but they do come with drawbacks. The main downside is that it's a little difficult to access your savings. To deposit or withdraw money, you must link your Raisin account to an external account, then transfer money between the accounts. These transfers typically take one to three business days. So you'd always want to keep a checking account at a separate bank for these transfers.
To contact customer service, call Monday through Friday from 9:00 a.m. to 4:00 p.m. ET. You can also send an email or use automated chat on the website.
Raisin also has mobile apps in the Google Play store and Apple store, but there aren't any ratings for the apps yet.
Keep reading to learn about the types of accounts you can open through Raisin.
High-yield Savings and Money Market Accounts
The average savings account APY (Annual Percentage Yield) nationwide is just 0.43%. Many savings accounts at national banks charge monthly fees if you don't qualify to waive them. You'll earn significantly more through Raisin's partner savings and money market accounts, and you won't pay monthly fees.
Let's say you leave $10,000 in a savings account untouched. At a traditional bank that pays 0.05% APY compounded daily, you'd earn $5 in one year (which might be cancelled out by how much you pay in monthly fees). Maybe you open an account with Raisin that pays 5.00% APY. In one year, you'd earn $512.67 on that $10,000.
Fixed-rate CDs
Savings and money market accounts have variable interest rates, so rates can fluctuate at any time. But CDs have fixed rates, meaning that if you open a 1-year CD with a 5% APY, that rate is set in stone and you'll earn 5% for the entire year.
There are other benefits to opening a fixed-rate CD through Raisin besides a higher rate. First, you may have access to a term length (say two months or nine months) that isn't available directly through the bank. Second, you only need $1 to open a CD through Raisin, regardless of which partner bank you choose. CDs typically require hundreds or even thousands to open an account. For example, you would normally need $2,500 to open a CD with Sallie Mae, but you only need $1 to open a Sallie Mae CD with Raisin.
Keep in mind that you will have to pay an early withdrawal penalty if you take out money before the term ends. When searching for fixed-rate CDs on the Raisin website, click on "product terms" next to the CD you're considering to see what that fee would be.
No-penalty CDs
Unlike regular CDs, no-penalty CDs do not charge you for taking out money before a term ends. Most banks require you to take out all the money in one lump sum, though.
No-penalty CDs aren't super common, so it's nice that Raisin gives you even more options than you may find elsewhere.
Alternatives to Raisin
The most obvious alternative to using Raisin is opening a high-yield account directly through a bank.
Although Raisin has partnerships with many banks, your options are still limited. You may decide to open a high-yield savings account directly through Popular Direct or Salem Five Direct — both of these offer some of the highest rates out there, but they aren't partnered with Raisin. They also allow direct deposits, which you can't accomplish with Raisin.
You could also open high-yield accounts directly with banks that also have checking accounts. This is a good option if you prefer to do all your banking with one institution. It's also faster and easier to access your money. You can simply transfer money between the bank's checking and savings accounts and see the change almost instantly. Some popular institutions with both high-yield savings accounts and checking accounts are Ally, Capital One 360, and Alliant Credit Union.
Raisin Trustworthiness and BBB Rating
The Better Business Bureau grades companies based on responses to customer complaints, transparency about business practices, government actions against the businesses, and more. The BBB gives Raisin an A grade because there are several complaints against the company on the BBB website.
Raisin does not have any public controversies.
It can be good to read customer reviews or talk with friends and family who have used Raisin to get a better idea of what your experience could be like. You also may want to look into the BBB grade and customer reviews for a partner bank you're considering using through Raisin.
Raisin: Frequently Asked Questions
Yes, Raisin is a legitimate company. It connects you to bank accounts that are federally insured by the FDIC or NCUA.
Yes, Raisin is safe. Your money is federally insured for up to $250,000 for an individual account and $500,000 for a joint account. Federal insurance guarantees that you'll still receive your money should an institution shut down. The American Institute of CPAs has given Raisin an SOC 2 certification, which means the AICPA has audited Raisin and found that the company has a high level of online security.
No, Raisin is not a bank. It is an online marketplace that connects you to accounts at federally insured banks and credit unions.
Raisin doesn't charge customers any fees to make money. Instead, it receives money from its partner banks and credit unions for marketing their accounts nationally.
No, there is no limit on the number of times you can withdraw from your savings and money market accounts each month. Before the COVID-19 pandemic began, Regulation D required banks to set a limit to six withdrawals from savings accounts each month before the customer faced a penalty. However, this regulation was revised in 2020 so that institutions are no longer required to penalize customers who exceed the monthly limit — although some still choose to enforce the rule. However, regardless of the partner bank's stance on the monthly transaction limit, you have unlimited transactions by opening the account through Raisin.
CDs work differently. A regular CD charges an early withdrawal penalty if you take out money before the term ends. A no-penalty CD doesn't charge a fee, but it does usually require you to withdraw all the money from your CD in one lump sum.