Raisin Review: Choosing High Yield Savings

Raisin, formerly known as SaveBetter, does the work for you, allowing you to find the right high-yield savings or CD account. It is a digital platform that has partnered with several banks and credit unions that offer competitive interest rates. When you open an account through Raisin, you can secure a higher rate than if you applied directly with a partner institution. You can access all accounts with a single sign-on.

key features

Although Raisin doesn’t offer a checking account option, it does have a variety of savings products that offer high APYs, low minimum initial deposits, and reasonable balance requirements. You only need $1 to unlock any product or unlock any rate on the platform. To access your accounts, you have one login to manage products from multiple banks. Additionally, Raisin also offers consolidated tax forms when it comes time to file your return.

Here are the highlights and findings of Raisin’s assessment by GOBankingRates.

FDIC-member banks and NCUA-insured credit unions

Raisin maintains partnerships exclusively with FDIC-member banks and NCUA-insured credit unions. Your accounts are protected up to $250,000 per depositor, per category. Raisin works with a network of banks and credit unions and so you can take advantage of many savings opportunities without worrying whether your funds are safe or not.

high yield savings account

Since Resene has partnered with many lesser-known banks or credit unions, APYs will vary, but will generally be much higher than the national average of 0.45 because Resene helps find the best rate available. Any banks or credit unions that Raisin partners with are either FDIC-insured or have NCUA insurance, so your money is safe and covered.

Here are some things to consider on Raisin’s savings platform:

• High-yield savings account rates are higher than the national average.
• There is no monthly fee.
• Only $1 minimum deposit requirement.
• You can access your funds online at any time

CD

Raisin also offers options when it comes to certificates of deposit as it has fixed term and no penalty CDs. Here’s what you need to know.

• Fixed Term CD: These offer you the chance to lock in competitive interest rates regardless of market conditions. These guaranteed rates and clear terms make it easy to formulate your financial plans within a reasonable timeframe.
• No Punishment CD: Although this type of CD still offers you a fixed rate for your entire term, it also gives you the peace of mind of having no penalties for early withdrawal.

money market accounts

Raisin gives you the chance to compare money market deposit accounts from Western Alliance Bank, Harborstone Credit Union, American First Credit Union, and other financial institutions. All money market accounts you open through Raisin are FDIC or NCUA-insured and offer many of the features of a typical savings account but often offer higher rates.

customer experience

Your banking experience with Raisin will be unique as it finds the bank accounts and all the associated benefits you are looking for, without actually being a bank. If you need assistance or customer service you can visit the Help Center through the website or try one of the following:

• Call: 1- 844-994-EARN (3276). This support is available Monday through Friday 8am to 8pm ET
• Email: Support.us@raisin.com.

How do raisins look different?

Raisin is a digital platform that allows access to a wide network of banking partners. Although banking sites offer the same savings products directly through their websites, you can secure higher rates on high-yield savings accounts and CDs if you use Raisin. You don’t have to worry about security – Raisin ensures that the connection between you and the bank is completely secure.

How do raisins compare

Here’s how Raisin compares to other companies:

raisins vs ally

When it comes to the main tax of earning more interest, Raisin may have a little edge over Ally as it can find more competitive rates for you. However, since Ally is its own online entity, you can have quick and easy access to your funds when transferring money.

Raisin vs Discover Bank

Where Discover® Bank, Member FDIC, may outperform Raisin is its credit card line. With Discover you can keep all your accounts at one institution which some people may find more attractive.

how to apply

If Raisin sounds like a good fit for your finances, you’ll be happy to know that opening an account is an easy and straightforward process. There is no credit check and you can apply in just minutes by following these steps:

• step 1: Scroll through the offers on Raisin’s Savings Market and choose your favorite product.
• step 2: Once selected you can follow the prompts to enter your email and create a password.
• step 3: Fill out the online application and verify your identity.
• step 4: Link the bank account you want to make your first deposit to.
• Step 5: Start earning.

Final Tip to Go: Are Raisins Right for You?

If you’re in the market for a high-yield savings option and aren’t particular about which bank or credit union is offering the highest rate then Raisin is best for you. However, keep in mind that although you can access your funds online at any time since you don’t have a checking account through Regin, you may have to wait a few business days for the money you transferred to another account or bank to be processed.

The bottom line is that in the digital banking age, customer service offering the best high-yield savings product raisins for you can take some of the headache out of your search for the best option. When it comes to dollar signs of your savings goals, this may make the most sense.

Rudri Bhatt Patel contributed reporting to this article.

Editorial note: This content is not provided by any of the entities involved in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are solely those of the author and have not been reviewed, approved or otherwise endorsed by any entity named in this article.