Raisin (formerly SaveBetter) Review
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Unravel the truth about Raisin's safety and legitimacy in this review.
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No Penalty CDs | |||
Overall Score | 4.1 | ||
Savings | 5.0 | ||
CD | 5.0 | ||
Money Market | 5.0 | ||
Mobile App | 2.0 | ||
Customer Service | 3.5 | ||
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.
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?
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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.
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.
- FVCbank:
Money Market Deposit Account - 4.55% APY - Ponce Bank:
Money Market Deposit Account - 4.52% APY - Hanover Bank:
Money Market Deposit Account - 4.52% APY - Patriot Bank:
Money Market Account - 4.51% APY - Mission Valley Bank:
High Yield Savings Account - 4.50% APY - Western Alliance Bank:
High Yield Savings Account - 4.50% APY - Generations Bank:
Money Market Deposit Account - 4.46% APY - The Atlantic Federal Credit Union:
Money Market Deposit Account - 4.46% APY - UNCLE Credit Union:
Money Market Deposit Account - 4.45% APY - mph.bank:
High-Yield Savings Account - 4.45% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - SkyOne Federal Credit Union:
Money Market Deposit Account - 4.40% APY - Prism Bank:
Money Market Deposit Account - 4.40% APY - DR Bank:
High-Yield Savings Account - 4.40% APY - American First Credit Union:
Money Market Deposit Account - 4.40% APY - Liberty Savings Bank:
High Yield Savings Account - 4.36% APY - Dayspring Bank:
High-Yield Savings Account - 4.30% APY - Harborstone Credit Union:
Money Market Deposit Account - 4.30% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.29% APY - Sterling Federal Bank:
Money Market Deposit Account - 4.26% APY
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.
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.
- Ponce Bank:
3-Month High-Yield CD - 4.52% APY - The Atlantic Federal Credit Union:
1-Month High-Yield CD - 4.51% APY - Mission Valley Bank:
1-Month High-Yield CD - 4.50% APY - Western Alliance Bank:
High-Yield CD Rates - Up to 4.50% APY - Always.bank:
24-Month Callable CD - 4.45% APY - mph.bank:
60-Month Callable CD - 4.42% APY - Prism Bank CD Rates:
Up to 4.40% APY - SkyOne Federal Credit Union CD Rates:
Up to 4.40% APY - Generations Bank CD Rates:
Up to 4.31% APY - Freedom Bank CD Rates:
Up to 4.30% APY - Bank Of Utah:
3-Month High-Yield CD - 4.30% APY - Sterling Federal Bank:
3-Month High-Yield CD - 4.21% APY - Blue Federal Credit Union:
7-Month High-Yield CD - 4.20% APY - United Republic Bank:
1-Month High-Yield CD - 4.15% APY - Dayspring Bank:
1-Month High-Yield CD - 4.15% APY - First Mid Bank & Trust:
9-Month High-Yield CD - 4.08% APY - Sallie Mae Bank CD Rates:
Up to 4.00% APY - American First Credit Union:
12-Month High-Yield CD - 4.00% APY - Consumers Credit Union:
12-Month High-Yield CD - 4.00% APY - Sun Canyon Bank:
11-Month High-Yield CD - 3.98% APY
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 minimum 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.
- Mission Valley Bank:
3-Month No-Penalty CD - 4.35% APY - SkyOne Federal Credit Union:
12-Month No-Penalty CD - 4.25% APY - Ponce Bank:
4 Month No-Penalty CD - 4.20% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - Sallie Mae Bank:
14-Month No Penalty CD - 3.95% APY - Freedom Bank:
12-Month No-Penalty CD - 3.75% APY - Blue Federal Credit Union:
9-Month No Penalty CD - 3.75% APY - GreenState Credit Union:
12-Month No Penalty CD - 3.70% APY
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:
- FVCbank:
Money Market Deposit Account - 4.55% APY - Ponce Bank CD Rates:
Up to 4.52% APY - Hanover Bank:
Money Market Deposit Account - 4.52% APY - The Atlantic Federal Credit Union:
1-Month High-Yield CD - 4.51% APY - Patriot Bank:
Money Market Account - 4.51% APY - Western Alliance Bank:
High Yield Savings Account - 4.50% APY - Mission Valley Bank:
High Yield Savings Account - 4.50% APY - Generations Bank:
Money Market Deposit Account - 4.46% APY - Always.bank:
24-Month Callable CD - 4.45% APY - mph.bank:
High-Yield Savings Account - 4.45% APY - UNCLE Credit Union:
Money Market Deposit Account - 4.45% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - SkyOne Federal Credit Union:
1-Month High-Yield CD - 4.40% APY - DR Bank:
High-Yield Savings Account - 4.40% APY - Prism Bank:
High-Yield Savings Account - 4.40% APY - American First Credit Union:
Money Market Deposit Account - 4.40% APY - Liberty Savings Bank:
High Yield Savings Account - 4.36% APY - Freedom Bank CD Rates:
Up to 4.30% APY - Bank Of Utah:
3-Month High-Yield CD - 4.30% APY - Dayspring Bank:
Money Market Deposit Account - 4.30% APY - Harborstone Credit Union:
Money Market Deposit Account - 4.30% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.29% APY - Sterling Federal Bank:
Money Market Deposit Account - 4.26% APY - Blue Federal Credit Union:
Money Market Deposit Account - 4.25% APY - Adda Bank:
High-Yield Savings Account - 4.25% APY - First Community Bank:
High-Yield Savings Account - 4.22% APY - CFBank National Association:
High-Yield Savings Account - 4.20% APY - The State Exchange Bank:
High Yield Savings Account - 4.20% APY - Customers Bank:
High-Yield Savings Account - 4.16% APY - United Republic Bank CD Rates:
Up to 4.15% APY - Grand Bank:
Money Market Deposit Account - 4.15% APY - HealthcareBank:
Money Market Deposit Account - 4.15% APY - First State Bank:
Money Market Deposit Account - 4.10% APY - First Mid Bank & Trust:
9-Month High-Yield CD - 4.08% APY - Consumers Credit Union:
12-Month High-Yield CD - 4.00% APY - Sallie Mae Bank:
14-Month High-Yield CD - 4.00% APY - Citizens State Bank:
High-Yield Savings Account - 4.00% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - Sun Canyon Bank:
11-Month High-Yield CD - 3.98% APY - GreenState Credit Union:
High-Yield Savings Account - 3.90% APY - First Financial Northwest Bank:
9-Month High-Yield CD - 3.85% APY - RBMAX:
High-Yield Savings Account - 3.66% APY - Southwestern National Bank:
5-Month High-Yield CD - 3.65% APY - WECU:
High-Yield Savings Account - 3.00% APY - Quontic:
2-Month High-Yield CD - 3.00% APY - Great Lakes Credit Union:
Money Market Deposit Account - 2.00% APY - Ohio State Bank:
6-Month High-Yield CD - 1.35% APY
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.
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:
- 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 address.
- Link a bank account so you can fund your savings product.
- 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!
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