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Savings products are a great way to earn interest, but finding the right account can take time and research. That’s where Raisin, formerly SaveBetter, comes in.
This savings platform makes it easy to find and open deposit accounts. The best part? The rates you can get through Raisin are often higher than each bank’s publicly available offers.
In this Raisin review, or SaveBetter review if you’ve been around for a while, we’ll explore what to expect when you start using Raisin.
We’ll also cover the information you need to get started, including:
How Raisin works
Saving account options at Raisin
How to open a Raisin account
What is Raisin?
Raisin is an online savings platform where you can open a range of deposit accounts with a single login. Through your Raisin profile, you can access savings accounts, CDs and money market accounts from more than 60 banks and credit unions — many with APY’s of 5% or higher. These rates are often available only through Raisin.
Raisin itself is not a bank; it’s a platform that works with multiple banks to secure exclusive rates and create a central account management system. To ensure that your money is safe, Raisin only partners with FDIC-insured banks and credit unions insured by the National Credit Union Administration (NCUA).
How does Raisin work?
Raisin offers a simplified approach to saving. Instead of opening and managing separate accounts through different banks, you do everything on one platform. First, you must create an account, this process takes just a few minutes. Once you have created your account, it’s time to start browsing the available saving options.
Within the Raisin platform, you can evaluate different accounts based on terms, APY and potential earnings. If you have a lump sum you’re not planning to use in the next year, you might choose a 12-month CD with a high APY to maximize your interest earnings. Saving for a vacation? Put the money into a three-month CD or six-month CD to help it grow before the departure date.
When you find one or more accounts that meet your needs, funding them is quick and easy and the funds start earning interest right away. You will manage all your accounts within the Raisin platform, there’s no need to log into different websites for each bank.
Raisin does not charge you any fees for this service. Instead, it charges its partner banks and credit unions. Plus, your Raisin account comes with up to $10 million in Federal Deposit Insurance Corporation (FDIC) insurance coverage for peace of mind.
Raisin pros and cons
Pros
High interest rates available
Simple management of multiple savings accounts
No fees
Low opening deposit requirement
Cons
Limited product selection
No physical branches
Transfers can take several days
Raisin saving options
Raisin offers a small selection of savings products, including high-yield savings accounts, certificates of deposits and money market accounts. Most are designed to maximize interest earnings, so you can get the most from your funds.
If you need the flexibility to access your money, this is a great option — withdrawals are easy and penalty-free. You might use a high-yield savings account to store an emergency fund, for example, or keep a down payment while you’re searching for a new home.
You can open a high-yield savings account with Raisin for as little as $1, regardless of the account you choose. If you need to make a withdrawal, keep in mind that it may take a couple of days to reach an external bank account. However, Raisin does not charge fees or limit your withdrawals.
Here are some of the best Raisin savings accounts:
A money market account (MMA) is similar to a high-yield savings account. Both offer high APYs and easy withdrawals. At traditional banks, MMAs often have high opening deposit requirements of $1,000 or more. At Raisin, you can open an account with as little as $1. Raisin does not set withdrawal limits, which is convenient if you need to take out money occasionally.
Some of the best MMA options offered by Raisin are:
If you want to withdraw money frequently, make sure to read the terms of the different MMAs on Raisin. Some banks may require you to give a written notice seven days before you transfer or take out money. Unlike traditional MMAs, the accounts available through Raisin don’t usually include a debit card or check-writing privileges.
CDs
Raisin offers two types of CDs: fixed-term and no penalty. Both options offer a $1 minimum opening deposit and a set interest rate for the term of the product, so earnings are predictable.
However, there is one key difference, a fixed-term CD will charge you a penalty for withdrawing money before the term is up (fees vary by bank), while a no-penalty CD will not. If you think you’ll need access to the funds for an unexpected car repair or a last-minute trip, a no-penalty product could be the better choice.
Some of the CDs on Raisin with the highest rates include:
The best CDs on Raisin tend to have shorter terms and solid earning potential. If you deposit $20,000 into the six-month Western Alliance Bank high-yield CD at the current rates, for example, you can expect to earn $517.81 in interest.
Once your CD term is up, you can either withdraw the money or renew the product. Raisin will usually renew it automatically if you don’t specify otherwise. CDs typically renew for the same length of time, but the interest rate may change based on the bank’s current offerings. Make sure to check the current rates before making a decision.
How to open a Raisin account
Opening an account with Raisin takes just a few minutes. Here’s a quick overview of the process:
1
Choose a savings product.
Select one of the products available on Raisin, and click the “Save Now” button.
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2
Provide personal details.
Follow the set-up prompts to create account credentials, and enter your personal identification information, Social Security number and contact information.
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3
Agree to terms.
Read through and agree to Raisin’s terms of use to create the account.
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4
Connect a bank account.
Use the Raisin system to link an external account. Keep in mind, this account will be used to fund the savings products you open with Raisin; choose strategically.
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5
Add money to your savings account.
Once the connection is established between Raisin and your external account, you can fund your first savings product. It starts earning interest as soon as the funds arrive.
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Your first savings product at Raisin is just the beginning — you can open and fund multiple additional accounts with just a few clicks.
Is Raisin safe?
Raisin only partners with financial institutions that are insured by the FDIC or NCUA. That means that if the partner bank fails, your money is safe.
For extra safety, Raisin only allows deposits up to the maximum insured amount — $250,000 for each individually held account and $500,000 for each jointly held account. Federal deposit insurance coverage with Raisin maxes out at $10 million.
What happens to your money if Raisin fails? Nothing; it’s a platform, not a bank. If Raisin went under, your funds would be safely held in the partner bank.
Is the Raisin worth it?
Raisin could be a great way to maximize interest earnings and FDIC/NCUA protection if you have a large amount of money to keep in various savings products. Partner bank accounts offer impressive APY rates, and all your funds are insured.
Raisin also creates a convenient savings experience, which may be appealing if you’re looking to spread your savings across multiple accounts. You don’t have to worry about filling in multiple long applications to open different accounts; simply do it once when you create a Raisin account. Each time you go to open a new account, Raisin will use your stored information.
Account management is also easier with Raisin. Instead of logging into multiple online banking websites to check your progress, you have one login and one dashboard.
Before you sign up with Raisin, make sure you’re comfortable with customer service that happens digitally or over the phone. As there aren’t any physical branches, the platform probably isn’t a good fit if you like an in-person banking experience.
Other Raisin products
Currently, Raisin focuses exclusively on savings products. The company does not offer checking accounts, credit cards or personal loans.
Raisin operates in more than 30 countries. Therefore, product offerings, terms and services may vary from country to country.
Other type of savings accounts
FAQ: Raisin review
Is Raisin trustworthy?
Raisin is a trustworthy brand. It only works with FDIC-insured banks and NCUA-insured credit unions. It also limits per-account deposits to the maximum insured amount so that your funds are protected at all times.
How do you withdraw money from Raisin?
To withdraw money from one of your accounts on Raisin, you must transfer the money to your linked external account. This process can take a few days, depending on account terms and when you initiate the transfer.
Once the money arrives in the external account, you can withdraw or transfer it as usual. The longer-than-usual timeframe means that accounts through Raisin may not be ideal if you need to make regular time-sensitive withdrawals.
Does Raisin have fees?
Raisin does not charge any fees to customers. Instead, it passes those costs on to its partner banks. This helps you save money and maximize your earnings.
Is Raisin legit?
Raisin is a legitimate business. While it’s not a bank, it only works with federally insured financial institutions.
Who is Raisin owned by?
A German company called Raisin GmbH owns Raisin. It was founded in 2013 in Berlin and has been expanding steadily across the globe ever since.
Elizabeth Smith is an experienced travel and finance writer who specializes in topics including credit cards, travel insurance, and personal finance. Travel insurance, in particular, has both professional and personal significance for Smith. She’s traveled to 73 countries, and has extensive experience choosing and using various policies — she understands how valuable the right plan can be in an emergency, and loves to help readers find the perfect fit.
Smith comes to the world of finance from a scientific and technical background. She spent more than 10 years writing about engineering, science, and technology for universities and private companies. When she’s not writing or traveling, Smith can usually be found hiking or Nordic skiing.
Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.
As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.
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