Banking Savings & Money Market Accounts

Raisin Review [2024]: Save Time and Earn High APYs

Finding bank accounts with competitive rates and low fees can feel impossible, but Raisin promises to make it easy. Find out if it’s legit.

By Christy Rakoczy
and Samantha Hawrylack

Edited by Melinda Sineriz, ABFP™

Updated Aug. 9, 2024

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

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Raisin

OUR VIEW

Raisin helps you spread your savings across multiple high-yield savings accounts, CDs, or money market accounts utilizing a single account. Its premise is good, helping consumers find and open the best savings accounts, but it has some downsides.

While I love the idea of finding the highest yield on savings products, I don’t love that the money sits in a custodial account at each bank, with Raisin ‘in charge.’ You must initiate any deposits or withdrawals through Raisin and withdrawals can take several days to receive. You don’t have any interaction with the bank itself, which can be frustrating if you have questions or concerns.

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Pros

One-stop-shop for the highest rates on savings and CD accounts

All accounts have FDIC or NCUA insurance coverage

Find, open, and fund savings products through Raisin at no cost

Cons

Can’t access your funds on the bank’s website or app, only through Raisin

Can be a delay in accessing funds you withdraw

Doesn’t offer checking accounts

How we evaluate products

Raisin is a no-fee service you can use to open accounts at multiple banks. The idea is to find high-yield deposit products, and spread your money across several of them, while using a single custodial account.

Raisin partners with online banks, traditional banks, and credit unions, but you don’t open an account at any of them. Instead, you get a free Raisin account which opens custodial accounts on your behalf.

All banking transactions initiate in the Raisin platform, so you only have a single dashboard to use when managing your funds.

Is Raisin legit?

Raisin (formerly known as SaveBetter) is legitimate. The Raisin company as a whole has more than 1 million+ customers, 400+ different bank partners, and operates in 30 different markets.

Raisin partners are all FDIC-insured or NCUA-insured financial institutions.

How to use Raisin

The online platform is simple to use. Without opening an account, you can browse the offers to see all of the partner bank products available, compare rates and terms (including any minimum balance requirements), and find one that meets your needs.

You only complete one application with Raisin; you don’t have to keep repeating the process with every financial institution you want to consider. The money you deposit with Raisin’s service bank sits in a custodial account until you choose a partner bank. Raisin then quickly moves your money to your chosen banks.

However, the downside is you only have one routing and account number that manages all chosen bank accounts. That can take some getting used to if you’re accustomed to having separate account numbers for each account. For example, if you open a Raisin account and choose to put money in Western Alliance Bank, American First Credit Union, and CloudBank 247, you would not have three separate routing and bank account numbers. Instead, you use your single Raisin routing and account numbers to manage your funds from the Raisin dashboard.

Types of accounts offered

What impresses me the most about Raisin is the vast number of products they offer, including:

High-yield savings
Money market accounts
CDs
No-penalty CDs

High-yield savings accounts

High-yield savings accounts are savings accounts that offer higher than average interest rates on deposited funds compared with traditional savings accounts. Raisin partners with a number of different financial institutions to help you get the most competitive rates including these banks and credit unions:

Western Alliance Bank
Harborstone Credit Union
First Financial Northwest Bank
CloudBank 247
American First Credit Union
UNCLE Credit Union
DR Bank
United Republic Bank
SkyOne Federal Credit Union
Generations Bank

Don’t worry, if you aren’t a member of a credit union you chose through Raisin, they’ll help you become a member.

I like HYSAs because you can earn higher interest rates, but don’t have to meet strict qualifying requirements, such as large minimum deposits or daily balances.

Examples of Raisin high-yield savings accounts

Western Alliance high-yield savings

Annual percentage yield (APY)	4.35%¹
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	Yes

Harborstone Credit Union

Annual percentage yield (APY)	5.25%
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	National Credit Union Administration insured (NCUA)

Money market accounts

Money market deposit accounts are insured by the FDIC or NCUA. These accounts often provide higher interest rates than other deposit products, but they often have limits on monthly transactions, and some require minimum deposits to invest your funds with them.

I only suggest a money market account if you think you’ll need to use some of the funds you have flagged for savings. It’s easier to access your funds as most accounts include check writing privileges. But, if you don’t have an immediate need for the funds, a MMA can increase the temptation to spend the funds. I suggest skipping it if you have long-term goals for your funds.

Raisin partners with many financial institutions to offer money market accounts, including the following:

American First Credit Union
Great Lakes Credit Union
Blue Federal Credit Union
mph.bank
Lemmata Savings Bank
SkyOne Federal Credit Union
Grand Bank
UNCLE Credit Union
OptimumBank
Dayspring Bank
Generations Bank

Check out some of the terms and conditions offered by money market accounts that have partnered with Raisin.

Examples of Raisin money market accounts

Ponce Bank money market

Annual percentage yield (APY)	0.10%-0.20% (as of 07/01/24)
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	Yes

First Financial Northwest Bank

Annual percentage yield (APY)	5.25%
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	Yes

Fixed term CDs

CDs require a lump sum investment that you leave alone until the CD matures (ends). Most fixed-term CDs incur fees and penalties if you withdraw the money early. Fixed term CDs have a set interest rate that stays the same throughout the term.

Raisin offers a variety of fixed term CDs from different partners, including the following:

Ponce Bank
Sallie Mae Bank
Blue Federal Credit Union
First Mid Bank & Trust
Idabel National Bank
Western Alliance Bank
Freedom Bank
The State Exchange Bank
American First Credit Union
Great Lakes Credit Union
SkyOne Federal Credit Union
mph.bank
Continental Bank

Examples of Raisin fixed term CDs

Ponce Bank 3-month CD

Annual percentage yield (APY)	4.85% (as of 9/19/24)
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
Early withdrawal penalty	90 days simple interest on the principal at the CD's effective rate
ATM access	None
FDIC insured	Yes

Sallie Mae Bank 14-month CD

Annual percentage yield (APY)	4.85% (as of 09/05/24)
Minimum deposit requirement	$1
Monthly maintenance fees	None
Early withdrawal penalty	180 days simple interest on the principal at the CD's effective rate
ATM access	No
FDIC insured	NCUA Coverage

No penalty CDs

I suggest considering no penalty CDs when you have money to save, but aren’t sure how soon you’ll need it. They often pay a more competitive rate than high-yield savings accounts, but don’t have the early withdrawal penalty fixed term CDs have.

Raisin partners offering no penalty CDs include the following:

Ponce Bank
Blue Federal Credit Union
mph.bank
Sallie Mae Bank
Mission Valley Bank
SkyOne Federal Credit Union

Examples of Raisin no penalty CDs

Ponce Bank 4-month no penalty CD

Annual percentage yield (APY)	4.85% (as of 9/19/24)
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	Yes

Sallie Mae 14-month no penalty CD

Annual percentage yield (APY)	4.75% (as of 07/01/24)
Minimum deposit requirement	$1.00
Monthly maintenance fees	None
ATM access	No
FDIC insured	Yes

Mobile App Reviews

If you’re like me, you bank on your phone more often than anywhere else. Unfortunately, the Raisin app leaves a lot to be desired.

The app is mediocre with limited functionality with a serious security concern because it doesn’t automatically log you out if you’ve been inactive for a long period. Its dashboard is also lackluster, making you dig for the information you need, so you’re better off using the online version.

Customer Service

Raisin offers online, email and phone support. Most people have the most luck using the automated chat system or sending an email to support.us@raisin.com. They also offer the option to call (844) 994-3276, but most reviewers state the representatives are rarely helpful.

Who is Raisin best for?

You might wonder why anyone would use Raisin when they can just go to the bank themselves and open an account.

While that’s true, there is a distinct audience for this type of service:

People who are too busy to shop around for the best interest rates
Anyone who wants higher interest rates as Raisin has some exclusive offers
Anyone looking to put their savings somewhere that isn’t easily accessible

If you don’t have the time (or patience) to shop around for the best APYs, Raisin does the work for you and for free. You may also find exclusive offers that pay more than accounts you open yourself. However, it’s more challenging to access your funds. To withdraw them, you must link a checking account, initiate the transfer and wait for the funds. It’s not instantaneous, but this can be good if you make impulsive money decisions.

Alternatives to Raisin

If you're not convinced Raisin is right for you, here are some alternatives.

CIT Bank

CIT Bank is another option for those who would prefer to do all of their banking in one place. CIT Bank is a division of First-Citizens Bank & Trust Company and is an FDIC insured company.

Like Raisin, CIT Bank offers various bank account products, including savings, money markets, and CDs. However, they also offer checking accounts, something Raisin doesn’t offer. All accounts require a $100 minimum opening deposit, including its starter savings account, Savings Builder, and they offer a selection of loan products too, so you can have all your banking products in one place.

Visit CIT Bank

Ally

If you just want a simple high-yield savings account from one online company rather than investing with multiple partners, then Ally’s high-yield savings account can be a good option.

This account offers a simple 4.00% (as of 10/28/24) APY on all balance tiers. What stands out to me is their savings buckets that lets you split your savings into different savings goals, and their round-up option that transfers the change from a rounded-up purchase to your savings account when you pay with your Ally debit card. Ally also offers checking accounts, so you can link your checking and savings accounts for easy transfers.

FAQs about Raisin

Is Raisin FDIC insured?

When you save with Raisin, your money is either in an FDIC-insured account or an NCUA-insured account at all times. This means as long as you are below the insured limits of $250,000 per person per account type, you cannot lose money in the event something goes wrong with the financial institution.

Is there a withdrawal limit for Raisin?

Unlike traditional banks, Raisin doesn’t impose any withdrawal limits, including limiting the frequency of withdrawals. However, the bank or credit union you choose may have different rules so always read the fine print before choosing.

Bottom line

I think Raisin is a great option for savers who want to put money into a high-interest savings account, CD, or money market account to reach their personal finance goals, but who don’t have time to shop around.

As long as you don't mind it being a little more time-consuming to withdraw your funds, there's nothing to lose from giving it a try. If you prefer to have more control and have separate account numbers, check out our list of the best savings accounts for more options.