Is Raisin Safe and Legit?
Raisin offers great savings accounts with impressive APYs to boost your savings. But is it safe to use? Read on to find out.
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Raisin lets you compare and open multiple savings accounts from different banks in one platform.
But, since Raisin is not a bank, there is a lot of skepticism regarding its legitimacy. Read on to know more about them.
High Yield Savings - $250 Bonus
New customers only. Earn $250 for a minimum of $25,000 deposited on the Raisin platform within 14 days of your first deposit date and maintained over 90 days. To qualify for the bonus, the first deposit must be initiated between March 3, 2025, and March 31, 2025, by 11:59 PM ET, and the customer must input code GET250 at the time of sign-up.
Is Raisin Safe?
Yes, Raisin is safe since all its partner institutions have insurance coverage. The banks they work with are FDIC-insured up to $250,000 for individual accounts and up to $500,000 for joint accounts. Their partner credit unions are NCUA-insured up to the same amount.[1]
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.
Additionally, Raisin boasts a SOC 2 certification, which means they implement proper security measures on their platform.[2]
They also have encryptions, multi-factor authentication, and other programs to avoid fraud, DDOS attacks, etc.
Is Raisin Legit?
Yes, Raisin is a legitimate business. They work with 400+ financial institutions and operate in 30+ markets, offering various savings products that pay high rates.
Some of the big names in their network include OceanFirst Bank, Western Alliance Bank, Continental Bank, MPH Bank, and more.
Raisin Partner Banks
Here are the banks and credit unions in partnership with Raisin:
- Western Alliance Bank:
High Yield Savings Account - 4.25% APY - DR Bank:
High-Yield Savings Account - 4.30% APY - Mission Valley Bank:
High Yield Savings Account - 4.27% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.26% APY - Dayspring Bank:
High-Yield Savings Account - 4.22% APY - RBMAX:
High-Yield Savings Account - 3.66% APY - CFBank National Association:
High-Yield Savings Account - 3.45% APY - The State Exchange Bank:
High Yield Savings Account - 3.10% APY - Customers Bank:
High-Yield Savings Account - 4.01% APY - Valley National Bank:
High-Yield Savings Account - 4.39% APY - mph.bank:
High-Yield Savings Account - 4.31% APY - Liberty Savings Bank:
High Yield Savings Account - 4.11% APY - GreenState Credit Union:
High-Yield Savings Account - 3.90% APY - Adda Bank:
High-Yield Savings Account - 3.50% APY - First Mid Bank & Trust:
High Yield Savings Account - 3.30% APY - WECU:
High-Yield Savings Account - 3.00% APY - Shelby Savings Bank:
High-Yield Savings Account - 4.14% APY - Ponce Bank:
Money Market Deposit Account - 4.37% APY - Icon Business Bank:
Money Market Deposit Account - 4.37% APY - Prism Bank:
Money Market Deposit Account - 4.35% APY - Harborstone Credit Union:
Money Market Deposit Account - 4.30% APY - American First Credit Union:
Money Market Deposit Account - 4.30% APY - SkyOne Federal Credit Union:
Money Market Deposit Account - 4.20% APY - Grand Bank:
Money Market Deposit Account - 4.20% APY - HealthcareBank:
Money Market Deposit Account - 4.15% APY - Hanover Bank:
Money Market Deposit Account - 4.15% APY - First State Bank:
Money Market Deposit Account - 4.10% APY - Sterling Federal Bank:
Money Market Deposit Account - 4.00% APY - Blue Federal Credit Union:
Money Market Deposit Account - 4.00% APY - UNCLE Credit Union:
Money Market Deposit Account - 3.99% APY - First Financial Northwest Bank:
Money Market Deposit Account 4.30 % APY - Great Lakes Credit Union:
Money Market Deposit Account - 2.00% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - Freedom Bank:
12-Month No-Penalty CD - 3.75% APY - Sallie Mae Bank:
14-Month No Penalty CD - 4.25% APY - Quontic:
2-Month High-Yield CD - 3.00% APY - Always.bank:
3-Month High-Yield CD - 4.35% APY - Bank Of Utah:
3-Month High-Yield CD - 4.30% APY - Consumers Credit Union:
12-Month High-Yield CD - 4.25% APY - Generations Bank:
6-Month High-Yield CD - 4.19% APY - United Republic Bank:
1-Month High-Yield CD - 4.15% APY - The Atlantic Federal Credit Union:
1-Month High-Yield CD - 4.00% APY - Sun Canyon Bank:
11-Month High-Yield CD - 3.87% APY - Southwestern National Bank:
4-Month High-Yield CD - 3.50% APY - Continental Bank:
13-Month High-Yield CD - 0.90% APY - Ohio State Bank:
12-Month High-Yield CD - 0.50% APY
What happens if Raisin goes out of business?
Should Raisin go bankrupt, its partner institutions will just return the funds to the owner's external account. Plus, all its partners are FDIC and NCUA-insured.[3]
Raisin also keeps records of all the funds for added security.
No, Raisin (SaveBetter) is not a bank, which means they do not have your money. Your funds are actually in a custodial deposit account with the financial institution offering your chosen product.
Pros and Cons
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These pros and cons may help you weigh if Raisin is worth it.
Pros:
- Variety of savings products with competitive APY
- No monthly charges
- $1 minimum initial deposit
- Access to multiple bank accounts
- Interest compounded daily
- Partner banks are insured by the FDIC or NCUA
Cons:
- Affiliated with smaller banks
- No checking accounts offered
- No direct deposit, cash deposit, or wire transfer options
How Does Raisin Work?
Raisin, formerly known as SaveBetter, is a digital marketplace for all your savings needs. They connect people to federally insured banks and credit unions that offer impressive rates.
They act as the bridge between the customer and the financial institution. So, you can open and manage multiple savings accounts, money market accounts, and CDs, all on the Raisin platform.
This makes managing your money a lot easier.
What Fees Does Raisin Charge?
You can easily create an account with Raisin for free. You also won't have to worry about paying monthly fees with any of the savings products on their platform. Plus, the minimum opening deposit is only $1.
However, users may potentially encounter an early withdrawal penalty for fixed-term CDs. So make sure to read the terms and conditions.
Raisin primarily earns commissions from its partners when you open an account.
Raisin Customer Complaints
Raisin is rated 4.4 out of 5 on Trustpilot. There are a lot of mixed reviews for Raisin. Most of the comments revolve around their poor customer service, confusing business model, and unrefined digital banking platform.
Some complaints touch on unresolved account concerns due to calls not being returned and inquiries not being answered.
Meanwhile, others are unsatisfied with the lack of options on the Raisin platform when it comes to moving funds.
To withdraw through Raisin, you must first link an external checking account to your Raisin account. Then, simply transfer funds between those two accounts and your money should be credited within 1-3 business days.
Why Should You Use Raisin?
Using Raisin allows you to save money into different accounts without the hassle of dealing with multiple banks.
It provides a simple and easy way to access your funds through one digital platform.
It is also a convenient and safe platform to use if you want to compare different savings products. In fact, the accounts they offer have competitive rates, allowing you to boost your savings.
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 contact details.[4]
- Link a bank account so you can fund your savings product.
- Start saving!
High Yield Savings - $250 Bonus
New customers only. Earn $250 for a minimum of $25,000 deposited on the Raisin platform within 14 days of your first deposit date and maintained over 90 days. To qualify for the bonus, the first deposit must be initiated between March 3, 2025, and March 31, 2025, by 11:59 PM ET, and the customer must input code GET250 at the time of sign-up.
Bottom Line
Raisin is a legitimate company that allows customers to safely grow their money through affiliated financial institutions.
Moreover, their network of banks and credit unions offers competitive rates for customers to enjoy.
Just keep in mind that they don't operate like a bank, so do a lot of research before opening a Raisin account!
References
- ^ Raisin. Deposit Insurance, Retrieved 10/27/23
- ^ Raisin. Raisin takes data protection to the next level, Retrieved 10/27/23
- ^ Raisin. FAQ: What happens if Raisin goes out of business?, Retrieved 10/27/23
- ^ Raisin. How to Register, Retrieved 06/15/24
High Yield Savings - $250 Bonus
New customers only. Earn $250 for a minimum of $25,000 deposited on the Raisin platform within 14 days of your first deposit date and maintained over 90 days. To qualify for the bonus, the first deposit must be initiated between March 3, 2025, and March 31, 2025, by 11:59 PM ET, and the customer must input code GET250 at the time of sign-up.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 05/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Silver Business Checking account - $500 Bonus
Promo code Q1AFL25 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts. Business Essentials is not available in all markets; contact a banker for more details.
Earn your $500 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials account between 1/16/2025 and 3/31/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
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