Raisin (formerly SaveBetter) Review
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Unravel the truth about Raisin's safety and legitimacy in this review.
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High Yield Savings - $250 Bonus | |||
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.
- Valley National Bank:
High-Yield Savings Account - 4.39% APY - Icon Business Bank:
Money Market Deposit Account - 4.37% APY - Ponce Bank:
Money Market Deposit Account - 4.37% APY - Prism Bank:
Money Market Deposit Account - 4.35% APY - mph.bank:
High-Yield Savings Account - 4.31% APY - Harborstone Credit Union:
Money Market Deposit Account - 4.30% APY - American First Credit Union:
Money Market Deposit Account - 4.30% 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 - Western Alliance Bank:
High Yield Savings Account - 4.25% APY - Dayspring Bank:
Money Market Deposit Account - 4.22% 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 - Shelby Savings Bank:
High-Yield Savings Account - 4.14% APY - Liberty Savings Bank:
High Yield Savings Account - 4.11% APY - First State Bank:
Money Market Deposit Account - 4.10% APY - Customers Bank:
High-Yield Savings Account - 4.01% 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.
- Hanover Bank:
1-Month High-Yield CD - 4.40% APY - Ponce Bank CD Rates:
Up to 4.37% APY - Dayspring Bank:
4-Month High-Yield CD - 4.35% APY - Always.bank:
3-Month High-Yield CD - 4.35% APY - mph.bank:
60-Month Callable CD - 4.32% APY - Freedom Bank:
3-Month High-Yield CD - 4.30% APY - Western Alliance Bank:
High-Yield CD Rates - Up to 4.30% APY - Bank Of Utah:
3-Month High-Yield CD - 4.30% APY - Sallie Mae Bank CD Rates:
Up to 4.25% APY - Consumers Credit Union:
12-Month High-Yield CD - 4.25% APY - Generations Bank CD Rates:
Up to 4.19% APY - Mission Valley Bank:
1-Month High-Yield CD - 4.15% APY - SkyOne Federal Credit Union:
3-Month High-Yield CD - 4.15% APY - United Republic Bank CD Rates:
Up to 4.15% APY - First Mid Bank & Trust:
6-Month High-Yield CD - 4.10% APY - Blue Federal Credit Union:
7-Month High-Yield CD - 4.05% APY - HealthcareBank:
7-Month High-Yield CD - 4.05% APY - American First Credit Union:
12-Month High-Yield CD - 4.00% APY - Sterling Federal Bank:
3-Month High-Yield CD - 4.00% APY - The Atlantic Federal Credit Union:
1-Month High-Yield CD - 4.00% 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.
- Sallie Mae Bank:
14-Month No Penalty CD - 4.25% APY - OptimumBank:
5-Month No-Penalty CD - 4.20% APY - Ponce Bank:
4 Month No-Penalty CD - 4.15% APY - Mission Valley Bank:
3-Month No-Penalty CD - 4.15% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - SkyOne Federal Credit Union:
12-Month No-Penalty CD - 3.90% APY - Freedom Bank:
12-Month No-Penalty CD - 3.75% APY - GreenState Credit Union:
12-Month No Penalty CD - 3.70% APY - Blue Federal Credit Union:
9-Month No Penalty CD - 3.50% 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:
- Hanover Bank:
1-Month High-Yield CD - 4.40% APY - Valley National Bank:
High-Yield Savings Account - 4.39% APY - Ponce Bank:
Money Market Deposit Account - 4.37% APY - Icon Business Bank:
Money Market Deposit Account - 4.37% APY - Dayspring Bank:
1-Month High-Yield CD - 4.35% APY - Always.bank:
3-Month High-Yield CD - 4.35% APY - Prism Bank:
Money Market Deposit Account - 4.35% APY - mph.bank:
60-Month Callable CD - 4.32% APY - American First Credit Union:
Money Market Deposit Account - 4.30% APY - Freedom Bank:
6-Month High-Yield CD - 4.30% APY - Harborstone Credit Union:
Money Market Deposit Account - 4.30% APY - Western Alliance Bank:
3-Month High-Yield CD - 4.30% APY - DR Bank:
High-Yield Savings Account - 4.30% APY - Bank Of Utah:
3-Month High-Yield CD - 4.30% APY - Mission Valley Bank:
High Yield Savings Account - 4.27% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.26% APY - Sallie Mae Bank CD Rates:
Up to 4.25% APY - Consumers Credit Union:
12-Month High-Yield CD - 4.25% APY - Grand Bank:
Money Market Deposit Account - 4.20% APY - SkyOne Federal Credit Union:
Money Market Deposit Account - 4.20% APY - Generations Bank:
6-Month High-Yield CD - 4.19% APY - United Republic Bank:
1-Month High-Yield CD - 4.15% APY - HealthcareBank:
Money Market Deposit Account - 4.15% APY - Shelby Savings Bank:
High-Yield Savings Account - 4.14% APY - Liberty Savings Bank:
High Yield Savings Account - 4.11% APY - First State Bank:
Money Market Deposit Account - 4.10% APY - First Mid Bank & Trust:
6-Month High-Yield CD - 4.10% APY - Blue Federal Credit Union:
7-Month High-Yield CD - 4.05% APY - Customers Bank:
High-Yield Savings Account - 4.01% APY - The Atlantic Federal Credit Union:
1-Month High-Yield CD - 4.00% APY - Sterling Federal Bank:
3-Month High-Yield CD - 4.00% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - UNCLE Credit Union:
Money Market Deposit Account - 3.99% APY - GreenState Credit Union:
High-Yield Savings Account - 3.90% APY - Sun Canyon Bank:
11-Month High-Yield CD - 3.87% APY - First Financial Northwest Bank:
9-Month High-Yield CD - 3.85% APY - RBMAX:
High-Yield Savings Account - 3.66% APY - Southwestern National Bank:
4-Month High-Yield CD - 3.50% APY - Adda Bank:
High-Yield Savings Account - 3.50% APY - CFBank National Association:
High-Yield Savings Account - 3.45% APY - The State Exchange Bank:
High Yield Savings Account - 3.10% APY - Quontic:
2-Month High-Yield CD - 3.00% APY - WECU:
High-Yield Savings Account - 3.00% APY - Great Lakes Credit Union:
Money Market Deposit Account - 2.00% APY - Continental Bank:
13-Month High-Yield CD - 0.90% APY - Ohio State Bank:
9-Month High-Yield CD - 0.50% 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!
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
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!
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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