Raisin, formerly known as SaveBetter, is a fintech marketplace for savings accounts. In short, Raisin partners with FDIC- and NCUA-insured financial institutions to offer savings accounts, money market accounts and CDs with exclusive perks, such as competitive rates, no fees, low deposits and unique terms. But if you’re looking for a business or checking account, you’re out of luck — Raisin only offers savings products.
Best for: Those who want to compare high-yield savings accounts and CDs.
Raisin is a marketplace for savings products. If you’re undecided about which high-yield savings account (HYSA) or certificate of deposit (CD) you want to open, Raisin can be a great place to browse your options and compare rates.
Raisin isn’t a bank — it’s a fintech company. It partners with dozens of banks and credit unions, all carrying deposit insurance, to offer exclusive rates on savings products.
It reports having over one million customers, and it works with over 400 financial institutions.
Comparing savings products on Raisin is free. You create a Raisin login to sign up, fund and manage savings products within Raisin’s bank and credit union network.
According to Raisin, there’s no fee to move funds among your Raisin savings accounts, either. However, you may lose some interest on earnings while the funds are in transit, but this drawback is common during any bank transfer.
Raisin offers a ton of high-yield savings account options — almost too many to count. The majority have rates significantly higher than national averages. The national average rate for a savings account is 0.38%, but we consistently see rates above 4% with Raisin’s offers. (1)
Arguably, the best part of getting a HYSA through Raisin is the lack of monthly fees and low deposit requirements. From what we’ve seen, the deposit requirement is just $1 to open various HYSAs, and we have yet to find any with monthly maintenance fees.
Narrow down top savings options by APYs, features and fees. For a closer comparison, tick the Compare box on multiple accounts to see their benefits side by side.
We currently don't have that product, but here are others to consider:
How we picked theseThe Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Raisin partners with institutions to offer exclusive rates and account terms. For example, Sallie Mae offers a variety of CDs and typically requires a minimum deposit of $2,500. However, through Raisin, Sallie Mae features a 14-month no-penalty CD with a $1 opening deposit.
Sallie Mae CDs through Raisin
Lock in strong CD rates as high as 4.35% APY on term lengths you'll only find through Raisin. Plus, you only need $1 to open and you have the option of opening a no-penalty CD.
Raisin isn’t a bank itself, and its accounts are not directly provided by Raisin. If something were to go wrong with a specific account, you may need to contact the banking partner to resolve it.
Raisin is also an online fintech, so there are no physical branches, which can be a big downside to someone who prefers in-person support or branch deposits.
| BBB accredited | Yes |
|---|---|
| BBB rating | B+ |
| BBB customer reviews | 4.02 out of 5 stars, based on 63 customer reviews |
| Trustpilot score | 4.5 out of 5 stars, based on 516 customer reviews |
| Customer reviews verified as of | 21 November 2024 |
Raisin receives fantastic customer feedback — which we have to say is a rarity in the fintech and banking space.
Even on the Better Business Bureau (BBB), Raisin’s customer reviews are glowing. Most people only turn to the BBB to escalate a complaint, so nearly all banks and fintechs have dismal star ratings. On the Trustpilot, the happy reviews continue.
Overall, most reviews across platforms are 5-star, with customers loving the variety of savings and CD options and the ease of managing multiple accounts through one login. They also report helpful and fast customer service.
No, Raisin is not a bank. It is a savings product marketplace, and the accounts offered on the platform are provided by FDIC- or NCUA-insured financial institutions.
Yes, all accounts opened through Raisin include deposit insurance up to the standard amount of $250,000 per depositor. Raisin is a legitimate company that only partners with institutions that provide deposit insurance. It also doesn’t hold any consumer funds itself and states that all deposits are held exclusively at federally insured financial institutions.
High-yield savings accounts are safe and don’t have many drawbacks. But there are a few disadvantages to consider before opening one.
Earn up to 8% with BCU Powerplus Checking and close to 7% with other accounts from Greenlight, Netspend, Varo, Uphold and more.
Chime’s savings account has a solid APY and has no monthly fees, but it requires Chime’s checking account.
SoFi’s high-yield savings account is a hybrid checking and savings account featuring a high APY, cashback rewards and minimal fees.
SoFi, Discover, Wealthfront, Varo, Uphold, Bask Bank, Current, Marcus and Ally offer top vacation savings accounts with high APYs.
If you struggle to save, you could benefit from a savings account or CD that won’t allow you to withdraw funds.
Savings accounts let your money earn interest while it sits. There are very few drawbacks to getting one and lots of benefits.
Uninterrupted compound interest accounts pay interest on your initial balance and the interest you continually earn if you don’t withdraw.
How to choose the best savings account for your situation.
Compare some of the best high-yield savings accounts available.
