Is Raisin savings legit?

Yes. Raisin is a marketplace that connects users with savings products at partner banks. Raisin itself isn't a bank, but its partners are FDIC-insured banks and NCUA-insured credit unions. Some of Raisin's partners are banks with many billions of dollars in assets.

Is there an app for Raisin?

Yes, there is an app available for both Android and iOS (Apple).

How do I withdraw money from Raisin?

In the Raisin platform, there is an option to manage each individual savings product that you fund. By clicking through to manage a given savings product, you have the option to transfer money from that product to your Cash Account. After it clears (one to two business days), you can withdraw it to your external linked account.

Raisin (Formerly SaveBetter) Review: What You Need to Know

Raisin's pitch is pretty simple: Get access to many great savings accounts via one simple login. And it delivers.

Raisin, formerly known as SaveBetter, gives users an extremely easy way to access some of the best high-yield savings accounts, money market accounts, and CD rates I've seen. With no account fees and a simple online interface, Raisin should be a great fit for many savers' needs.

In this review, I'll look at how Raisin might benefit you, and whether it might be a good fit for your savings needs.

Why trust The Motley Fool

Our team of experts assessed 100+ banking institutions
We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
Our bank ratings are never influenced by our advertising partners
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased

Open Account

Raisin

Bottom Line

Raisin is a marketplace for savings accounts from FDIC-insured institutions, many of which offer interest rates that are at the top of the market. Raisin is an easy way to open and manage high-yielding savings, money market, and CD accounts, while spreading your money across institutions with FDIC and (for credit unions) NCUA insurance.

Pros

Gain access to savings products with market-leading interest rates
Easily distribute your money across multiple FDIC and NCUA-insured banks
Simply manage accounts on desktop and mobile via a streamlined interface

Cons

You can only transfer in and out via one linked external account
No bank branch access

Why trust me

I have nearly two decades of experience in the banking industry, both working for banks and financial institutions, as well as researching and writing about them. In preparing this review, I not only researched Raisin and its online documentation, but I spoke with Raisin's customer service team and contacted its service bank (Lewis & Clark) and partner banks.

What is Raisin?

Raisin, previously known as SaveBetter, is an online marketplace where you can easily find and sign up for savings products from dozens of FDIC-insured banks and NCUA-insured credit unions, many of them offering industry-leading interest rates.

Raisin handles any credit union membership requirements that may be in place, at no cost or inconvenience to you.

Is Raisin a bank?

Raisin itself is not a bank. It simply provides the marketplace and the account dashboard and monitoring for various types of savings accounts from its partner banks.

Given that Raisin isn't a bank, it's also important to understand that Raisin doesn't hold your money. Instead, Raisin works with a service bank that acts as a conduit to get your money into the accounts that you choose. This is critical, because it means that your money is in an FDIC-insured institution every step of the way.

Raisin savings accounts

Raisin's partner banks offer high-yield savings accounts with some of the highest APYs (annual percentage yield) currently on the market. Here are a couple of our favorite high-yield savings accounts currently listed on Raisin.

The banks, accounts, and rate offers available on Raisin change regularly.

Rates as of Jan 31, 2025

Customers Bank High-Yield Savings Account

Open Account for Customers Bank High-Yield Savings Account

On Raisin's Secure Website.

Member FDIC.

Rating image, 4.50 out of 5 stars.

4.50/5

Rating image, 4.50 out of 5 stars.

4.50/5

Open Account for Customers Bank High-Yield Savings Account

On Raisin's Secure Website.

APY

4.01%

Min. To Earn APY

$1

Pros/Cons

Competitive APY
No account fees
Unlimited transfers and withdrawals
FDIC insured

Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limited to one linked external account)
No checking accounts offered through Raisin
Limited customer service hours through Raisin
No branch access; online only

Bottom Line

With Customers Bank, Powered by Raisin, you get an APY that outpaces most high-yield savings accounts on the market. Deposits are held with Customers Bank, a midsize regional bank, and are managed via Raisin's secure online platform. Customers Bank is FDIC insured, so your funds are protected up to the legal limit. The trade-off for the high APY is a limited feature set, with ACH transfers to and from a single external account being the sole method for deposits and withdrawals. Still, it's a great match if you desire an exceptional APY with a no-frills online banking experience.

Read Full Review

OceanFirst Bank High-Yield Savings Account

Member FDIC.

Rating image, 4.50 out of 5 stars.

4.50/5

Rating image, 4.50 out of 5 stars.

4.50/5

APY

4.00%

Min. To Earn APY

$1

Pros/Cons

High APY
No account fees
An unlimited number of deposits and withdrawals
FDIC insured

Deposits and withdrawals can only be conducted via ACH transfer between a single external bank account and a Raisin Cash Account
No checking accounts offered through Raisin
Limited customer service hours through Raisin
Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
No branch access; online only

Bottom Line

The OceanFirst Bank High-Yield Savings Account powered by Raisin, is a savings account with FDIC member bank OceanFirst Bank via the Raisin platform. With this account through Raisin, your money is held safely at the FDIC-insured bank and you get a significantly higher interest rate than you would opening an account directly with the bank. However, as with all Raisin accounts, you give up some features of banking directly with the bank, like branch access and transferring and moving money to accounts other than your one linked external account. Note that this product is not always listed on Raisin's website, but may be available to Raisin members via the Explore Products page.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account	APY	Promotion	Next Steps
Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	3.80% Rate info Min. to earn: $0	N/A	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Open Account for SoFi Checking and Savings On SoFi's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	up to 3.80%² Rate info Min. to earn: $0	New customers can earn up to a $300 bonus with qualifying direct deposits!¹	Open Account for SoFi Checking and Savings On SoFi's Secure Website.
Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	3.80% Rate info Min. to earn: $0	N/A	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.

Raisin money market accounts

Similar to high-yield savings accounts, Raisin offers money market accounts from its partner banks, again featuring accounts with some of the highest APYs available. Here are some of our favorite money market accounts currently available on Raisin.

Rates as of Jan 31, 2025

American First Credit Union Money Market Deposit Account from Raisin

Open Account for American First Credit Union Money Market Deposit Account from Raisin

On Raisin's Secure Website.

Federally insured by NCUA.

Rating image, 4.50 out of 5 stars.

4.50/5

Rating image, 4.50 out of 5 stars.

4.50/5

Open Account for American First Credit Union Money Market Deposit Account from Raisin

On Raisin's Secure Website.

Monthly Fee

$0

Min. Balance

$1

APY

4.40%

Min. To Earn APY

$1

Pros/Cons

High APY
No account fees
Unlimited deposits and withdrawals
NCUA insured

Deposits and withdrawals can only be conducted via ACH transfer between a single external bank account and a Raisin Cash Account.
No checking accounts offered through Raisin
Limited customer service hours
Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
No branch access; online only

Bottom Line

American First Credit Union is a Southern California-based credit union that offers NCUA-insured deposit accounts. The American First Credit Union Money Market Deposit Account from Raisin could be a great choice if you're looking for a high APY savings product. It offers a much higher APY than you'd get when opening an account directly through the credit union, plus you get access to Raisin's savings marketplace and easy account management.

Read Full Review

Harborstone Credit Union Money Market Deposit Account from Raisin

Read Review

Federally insured by NCUA.

Rating image, 4.75 out of 5 stars.

4.75/5

Rating image, 4.75 out of 5 stars.

4.75/5

Read Review

Monthly Fee

$0

Min. Balance

$1

APY

4.30%

Min. To Earn APY

$1

Pros/Cons

High APY
No account fees
An unlimited number of deposits and withdrawals
Low balance requirement
NCUA insured

Deposits and withdrawals can only be conducted via ACH transfer between a single external bank account and a Raisin Cash Account.
Limited customer service hours
Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
No branch access; online only

Bottom Line

Harborstone Credit Union is a Washington State-based midsize credit union that offers NCUA-insured accounts. Harborstone Credit Union Money Market Deposit Account from Raisin is an account with Harborstone Credit Union through Raisin's online savings marketplace. By choosing this account through Raisin, you'll get a higher APY than you would directly through the credit union, a simple online interface, and access to Raisin's online savings marketplace. As with all Raisin accounts, you give up some features of banking directly with the credit union, like branch access and the ability to move money to accounts other than your one linked account.

Raisin CD accounts

Raisin offers both standard CD (certificate of deposit) accounts as well as no-penalty CD accounts. The primary differences between the two are that the standard CDs charge a fee if you withdraw your funds prior to the maturity date of the CD, while the no-penalty CDs do not. On the other hand, the standard CDs tend to offer higher interest rates than the no-penalty CDs.

Note that you always have seven days to cancel an automatic CD renewal or rollover without penalty. And because of the variety of CDs available on Raisin, it can be a great tool for building a CD ladder.

Here are some of our favorite standard CDs currently available on Raisin.

Rates as of Jan. 30, 2025

APY = Annual Percentage Yield

Offer image for Ponce Bank High-Yield CD from Raisin

Ponce Bank is an FDIC-insured bank with well over $2 billion in assets. And with the CDs that it offers via Raisin, savers can access some of the highest CD rates available on the market. Note that the bank offers both standard high-yield CDs (with early-withdrawal penalties) and a no-penalty CD via Raisin.

MINIMUM DEPOSIT $1

Read Review

1 Mo. APY	3 Mo. APY	6 Mo. APY	9 Mo. APY	11 Mo. APY	13 Mo. APY	4 Yr. APY
3.00%	4.30%	4.00%	3.00%	1.21%	1.31%	1.61%

Rates as of Jan. 30, 2025

APY = Annual Percentage Yield

Offer image for Freedom Bank High-Yield CDs from Raisin

Freedom Bank (New Jersey) is an FDIC-insured community-based bank with $700 million in assets. And with the CDs that it offers via Raisin, savers can access some of the highest CD rates that we've found.

MINIMUM DEPOSIT $1

Read Review

1 Mo. APY	3 Mo. APY	6 Mo. APY	9 Mo. APY	1 Yr. APY
4.30%	4.20%	4.00%	3.95%	4.00%

Raisin no-penalty CD accounts

Raisin offers a variety of no-penalty CDs. These generally have a slightly lower APY than a standard CD, but have the big benefit that you can withdraw your money (typically in an all-or-nothing fashion) prior to the maturity of the CD and not be charged an early-withdrawal penalty.

Here are some of our favorite no-penalty CDs currently available on Raisin.

Rates as of Jan. 30, 2025

APY = Annual Percentage Yield

Offer image for Freedom Bank No Penalty CDs from Raisin

Freedom Bank (New Jersey) is an FDIC-insured community-based bank with $700 million in assets. And with the no-penalty CDs that it offers via Raisin, savers can access their funds without worrying about withdrawal penalties.

MINIMUM DEPOSIT $1

Read Review

9 Mo. APY	1 Yr. APY
3.65%	3.75%

Rates as of Jan. 30, 2025

APY = Annual Percentage Yield

Offer image for Ponce Bank No-Penalty CD from Raisin

Want the flexibility of a savings account with the benefits of a CD? Ponce Bank offers a high-yield no-penalty CD through its partnership with Raisin. This no-penalty CD gives you special upside on the APY, but with no penalties if you pull your deposits out early. Be aware that the term is only four months.

MINIMUM DEPOSIT $1

Open Account for Ponce Bank No-Penalty CD from Raisin

On Raisin's Secure Website.

4 Mo. APY
4.20%

Is Raisin safe to use?

Yes, Raisin is safe to use. Why? Because your money never leaves FDIC-insured banks and NCUA-insured credit unions. That means your deposits are insured up to $250,000 per person, per institution.

Since your money doesn't leave insured financial institutions, you should be protected in a wide variety of unlikely, but unfortunate scenarios. For example, if the partner institution were to fail, your funds are insured up to the applicable limit. If Raisin's service bank failed, it should not impact you, as your money would be in a partner institution, not the service bank.

And if Raisin itself went bankrupt, your money would be in insured accounts, not with Raisin itself, so your money should still be safe.

Where does your money go in Raisin?

Let's go a little deeper to understand exactly what happens to your money with Raisin.

Your money starts in your external account. When you transfer money to Raisin, the money goes from your external account to the "service bank" (an FDIC-insured bank called Central Bank of Kansas City (CBKC) d.b.a. Central Payments). The service bank then transfers the money into a custodial account at the partner bank with the savings product.

The custodial account is in the name of the service bank, but your money is earmarked for you and receives pass-through FDIC insurance. That means your funds are insured to the same extent they would be if you opened the account directly.

A real-life example

Let's say you open a savings account with Customers Bank through Raisin and fund that account with $10,000.

Raisin's service bank would request the transfer of the $10,000 from your external account. The funds would be transferred by Raisin's service bank to your Raisin Cash Account. Once it's in your Cash Account, you are free to transfer it to any Raisin partner bank or credit union.

In this case, when you move the money from your Cash Account to Customers Bank, it's put into a custodial account there. The service bank maintains the record of where your funds are, so that your money is properly accounted for and will receive FDIC (or NCUA) coverage via the partner bank or credit union.

How to get started with Raisin

1. Pick a product. To get started, choose the first savings product that you’d like to open.

2. Input your personal information. Once you choose your banking product, Raisin leads you through some information gathering to set up the account.

TIP

Joint accounts

You can set up an individual or joint account in Raisin. If you're setting up a joint account, you will need information for the joint account holder when signing up, so have that person nearby when you're opening the account.

3. Link an external account. As part of the setup process, Raisin asks for an external bank account. This is where all of the money will come from to fund your Raisin accounts and where all of the money from your Raisin accounts will go when you're taking money out. For most banks, it's easy to connect electronically via Raisin's interface.

4. Fund your Cash Account. Send money from your external account to your Raisin Cash Account. Depending on what time of day you initiate the transfer and what your bank's transfer rules are, it takes at least one day, and up to a few days, before you see the money in your Cash Account

5. Fund your savings, money market, or CD account. Once all of this is set up, you'll choose the amount of money that you want to fund your first account. This will trigger an ACH transfer from your Cash Account to your new account at the Raisin partner bank or credit union. The transfer should take between one and three business days.

One important detail to be aware of is that if you already have an account at the partner bank or credit union, the limit on FDIC or NCUA insurance applies to your combined balance. The limit is per person, per institution.

6. Open as many accounts as you'd like. You can also navigate to the Raisin marketplace that lists all of the savings products from partner banks to open additional accounts. Because you've already entered all of your information to open the first account, each new account you open requires only a few mouse clicks. Every time you open a new account, you'll fund it from your Raisin Cash Account.

Raisin's customer service

I looked into how easy it was to contact Raisin, as well as what customers say online about its customer service.

How to contact Raisin

You can reach Raisin by email at [email protected] or by telephone Monday to Friday from 8 a.m. to 6 p.m. ET at 844-994-3276.

Online customer reviews

Raisin gets high marks on Trustpilot. Users enjoy and appreciate Raisin's features.

Raisin earns a B+ from the Better Business Bureau, mainly because there are a high number of complaints. Raisin posts an individual response to each complaint (as opposed to copying/pasting the same response to all customers), and the responses clearly show that Raisin managers are thoroughly researching every complaint.

Most of the complaints were successfully resolved. The Better Business Bureau website is designed for complaints, so it's normal for negative comments to outweigh positive comments.

My personal experience with customer service

My personal experience dealing with customer service at Raisin has been positive. The responses I've received have been professional and polite, and answered all of my questions.

Based on my experience, I'd feel confident that the customer service team would do a good job with most of the questions and needs that the average customer would have.

Eight things to know about using Raisin from my personal experience

I've been a big fan of Raisin since I've started using it. It is very hard to beat the interest rates for the savings products available at Raisin. And opening accounts with Raisin partners is a breeze. I am also a big fan of the simplicity of Raisin's interface for tracking my money.

There are some facts to know if you're planning to use Raisin, since it's not exactly like using a direct bank account.

1. Your only option to transfer money out is to transfer it to your Cash Account, and then to your linked external account

There are no other options for moving money.

You can only have one linked external account. If you want to change it, you need to contact customer service, who will help you make the swap. Given that money in a savings account should be money you don't need on an immediate basis, the time it takes to transfer the money to your Cash Account and then your external account shouldn't be a huge downside for most people.

2. You can't transfer money directly from one Raisin partner bank to another

Banks and credit unions can and do switch rates up regularly. You might notice an offer on Raisin that's better than what you're currently earning, especially if the rate on your current account has fallen. If you want to take advantage of the better offer, you would need to withdraw money from a partner bank to your Cash Account, and then transfer it to the desired account.

Moving money is a multi-step process and takes days

Inside the Raisin platform, you can move money between your Cash Account, your external account, and your various savings accounts, CDs, and money market accounts, but each transfer takes at least one business day. (Withdrawal rules apply to standard CDs.)

It's up to you to remember that it's a multi-step process any time you move money on Raisin. You won't get a notification or reminder to let you know that funds are available in your Cash Account. If you transfer funds to your Cash Account and then forget to go back the next day to transfer it to your external account or the partner account that you want, your money sits around earning nothing until you remember to move it.

3. CDs automatically renew when they mature, but turning off auto-renewal is easy

Automatic renewal is typical for a CD at most banks. If you open a CD account and do nothing, after it matures, you'll have seven days to take the money out or the CD will renew. That means your money will get locked in for the same duration, at the current interest rate for that CD at that institution.

On the Raisin platform, you have the option to turn off automatic renewal before your CD matures. You can go to your Account Overview, click through to your CD account, then click "Manage Your CD." Turning off automatic renewal is handy if you know you'll need the money at the maturity date or if you're laddering your CDs and don't want the money to simply roll into the same maturity again.

4. Raisin won't let you deposit more than $250,000 (or $500,000 for a joint account) into a single partner bank

Raisin wants users to get the most out of FDIC or NCUA insurance. By not allowing users to put more than the insured limit into an account, it helps ensure that customers' funds will be protected to the fullest extent.

Do be aware though, that interest earnings can push your balance over the limit. When your balance is over $250,000, you won't be able to add more money to that account.

If you have an account at a given bank outside of Raisin, the insurance limit applies to your combined balance. Raisin does not monitor for this, so if this applies to you, monitor your combined balance to ensure you don't exceed the limit.

5. Raisin doesn't offer checking accounts

Only savings options are available through Raisin.

6. You can't get customer service directly from the partner bank

If you need help with any of your partner bank accounts or your Raisin account, you have to go through Raisin during business hours on the East Coast.

7. Raisin doesn't link to third-party apps

You can't link your Raisin account or partner bank accounts to third-party apps (such as budgeting or bookkeeping apps).

8. Raisin is online-only

You can't get branch access to your accounts, even if you happen to be near one of the partner institutions where you have an account through Raisin.

Alternatives to Raisin

Capital One Bank

Capital One offers high APYs on deposit accounts and charges minimal fees. You can find a conventional interest-bearing checking account here, which may be an option to consider if you tend to let money sit in your account. Plus, Capital One has an extensive branch network, and therefore could be a good choice for people who occasionally want to deposit cash or need in-person help.

Ally Bank

Ally Bank is a highly rated online bank that offers a comprehensive suite of banking products ideal for those who want to manage their money all in one place. Because it has no branches, it's able to offer high APYs on its accounts and charge no monthly maintenance fees. Ally offers several types of CDs as well as an interest-bearing checking account.

Is Raisin right for you?

It's hard to beat Raisin if your priorities are to earn interest rates at the top of the market and have the ability to spread your savings over multiple FDIC-insured banks and NCUA-insured credit unions with just a few clicks.

Raisin has a few quirks that could be a dealbreaker, depending on your needs. Money transfers take time, and you'll need to manage all withdrawals and deposits via a single external account. Raisin has no brick-and-mortar locations. Though the Raisin partner banks and credit unions may have physical locations, Raisin accounts don't bear your name, so you can't get customer service from partners directly.

With APYs that are many multiples of the national average and regularly beat out other top savings accounts, the dollars and cents definitely speak in favor of Raisin.

Review sources

Our savings account methodology

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

APY: 50%
Brand and reputation: 20%
Fees and minimums: 15%
Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

Yes. Raisin is a marketplace that connects users with savings products at partner banks. Raisin itself isn't a bank, but its partners are FDIC-insured banks and NCUA-insured credit unions. Some of Raisin's partners are banks with many billions of dollars in assets.
Yes, there is an app available for both Android and iOS (Apple).
In the Raisin platform, there is an option to manage each individual savings product that you fund. By clicking through to manage a given savings product, you have the option to transfer money from that product to your Cash Account. After it clears (one to two business days), you can withdraw it to your external linked account.

This device is too small

Raisin Review: Easy Access to Some of the Highest Savings Rates Available

Raisin

Bottom Line

What is Raisin?

Is Raisin a bank?

Raisin savings accounts

Compare savings rates

Raisin money market accounts

Raisin CD accounts

Raisin no-penalty CD accounts

Is Raisin safe to use?

Where does your money go in Raisin?

A real-life example

How to get started with Raisin

Raisin's customer service

How to contact Raisin

Online customer reviews

My personal experience with customer service

Eight things to know about using Raisin from my personal experience

1. Your only option to transfer money out is to transfer it to your Cash Account, and then to your linked external account

2. You can't transfer money directly from one Raisin partner bank to another

3. CDs automatically renew when they mature, but turning off auto-renewal is easy

4. Raisin won't let you deposit more than $250,000 (or $500,000 for a joint account) into a single partner bank

5. Raisin doesn't offer checking accounts

6. You can't get customer service directly from the partner bank

7. Raisin doesn't link to third-party apps

8. Raisin is online-only

Alternatives to Raisin

Capital One Bank

Ally Bank

Is Raisin right for you?

Review sources

Our savings account methodology

FAQs