Raisin takes a unique approach to savings. The platform serves as a hub for different partner banks that offer savings accounts, money market deposit accounts, high-yield CDs, and no-penalty CDs. With a single Raisin account, you can open dozens of different savings accounts and manage them all from a single dashboard.
This is a big deal because it enables you to build a diverse portfolio of savings accounts. If you have a lot of money to put into savings, you can spread it across multiple banks to ensure all of your funds are covered by FDIC insurance. You can also split your money between savings accounts and CDs to balance quick access to your money and higher interest rates.
Raisin is completely free to use and none of the accounts that it offers have fees. The minimum deposit to open a savings account is just $1.
Raisin offers a single online interface for all of your savings accounts and CDs—even if they’re held at different banks. When you deposit funds through Raisin, the money is routed through a custodian bank and then to your account. All transfers are instantaneous.
The Raisin dashboard makes it easy to monitor your account balance, interest rates, and overall interest earnings. You also receive an annual 1099-INT form that combines earnings data for all of your accounts to make your tax return easier.
Raisin works with different traditional banks and credit unions. These banks offer a mix of savings accounts, money market deposit accounts, high-yield CDs, and no-penalty CDs, all through Raisin.
There are no checking accounts available and you cannot open business savings accounts. Notably, you do not get access to traditional banking services like ATMs even if you have active savings with one of these banks.
Raisin does not charge any fees. None of the accounts that are available through Raisin charge monthly fees either. Each of the available accounts, including CDs, has a minimum deposit of just $1.
The only fee you might pay is a penalty for withdrawing money from a high-yield CD before it reaches maturation. However, to counter this, Raisin offers a wide range of no-penalty CDs.
Raisin has a New York City-based support team available by phone and email from 9am to 4pm (ET), Monday-Friday. The Raisin website also offers detailed FAQs that explain how Raisin works and how your money moves around when you make a deposit through the platform.
Signing up for Raisin only takes a few minutes. The process is the same for signing up for a single savings account, but you get access to more than 50 account options. You can open up additional savings accounts or CDs in minutes once you have a Raisin account.
The Raisin mobile app is available for iOS and Android and makes it easy to manage your accounts on the go. The app has a 4.6 star rating on the app store.
Raisin takes security very seriously. The platform is encrypted with SSL and offers multi-factor authentication to protect your online account. In addition, the platform holds a SOC-2 certification, which is considered to be the gold standard in online cybersecurity.
All of the accounts that Raisin offers are insured by the FDIC or National Credit Union Administration (NCUA) for up to $250,000.
Raisin is a unique financial platform that gives you access to savings accounts, money market deposit accounts, high-yield CDs, and no-penalty CDs from different partner banks and credit unions including Liberty Savings Bank. You can build a portfolio of accounts with different interest rates and manage all your accounts from the Raisin dashboard. Raisin has no fees and you can open any of the available accounts with just a $1 minimum deposit.
This review was compiled from information found on the Raisin website and from information provided through the Raisin affiliate program.