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Ponce Bank with Raisin Review

Reviews 1
Ponce Bank
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Ponce Bank
Ponce Bank
Reviews 1
Michael Graw
Nov. 09, 2023
3 min read
Michael Graw
Ponce Bank Summary
Raisin is a financial platform that brings together savings accounts, high-yield CDs, no-penalty CDs, and money market deposit accounts from many different partner banks. You can deposit money in any of the available accounts and manage all of your accounts through Raisin. Explore Ponce Bank powered by Raisin with no fees incurred from Raisin on any of the savings products offered.


  • Open savings accounts, CDs, and money market accounts
  • Manage all your savings from a single online account
  • No fees for Raisin or any offered accounts


  • Does not offer checking accounts
  • Only supports personal savings (no business accounts)

Ponce Bank at a glance

Editorial score


No fees with SaveBetter


FDIC insured, SSL/AES encryption and supports 2 factor authentication

Customer service

Phone and email support available from 9AM-4PM, M-F, EST

Online experience

Excellent user friendly site with full online banking capabilities

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits

Ponce Bank  Ponce Bank Visit Ponce Bank

Advantages Over Traditional Banks

Raisin takes a unique approach to savings. The platform serves as a hub for 23 partner banks and credit unions 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 and NCUA 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 regularly adding new banks and credit unions to their platform and works with their partners to offer consumers savings products with among the most competitive rates in the nation.

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.

Cutting-Edge Banking Services

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. 

Traditional Banking Services

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.

Interest Rates and Fees

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.

Customer Service and Online Experience

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.

Mobile App

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 23 partner banks and credit unions. 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.

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Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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