Raisin, formerly known as SaveBetter, is a savings aggregator platform that connects customers to high-yield savings accounts across multiple banks. The service acts as a middleman, allowing savers to compare and access deposit accounts offering competitive interest rates without shopping at individual institutions.
Here's how it works. You open a single account through Raisin's platform, then deposit funds into accounts at partner banks. Raisin doesn't hold your money itself. Instead, it distributes your deposits across FDIC-insured banks, with each account protected up to $250,000 by federal deposit insurance. This structure lets you earn higher yields than your local bank while maintaining full insurance coverage.
The main appeal targets savers frustrated by the yield treadmill. When Fed rates rise, banks adjust savings rates unevenly. Your checking account at a megabank might earn 0.01% while online competitors offer 4.5% or higher. Raisin simplifies this hunt by surfacing rates from multiple institutions in one dashboard.
Account setup is straightforward. You provide basic information and link a funding source. Transfers typically complete within 1-3 business days. Raisin charges no fees for opening or maintaining accounts, and the platform doesn't take cuts from interest earned. The company makes money from partner banks through referral commissions.
That said, aggregators like Raisin work best for organized savers. The platform requires active management to rebalance funds as rates shift across banks. If you open five accounts through Raisin and a partner bank cuts rates, you'll need to monitor performance or move money elsewhere. For hands-off savers, a single high-yield savings account at an online bank like Marcus or Ally may feel simpler.
Raisin also carries operational risk. The company must maintain relationships with partner banks and ensure smooth fund