Raisin, formerly known as SaveBetter, is an online savings platform that aggregates deposit products from multiple banks and credit unions. The service lets savers compare and open high-yield savings accounts, money market accounts, and certificates of deposit without visiting individual institutions.
Here's what matters for your wallet. Raisin doesn't offer its own products. Instead, it acts as a marketplace connecting you to banks offering competitive rates. When rates spike across the industry, platforms like Raisin help you find the best options without manually checking dozens of bank websites.
The platform focuses on FDIC-insured accounts at partner banks. This means your deposits carry the same federal insurance protection as a traditional bank account, up to $250,000 per depositor per institution. Raisin's partner banks have included institutions like Barclay's and Marcus, though the partner network changes over time.
Account opening through Raisin typically takes minutes. You provide basic information, fund the account, and your money moves to the partner bank. Many accounts offer no minimum balance requirements and no monthly fees, though specific terms depend on which bank's product you choose.
The legitimacy question matters. Raisin operates as a regulated financial services company. It doesn't hold customer deposits itself; banks do. This structure means your money goes directly to FDIC-insured institutions, not into Raisin's coffers. The company makes money through partnerships and fees from banks, not by holding customer funds.
Savers benefit from rate transparency. Instead of chasing emails from individual banks about rate changes, Raisin displays current rates across its partner network in one place. During periods of rising rates, this saves real time and money. A 5% annual percentage yield account versus a 4% alternative on a $50,000 deposit delivers $500 more in annual interest.
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