Raisin, operating under the brand SaveBetter in the United States, connects depositors with multiple banks offering competitive savings rates. The platform acts as an aggregator, allowing savers to open accounts across partner institutions without visiting each bank individually.
Here's how it works. You sign up with Raisin once, then deposit money into savings accounts at various banks through the platform. Raisin partners with institutions like Aspiration, Bask Bank, and others to offer rates that typically beat national averages. Currently, high-yield savings accounts through Raisin pay rates ranging from 4.0% to 5.3% APY, depending on the partner bank and account type.
The legitimacy question matters. Raisin operates legally as a financial technology company and does not hold customer deposits itself. All money sits in FDIC-insured accounts at partner banks. Each deposit receives coverage up to $250,000 per depositor, per institution. If you spread $500,000 across two different partner banks via Raisin, both amounts remain fully insured.
The appeal is convenience. Rather than researching 20 banks individually and opening 20 separate accounts, you manage one Raisin login. The platform displays all your accounts in a single dashboard. You can move money between partner banks without leaving the platform, though transfers take a few business days.
Raisin makes money through partnerships with banks, not by charging you fees. There are no monthly maintenance fees, no minimum balances, and no charges to open or close accounts.
Downsides exist. Raisin's partner network is smaller than the universe of online banks. You might find a better rate elsewhere, though Raisin regularly updates its offerings. Money movement between accounts takes time. If you need quick access to funds, traditional savings accounts often process transfers faster.