Raisin, the savings platform formerly known as SaveBetter, connects depositors with high-yield savings accounts and certificates of deposit across multiple FDIC-insured banks. The service acts as an aggregator rather than a bank itself, letting savers compare rates and manage multiple accounts in one place.
Here's how it works. You open a Raisin account and link it to your funding source. Raisin then routes your money to partner banks offering competitive rates. You can split deposits across different institutions without managing separate logins for each one. The platform handles the paperwork and account management.
The appeal is straightforward. High-yield savings accounts at online banks currently offer rates between 4.5% and 5.35% annually, far above the national average of 0.42% at traditional banks. CDs at Raisin partners range from 4.75% to 5.40% depending on term length. Rather than hunting down rates yourself, Raisin consolidates options.
Raisin charges no fees. The company makes money through bank partnerships and referral relationships, not user charges. Your money stays FDIC-insured up to $250,000 per bank, per account category. Deposits spread across multiple Raisin partner banks receive separate insurance coverage.
The platform's legitimacy checks out. Raisin operates in multiple countries and holds proper regulatory licensing. Customer reviews on independent sites describe smooth deposit and withdrawal processes, though some report slow customer service response times.
One practical limitation. If you want to frequently move money between accounts or need instant transfers, traditional online banks might serve you better. Raisin transfers typically take a few business days.
For savers with substantial cash sitting in low-rate accounts, Raisin offers a simple path to current market rates. You trade some convenience for rate optimization. If you