Raisin (formerly SaveBetter) is a savings platform that connects you to high-yield savings accounts, money market deposit accounts, and CDs from multiple partner banks and credit unions. You open a single account with Raisin and access these products through one dashboard rather than opening accounts at each institution separately.
Raisin itself is not a bank. It partners with institutions like Central Bank of Kansas City and transfers your deposits to whichever savings product you choose. Your money sits in a custodial account at the selected institution and remains FDIC or NCUA insured up to $250,000. Raisin never holds your funds directly.
The platform charges no fees to customers. Banks and credit unions on the platform pay Raisin instead. You can open an account with a $1 minimum balance. Deposits take 2-3 business days to transfer from your external bank account. You cannot pay bills through Raisin, but you can transfer money out to your primary bank account at any time.
At the time of this article, savings account rates on Raisin exceed 5%, and CD rates also exceed 5%. You can earn referral bonuses of up to $125 if you deposit at least $5,000 and maintain it for 90 days. Additional referrals earn $50 per person, up to $1,000 total. Raisin ended its public signup bonus.
Raisin offers traditional CDs and no-penalty CDs. Some CDs carry early withdrawal penalties set by individual banks. The platform does not offer business accounts, only individual and joint accounts.