Jeremy Biberdorf
By: Jeremy Biberdorf
Jan 17, 2024

Raisin Review 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
Jan 17, 2024


Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
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4.4 rating based on 5 ratings

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In a Nutshell: Raisin, previously known as SaveBetter, is a pioneering online savings marketplace that is redefining the way people approach saving money. Founded with the mission to offer savvy savers more efficient ways to grow their savings, Raisin stands out for its unique model of aggregating top savings products from a diverse network of FDIC-insured banks and NCUA-insured credit unions.

This innovative platform is making waves in the financial world by offering a one-stop solution for accessing a variety of high-yield savings products.

At its core, Raisin is about simplicity and maximization. By enabling customers to manage multiple savings products from different financial institutions through a single account, Raisin removes the hassle traditionally associated with shopping for the best savings rates. This streamlined approach not only saves time but also ensures customers have access to some of the most competitive rates available in the market.

Raisin’s commitment to customer security and convenience is reflected in its robust cybersecurity measures and user-friendly platform. The service is designed to empower users to make informed decisions about their savings while providing the peace of mind that comes with comprehensive insurance coverage and data protection.

Service TypeFees
Online Savings MarketplaceNo fees for customers. Raisin earns fees from partner banks and credit unions
Pros & Cons
  • Access to multiple high-yield savings products from various banks and credit unions.
  • One account to manage all savings products, simplifying the savings process.
  • Competitive interest rates are offered by partner financial institutions.
  • $250,000 FDIC or NCUA insurance coverage per institution.
  • Enhanced security with SOC 2 certification and robust cybersecurity measures.
  • No fees are charged to customers for using the Raisin platform.
  • Limited to savings products; no checking accounts or other banking services.
  • Might not appeal to those preferring in-person banking experiences.
  • Potentially overwhelming for users new to online banking or managing multiple products.

What is Raisin? website

Raisin, formerly SaveBetter, is a revolutionary online marketplace that connects customers with a variety of savings products from a nationwide network of banks and credit unions. With over 50 partner institutions, Raisin offers an extensive selection of FDIC-insured and NCUA-insured savings options, including high-yield savings accounts, money market accounts, and CDs.

The platform’s primary objective is to simplify the savings process while providing customers with access to some of the most competitive interest rates in the market. By consolidating multiple savings products into a single platform, Raisin eliminates the need for customers to open and manage separate accounts at different financial institutions.

Raisin’s mission extends beyond offering convenience and competitive rates. It aims to empower savers by providing them with more control over their financial data and making the process of saving both safe and convenient.

How Does Raisin Work?

Raisin operates as an online marketplace where customers can access a variety of savings products. After a simple and secure registration process, users can browse and select products from Raisin’s partner network of banks and credit unions.

Once a product is chosen, customers can fund it directly through the Raisin platform, and their money is transferred to a custodial account at the financial institution offering the selected product. This streamlined process allows for easy management of multiple savings products under one Raisin account.

Each savings product chosen by the customer remains in the possession of a federally insured financial institution, ensuring safety and security. Raisin’s platform facilitates the management of these products, providing customers with a single monthly statement showing balances and earned interest across all their deposits.

Raisin’s model is particularly advantageous as it enables customers to maximize their insurance coverage. By spreading deposits across multiple institutions within Raisin’s network, customers can enjoy the standard $250,000 insurance per depositor, per institution, and even more with joint accounts.

Raisin Features

  • Access to high-yield savings products from over 50 FDIC and NCUA-insured institutions.
  • Single account management for multiple savings products.
  • Competitive interest rates across a range of savings options.
  • $250,000 federal insurance coverage per institution, per individual.
  • Enhanced security features including Multi-Factor authentication and encryption.
  • User-friendly mobile app for managing accounts on the go.
  • One consolidated statement for all savings products.
  • No fees are charged to customers for using the platform.

Raisin Pricing

Raisin stands out for its customer-friendly pricing model. There are no fees charged to customers for using the Raisin platform. Instead, Raisin’s partner banks and credit unions pay fees to Raisin for marketing their products. This arrangement allows Raisin to offer customers a variety of savings products without any pesky fees, enabling them to focus solely on maximizing their returns.

Is Raisin User-Friendly?

Raisin’s platform is designed with user-friendliness at its core. The registration process is straightforward and secure, taking less than five minutes. The platform’s interface is intuitive, making it easy for users to browse, select, and manage various savings products.

The Raisin mobile app further enhances the user experience by allowing customers to manage their accounts from anywhere. It includes all the same security features as the web platform, ensuring that customers can manage their money with confidence.

Who is Raisin Best For?

  • Savvy Savers: Individuals looking for competitive rates on savings products without the hassle of managing multiple accounts at different institutions.
  • Security-Conscious Individuals: Those who value the safety of FDIC or NCUA insurance and robust cybersecurity measures.
  • Online Banking Enthusiasts: Customers comfortable with managing their finances online and through mobile apps.

Is Raisin Worth It?

For those looking to maximize their savings with competitive interest rates and the convenience of a single platform, Raisin is certainly worth considering. The combination of no customer fees, access to a variety of products, and enhanced security makes Raisin an attractive option for savers.

Final Thoughts

Raisin provides a unique and valuable service for those looking to optimize their savings strategy. Its user-friendly platform, combined with access to a variety of high-yield savings products and the assurance of federal insurance, makes Raisin a standout choice in the online savings marketplace.

For those ready to take control of their savings and earn more efficiently, Raisin offers a compelling solution. To explore the possibilities and start your savings journey with Raisin, click here to learn more about their services and how to open an account.

Frequently Asked Questions

All deposits through Raisin are held at federally insured banks or credit unions, ensuring each depositor is insured up to $250,000 per institution.

Yes, Raisin offers a variety of savings products, including high-yield savings accounts, money market accounts, and certificates of deposit (CDs).

The minimum deposit requirement varies based on the specific product chosen from Raisin’s partner institutions.

Customers can manage their funds, including transfers and withdrawals, through their Raisin account, subject to the terms of the specific savings product.

While Raisin focuses on providing savings products, customers may find the platform’s rates and product variety useful for their broader financial planning.

Raisin does not charge fees for its services, but customers should review the terms of their chosen savings product for any potential fees related to withdrawals or account closure.

Raisin partners with FDIC-insured banks and NCUA-insured credit unions, ensuring that all partners meet federal standards for financial safety and stability.

Yes, Raisin offers the option to open joint accounts, which can increase the total per-institution insurance coverage.

Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He’s a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.