Raisin Review: A High Yield Savings Marketplace and More

4.3

GBR RATING

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Quick Take: Raisin is where you might want to go for earning some high annual percentage yields, or APYs, on savings products such as high yield savings accounts, money market accounts and CDs. When it comes to interest earnings, you might want to rethink bigger banks and credit unions you might want to check out this marketplace that gives you access to more beneficial financial institutions, services and products. 

Raisin, formerly known as SaveBetter, helps take some of the guesswork out of finding the right high-yield savings account for you. As a digital marketplace, it is a unique banking experience in that it partners with other highly rated banks and credit unions to offer you special interest rates.  Essentially, if you open a savings account through Raisin you get a better rate than if you apply directly on the partner banks’ websites.

Key Features

Though Raisin doesn’t offer a checking account option it does have a variety of savings products that offer high APYs, low minimum opening deposits and reasonable balance requirements. Here are the key features and takeaways from GOBankingRates’ evaluation of Raisin. 

High Yield Savings Account

As Raisin partners with many lesser-known banks or credit unions, the APYs will vary but also will generally be much higher than the national average of 0.45 as Raisin strives to find you the best rate available. Any banks or credit unions that Raisin partners with are either FDIC-insured or have NCUA insurance so your money is safe and covered.

Here are some things to consider with Raisin’s savings platform: 

• High-yield savings account have rates higher than the national average.
• There are no monthly fees. 
• Only $1 minimum deposit requirement. 
• You can access your funds online at any time
• Savings accounts and products offered by NexBank exclusively through Raisin are available to everyone and feature highly competitive rates. 

CDs

Raisin also offers options when it comes to certificates of deposit as it has both fixed term and no penalty CDs. Here’s what you need to know.

• Fixed term CDs: These offer you a chance to lock in competitive interest rates regardless of market conditions. These guaranteed rates and clear terms make it easy to map out your financial plans within a reasonable timeline.
• No penalty CDs: While this type of CD still offers you a fixed rate for your entire term, it also gives you the ease of mind of having no penalties for early withdrawal. 

Money Market Accounts 

Raisin gives you the chance to compare money market deposit accounts from such financial institutions as Western Alliance Bank, Harborstone Credit Union, American First Credit Union and more. All money market accounts you open through Raisin are FDIC or NCUA-insured and provide many of the conveniences of a typical savings account but often offer higher rates than one.

Customer Experience

Your banking experience with Raisin will be a unique one as it finds the bank accounts you are looking for, and all the corresponding benefits, without actually being a bank. If you need help or customer service you can visit the help center via the website or try one of the following:  

• Call: 1- 844-994-EARN (3276). This support is available Monday through Friday from 8 a.m. to 6 p.m. Eastern Time
• Email: Support.us@raisin.com.

How Raisin Stands Out 

Raisin stands out in the digital banking world as though it is not a bank, it can connect you through its marketplace of banking partners and the vast array of savings products and services being offered. Also, if you apply through Raisin as opposed to the partners’ bank website, you are likely to get a better rate. 

How Raisin Compares

Here’s how Raisin compares to other companies: 

Raisin vs. Ally 

When it comes down to the brass tax of earning more interest, Raisin may edge out Ally slightly as it can find all the more competitive rates for you. However, as Ally is its own online institution, you may have quicker and easier access to your funds when transferring money. 

Raisin vs. Discover Bank

Where Discover® Bank, Member FDIC, may outperform Raisin is its credit card line. You can keep all your accounts at one institution with Discover which may sound more appealing to some. 

How To Apply 

If Raisin sounds like the right fit for your finances, you’ll be happy to know that opening an account is an easy and straightforward process. There is no credit check and you can apply within a matter of minutes by following these steps: 

• Step 1: Scroll through the offers on Raisin’s savings marketplace and select your preferred product.
• Step 2: Once selected you can follow the prompts to enter your email and create a password.
• Step 3: Fill out the online application and verify your identity. 
• Step 4: Link the bank account from which you want to fund your first deposit.
• Step 5: Start earning.

Final Take To GO: Is Raisin Right For You?

Raisin is best for you if are in the market for a high-yield savings option and aren’t particular about which bank or credit union is offering the highest rate. However, keep in mind that though you can access your funds at any time online because you don’t have a checking account through Raisin, you may have to wait a few business days for the money you’ve transferred to another account or bank to process. 

The bottom line is that in a digital banking era, the customer service of finding you a great high-yield savings product Raisin offers can take some of the headaches out of searching for your best option. When it comes to the dollar signs of your savings goals, it might make the most sense. 

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