Raisin (formerly SaveBetter) Review
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Unravel the truth about Raisin's safety and legitimacy in this review.
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High-Yield Savings Account - Up to $1,500 Bonus | |||
Overall Score | 4.1 | ||
Savings | 5.0 | ||
CD | 5.0 | ||
Money Market | 5.0 | ||
Mobile App | 2.0 | ||
Customer Service | 3.5 | ||
Pros and Cons
- Multiple savings accounts in one place
- No monthly fee
- $1 minimum
- No checking accounts
- Smaller banks & credit unions
Bottom Line
Online savings platform offering some of the highest APYs in the nation
Imagine opening a savings account with one bank, then seeing a better rate at another.
Good thing Raisin (formerly SaveBetter) allows you to compare savings rates. You can even handle many accounts from different banks and credit unions in one place!
Read on to see if Raisin is legit and what they have to offer.
What Is Raisin?
Raisin is an online marketplace for savings accounts, money market accounts, and certificates of deposit (CDs).
By opening an account with Raisin, you can access a network of partner banks and credit unions which offer competitive rates. You won't have the hassle of dealing with them on different platforms.
Think of Raisin like a grocery store (the name even fits!): you can get a bunch of different things you like without being forced to stick to just one brand.
When you deposit your money, your funds are held in a custodial account at the bank/credit union you chose to work with.
Don't worry! Since all financial institutions involved in the Raisin platform are FDIC/NCUA insured, you still get full insurance coverage for up to $250,000. This means that your funds are always held at a federally insured institution.
What Accounts Does Raisin Offer?
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Raisin offers these types of savings accounts:
- Savings and Money Market: Competitive APYs with no withdrawal limits.
- Certificate of Deposit: Terms ranging from 1 to 60 months; $1 to open an account.
- No-Penalty Certificate of Deposit: 3 to 14 months terms; no penalty for early withdrawal.
No. Currently, these are the only accounts that they offer.
Read on to learn more about the different accounts in detail.
Raisin High-Yield Savings and Money Market Accounts
Unlike traditional savings accounts, Raisin's high-yield savings and money market accounts have no withdrawal limits. They also partner with banks/credit unions with a minimum opening deposit of only $1.
- Valley National Bank:
High-Yield Savings Account - 3.95% APY - Mission Valley Bank:
High Yield Savings Account - 3.86% APY - Western Alliance Bank:
High Yield Savings Account - 3.80% APY
They even offer a higher APY than national or bigger banks. If you'd rather not have your money locked up for a long time or deal with potential early redemption policies, you should consider this account instead of CDs.
But money market accounts typically earn at a higher interest rate than traditional and sometimes even high-yield savings accounts. But they usually also require higher opening deposits.
Some money market accounts allow checkwriting or debit card use, which may not be the case for savings accounts.
Raisin High-Yield Certificates of Deposit
Raisin's CDs offer very competitive rates and terms ranging from 1 month to 60 months.
- Mission Valley Bank CD Rates:
Up to 3.80% APY - Sallie Mae Bank:
27-Month High-Yield CD - 3.75% APY - Western Alliance Bank:
High-Yield CD Rates - Up to 3.60% APY
Usually, CD accounts require high opening deposits (around $500-$1,000) since they offer higher rates than other accounts. But if you use Raisin, the minimum opening deposit will only be $1.
Their high-yield CDs have a similar APY to the savings and money market accounts.
It's best to open a CD account with Raisin to lessen the temptation of spending. This is because you'll incur a penalty if you withdraw before the end of your term.
If you have extra cash you don't need to spend soon, look into opening a CD account.
Raisin No-Penalty Certificates of Deposit
Raisin's no-penalty CDs' APYs are just slightly lower than their high-yield savings, money market, and term CDs.
- Mission Valley Bank:
3-Month No-Penalty CD - 3.80% APY - Sallie Mae Bank:
14-Month No Penalty CD - 3.40% APY
You'd want to open a no-penalty CD if you believe you might need to tap into those funds. Otherwise, you're better off with a term CD since it offers a more attractive APY.
They offer terms from 3 months to 14 months.
Although it is a "no-penalty" CD, you can usually withdraw your funds without incurring any penalties starting seven days after funding.
Pros and Cons
Check out the pros and cons of having an account with Raisin:
Pros:
- No monthly fees
- $1 minimum opening deposit
- Very competitive APYs
- Only one account is needed to work with multiple financial institutions
- All partners are FDIC or NCUA insured
Cons:
- Doesn't offer checking accounts
- Partnered with smaller regional banks
Fees to Look Out For
It's completely free to use Raisin as a customer. There are no monthly fees for any of their accounts.
The only fee you may encounter is a penalty should you withdraw your funds from term CDs before the maturity date. Typically, failing to complete the full term of a fixed term CD will result in a fee being charged.
You might be wondering... how does Raisin make any money, then? They actually charge their partner banks and credit unions a fee. And in exchange, Raisin markets their products on its site.
Raisin Partner Banks
Raisin partners with smaller regional banks and credit unions. Their partners include:
- Valley National Bank:
High-Yield Savings Account - 3.95% APY - Mission Valley Bank:
High Yield Savings Account - 3.86% APY - Western Alliance Bank:
High Yield Savings Account - 3.80% APY - Sallie Mae Bank:
27-Month High-Yield CD - 3.75% APY
Is Raisin safe?
Yes! Raisin ensures the banks they partner with are FDIC-insured for up to $250,000. Likewise, the credit unions are NCUA-insured for up to $250,000. If it's a joint account, you're insured by the bank/credit union for up to $500,000.
Note that your account is insured per bank you choose to work with. So if you decide to use Raisin to open accounts with 2 different banks, you'll be insured $250,000 for EACH of those accounts.
Who Is Raisin Best For?
Raisin is best if you want one marketplace to compare different savings accounts to get the highest APY.
They offer some of the highest rates for these accounts. Plus, you get the convenience of getting high APYs without the hassle of working with different institutions. This is good because you won't have to keep track of several accounts.
Raisin is great for those who really want to start saving but need help figuring out where to start.
No. Once you open an account with Raisin, they also take care of all the necessary registration with their partner banks/credit unions. This way, having multiple accounts with different financial institutions becomes easy.
How to Open an Account with Raisin
Here are the steps to open an account on Raisin:
- Browse Raisin's platform and choose the product you like. You can browse without needing an account.
- Open an account with your name, SSN, date of birth, and address.
- Link a bank account so you can fund your savings product.
- Start saving!
High-Yield Savings Account - Up to $1,500 Bonus
- Select a savings offer and sign up: Choose and fund at least one high-yield savings account or CD on the Raisin platform to get started. Be sure to enter bonus code HEADSTART during sign-up to be eligible for a cash bonus.
- Deposit funds: The more you save, the more you can earn. Make a qualifying deposit(s) within 14 days of opening your account to set your bonus tier.
- Maintain your deposit(s): Maintain your deposit(s) for 90 days from your first deposit date to earn your bonus.
| Deposit | Cash Bonus |
|---|---|
| $10,000 - $24,999 | $70 |
| $25,000 - $49,999 | $175 |
| $50,000 - $99,999 | $350 |
| $100,000 - $199,999 | $750 |
| $200,000 or more | $1,500 |
Bottom Line
For a minimum deposit of only $1, you can access very competitive rates for different savings accounts. Plus, all their partner banks and credit unions are insured. So you don't need to worry about being unable to trust the site.
It's worth considering that the level of customer service may vary between a digital platform like Raisin and working directly with a bank.
Nonetheless, Raisin is a great site to enjoy high rates for low minimum deposits. Its convenient and unique qualities make it a great motivator to start saving.
Good luck!
High-Yield Savings Account - Up to $1,500 Bonus
- Select a savings offer and sign up: Choose and fund at least one high-yield savings account or CD on the Raisin platform to get started. Be sure to enter bonus code HEADSTART during sign-up to be eligible for a cash bonus.
- Deposit funds: The more you save, the more you can earn. Make a qualifying deposit(s) within 14 days of opening your account to set your bonus tier.
- Maintain your deposit(s): Maintain your deposit(s) for 90 days from your first deposit date to earn your bonus.
| Deposit | Cash Bonus |
|---|---|
| $10,000 - $24,999 | $70 |
| $25,000 - $49,999 | $175 |
| $50,000 - $99,999 | $350 |
| $100,000 - $199,999 | $750 |
| $200,000 or more | $1,500 |
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
U.S. Bank Business Essentials - $400 Bonus
Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC
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