Raisin is a digital financial platform and marketplace with exclusive partnerships offered through various partner banks. Your money is held with Harborstone Credit Union, but you manage the account through the Raisin platform. You can apply online in minutes and feel secure knowing your data is protected and the account is FDIC insured up to $250,000.
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Fees? |
No monthly fees and no fees to deposit or withdraw money. |
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Security |
FDIC-insured with SSL encryption, supports multi-factor authentication. Detailed privacy policy. |
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Online experience |
Clear, straightforward site with banking capabilities available online. |
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Mobile app |
iOS and Android. View transactions, transfer funds, check balances, and more. |
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Customer support |
Customer support over the phone and via email during regular business hours, as well as a chatbot on the website |
This savings account is best for those who want access to a high APY without having to pay a monthly fee. The low minimum deposit also makes it a good choice for those who may not have much money to deposit immediately. You’ll also want to be comfortable with banking online and having limited branch and ATM access.
Raisin adopts an innovative approach to managing savings. It acts as a central platform connecting various partner banks that provide a range of financial products, including savings accounts, money market deposit accounts, high-yield Certificates of Deposit (CDs), and CDs without early withdrawal penalties. By creating one account with Raisin, you gain the ability to open and oversee numerous savings accounts through a unified dashboard.
The significance of this lies in the opportunity it presents for diversifying your savings portfolio. For those with substantial amounts to save, this means the ability to distribute funds across different banks, maximizing coverage under FDIC insurance. Additionally, Raisin allows the splitting of funds between savings accounts and CDs, offering a balance between immediate fund accessibility and benefiting from higher interest rates.
Using Raisin comes at no cost, and the savings accounts it features are fee-free. Starting a savings account is accessible with a minimal initial deposit requirement of only $1.
Raisin provides a consolidated online platform for managing all your savings accounts and Certificates of Deposit (CDs), irrespective of the different banks where they are held. When you deposit money via Raisin, it initially passes through a custodian bank before being transferred to your respective account, with all transactions occurring instantly.
With the Raisin dashboard, tracking your account balance, interest rates, and total interest earnings is streamlined. Additionally, Raisin simplifies your tax filing process by providing an annual 1099-INT form that aggregates the earnings information from all your accounts.
Raisin partners with a variety of conventional banks and credit unions. These financial institutions provide an assortment of products via Raisin, including savings accounts, money market deposit accounts, high-yield Certificates of Deposit (CDs), and CDs that don't impose penalties for early withdrawal.
It's important to note that Raisin does not offer checking accounts or the option to open business savings accounts. Additionally, despite having active savings accounts with these banks, users do not gain access to standard banking services such as ATMs.
Raisin operates without imposing any fees, and similarly, the accounts accessible through Raisin, including CDs, do not have monthly charges. For all the available accounts, the minimum deposit required is merely $1.
The sole fee that could be incurred is a penalty for early withdrawal from a high-yield CD before its maturity date. To mitigate this, Raisin provides an extensive selection of CDs that do not penalize for early withdrawals.
Raisin's support team, located in New York City, is reachable via phone and email from 9 am to 4 pm Eastern Time, Monday through Friday. Additionally, the Raisin website features comprehensive FAQs that clarify the workings of Raisin and the flow of your funds when deposits are made through the platform.
The registration process for Raisin is quick, taking just a few minutes. This process is akin to signing up for a single savings account, yet it grants access to over 50 account choices. Once you have a Raisin account, you can swiftly open additional savings accounts or CDs in a matter of minutes.
If you have this account, you can access and manage it through the Raisin app. It’s available on iOS and Android devices. In the app, you can view balances, make transfers, see your transactions, manage your profile, and more.
Raisin places a high priority on security. The platform uses SSL encryption and implements multi-factor authentication for safeguarding your online account. Furthermore, Raisin is SOC-2 certified, a recognition widely regarded as the pinnacle in online cybersecurity standards.
Moreover, every account provided through Raisin is covered by insurance, either through the FDIC or the National Credit Union Administration (NCUA), with a protection limit of up to $250,000.
The Raisin name and logo are trademarks of Raisin GmbH. All other trademarks, logos, marks, and brand names are the property of their respective owners — used with permission.
© 2023 Raisin GmbH. All rights reserved.
Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodian Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through Raisin.com. The Custodian Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered through Raisin.com. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Lewis & Clark Bank is the Custodian Bank.