4 hours ago 1

Raisin review (2025): Is this high-yield savings marketplace trustworthy?

If you’ve been searching for the best high-yield savings accounts available today, you may have come across a platform called Raisin.

Raisin isn’t a bank. It’s a financial technology company that helps users find high-interest bank accounts. You can use Raisin's website to search for, open, and manage (with some limitations) federally insured savings accounts and CDs from approximately 75 partner banks and credit unions.

Learn more about how Raisin works and whether it’s right for you.

Raisin Solutions US LLC, or Raisin, is an online marketplace where you can search for, compare, and open accounts from a variety of banks and credit unions. It's like a digital store you can use to shop and apply for bank accounts.

You can use the site to find the following types of high-yield accounts:

Savings accounts
Money market accounts (MMAs)
Certificates of deposit (CDs) — including callable CDs and no-penalty CDs

What makes Raisin unique is the fact that you don't have to submit applications to multiple banks or credit unions or set up multiple logins. Instead, you can open and manage accounts from multiple financial institutions all in one place with a Raisin account.

There are a few drawbacks, however. Raisin works with a fairly short list of bank and credit union partners. So, you may miss out on some of the best savings and CD rates if those financial institutions aren’t part of the platform.

It also gives you fewer tools than banks do to manage your accounts. For example, if you want to make an ATM withdrawal, your only option is to transfer your money to your Raisin Cash Account and then transfer it to an external account at a bank with ATMs.

Here's how you can use Raisin to help you set up and manage bank accounts:

Visit Raisin's Explore Products page.
Enter your search criteria for the account you want.
Click "Product terms" to review account fees, rates, and other features.
Choose an account and click "Save now."
Create your login credentials for Raisin.
Complete and submit an online application. You'll need to share your Social Security number and contact information here.
Read and sign the electronic communications agreement.
Wait for Raisin to verify your identity.
Link the account you'll be transferring funds from.
Transfer money to your new Cash Account on Raisin. (To move money in or out of one of your Raisin bank accounts in the future, start by moving the money into your Raisin Cash Account.)
Receive a single monthly statement showing your account activity, balances, and interest earned on all accounts.

Raisin helps simplify the process of researching bank accounts and ensuring your savings earns a competitive interest rate. However, it has several disadvantages to consider.

No fees: Raisin's partners pay fees to be on the platform, so you don't have to worry about monthly account management fees.
Discover new banks: Search from a list of smaller banks and credit unions that you may not have found on your own. You can also search for specific types of banks, such as nonprofit or minority-led.
Get more insurance: Federal deposit insurance is capped at $250,000 per depositor, per institution. So if you have more than $250,000 in deposits, Raisin makes it easier to spread those funds across multiple banks, ensuring you’re fully covered.
One-stop shop: You can use just one login to access your accounts at multiple financial institutions.

Online-only banking: Raisin doesn't have branches, ATMs, or in-person services.
Limited partnerships: You can only shop from a list of about 75 institutions, so you might not see the best rates on the market.
Rate cuts: For some accounts, Raisin offers lower rates than what you'll find by going directly through the bank or credit union.
Limited access: You won't get a debit card or checks, and you have to move your money to your Cash Account before you can make a withdrawal or external transfer.
Accounts on pause: If your bank stops partnering with Raisin, you can no longer add funds to the account.
Linked accounts: You can only link one external bank account to Raisin, and you can't change the account for 60 days after signing up.

Raisin is safe to do business with. The company only offers accounts with FDIC or NCUA insurance, so you can rest assured you won't lose your money in the event a financial institution fails.

Raisin also offers the basic security features you might expect, including multifactor authentication and encryption. As with any financial services company, your security is partially dependent on your use of good cybersecurity habits, like creating a strong and unique password.

Finally, customer reviews indicate that Raisin is not likely to scam you or charge unexpected fees. Raisin has a 4.4 out of five-star rating on TrustPilot and 4.1 with the Better Business Bureau (BBB).

You can contact Raisin's customer support team Monday through Friday, from 8 a.m. to 8 p.m. ET, via the the following channels:

Live chat
Call 844-994-EARN (3276)
Email support.us@raisin.com

Raisin might be right for you if you have more than $250,000 in money to deposit. The platform offers a simple way to spread the money across multiple financial institutions to make sure it's all FDIC- or NCUA-insured. As an added benefit, you'll get basic access to all your bank accounts by logging into your Raisin account.

However, Raisin is not right for you if you need quick access to your money. You first have to transfer your funds to a Raisin Cash Account and then transfer them to your external account before making a withdrawal.

Further, you might find better rates if you look elsewhere. One option is to start your search on Raisin, then go directly to the bank or credit union's website to see if they offer better rates and terms on their savings accounts and CDs.

Read Entire Article