Raisin (SaveBetter) review 2024: High-yield savings without the hassle

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If you’re someone who constantly chases the best interest rates for your savings, you may want to consider using Raisin. 

Formerly known as SaveBetter, Raisin is an online savings marketplace that helps you compare rates between high-yield savings accounts, money market accounts, and certificates of deposit (CDs). The platform connects savers with products from over 60 banks and credit unions nationwide.

With Raisin, you get access to top rates on savings accounts, all while supporting mission-driven financial institutions. Instead of banking with a single institution, you have the freedom to put your money where you see the best opportunities across the marketplace.

Is this democratized way of saving right for you? Here’s what you need to know about Raisin, its features, and who it’s best for.

What is Raisin?

Raisin is not your typical bank or online banking platform. Instead, it serves as an intermediary between savers and partner banks or credit unions. Founded in Germany in 2012, Raisin has expanded its global presence. It launched in the United States as SaveBetter in 2020 before rebranding to Raisin in 2023.

Currently, Raisin partners with over 60 banks and credit unions in the U.S. and more than 400 worldwide. To become a partner, financial institutions must offer FDIC or NCUA insurance, offering up to $250,000 of coverage per person, per account. 

By spreading your funds across multiple banks on the Raisin platform, you can have even greater insurance protection.

How Raisin works

Opening a Raisin account is quick, easy, and free. Once you've created your account, you can access a digital marketplace of exclusive savings products. 

This means you won’t have to juggle multiple accounts (and logins) or worry about missing out on higher rates. You can fund and manage all of your accounts using your single Raisin username and password. 

“Our main goal is to break down barriers to savings,” says Ben McLaughlin, U.S. President of Raisin. 

The marketplace is regularly updated with new rates, allowing you to easily shift your funds to take advantage of better rates or terms. 

Instead of making you pay a fee or percentage of your returns to Raisin, the platform charges partner banks and credit unions. For consumers, all accounts have no fees and require only a minimum $1 deposit. 

“Many of our partner institutions don’t have the infrastructure to gain clients nationwide. By working together, they can raise deposits to fund loans within their community more easily,” explains McLaughlin.

One of Raisin's standout features is its commitment to transparency. You'll find information about each partner institution, including their mission and community focus. This can help you align your savings with banks or credit unions that share your personal values.

Raisin savings platform

Raisin doesn’t currently offer checking accounts — only savings accounts.

Most offers featured on the Raisin marketplace are only available to Raisin customers — especially credit unions, which typically require a membership. Even if a financial institution listed on Raisin is local to a certain region, it’s still available to you through the platform.

Once you deposit money into your account, it’s placed into a custodial account at the partnering financial institution. This means it’s pooled with other Raisin customer deposits. While this likely won’t affect your banking experience much, withdrawals and deposits may take a few business days to process. 

Raisin high-yield savings accounts

The average savings account interest rate in April 2024 is 0.46%, according to the Federal Reserve. Raisin offers savings accounts with rates well over 5% APY.  
While the best online banks may advertise slightly better rates, Raisin's ease of use and lack of fees make it easy to switch banks and capitalize on changing market conditions. 
Some top offers (as of May 2024) include: 

• CloudBank 247: 5.26%
• Nelnet Bank: 5.25%
• Western Alliance Bank: 5.24%
• DR Bank: 5.23%
• RBMAX: 5.15% 

Raisin money market accounts 

Raisin's money market accounts function similarly to its high-yield savings accounts. In exchange for stricter requirements, most money market accounts will have more flexibility, including debit cards and check-writing privileges. 

Standout options (as of May 2024) include:

• UNCLE Credit Union: 5.26%
• Harborstone Credit Union: 5.25%
• Ponce Bank: 5.24%
• American First Credit Union: 5.24%
• Optimum Bank: 5.23%

High-yield CDs

Raisin's CDs offer attractive interest rates for relatively short maturity terms, often under 12 months. But, the minimum initial deposit is still only $1 (uncommon for most CDs).

Unlike high-yield savings and money market accounts, CDs offer fixed returns. This means the rate is locked in and doesn’t change throughout the term. Remember that you may face fees if you withdraw your money before the term ends.

Top picks (as of May 2024) include:

• Western Alliance Bank (5-month term): 5.30%
• Ponce Bank (3-month term): 5.25%
• Dayspring Bank (1-month term): 5.25%
• Southwestern Bank (8-month term): 5.22%
• Generations Bank (10-month term): 5.13%

No penalty CDs

For savers who value flexibility, Raisin's no-penalty CDs generally allow withdrawals seven days after funding without incurring penalties. While interest rates on no-penalty CDs may be lower than traditional CDs, these products still offer competitive returns.

Notable options (as of May 2024) include:

• Technology Credit Union (5-month term): 5.15% 
• Ponce Bank (4-month term): 5.15%
• Mission Valley Bank (3-month term): 5.15%
• Blue Federal Credit Union (9-month term): 5.10%
• Freedom Bank (12-month term): 4.85%

Raisin online and mobile banking experience

While Raisin's unique approach to savings may seem complex, the platform's user-friendly website can help. Their comprehensive FAQ section covers almost everything you need to know. Helpful videos and charts provide visual aids for new users.

The Raisin marketplace is transparent, offering up-to-date information on partner institutions' savings products and an annualized earnings estimator. Opening a new account is as simple as clicking your chosen product's "save now" button.

The Raisin mobile app is highly rated, with a 4.6/5 on the App Store and 4.2/5 on Google Play.

As a SOC 2 certified organization, Raisin invests in advanced security technologies to protect your data, privacy, and transactions.

Raisin customer service

Raisin offers assistance via phone and email during limited business hours. Customers can contact the support team Monday through Friday from 9:00 a.m. to 4:00 p.m. ET. You can reach customer service by calling 844-994-EARN (3276) or emailing [email protected].

Your unique Raisin Customer ID can help speed up the service request process.

While the limited availability may disappoint some users, Raisin's customer service generally has positive reviews. It holds a 4.3/5 on Trustpilot, much higher than most banking institutions. The Better Business Bureau also accredits it with a B+ rating. 

Many customers praise the support team's responsiveness and ability to resolve issues efficiently. However, some users have reported longer-than-expected wait times or difficulty reaching a representative during peak hours.Should you use Raisin?

Should you use Raisin?

Raisin is best for: Savers who value high interest rates, easy account management, and support mission-driven banks and credit unions.

Raisin offers savers a way to maximize returns without the usual hassles that come with rate chasing. Raisin has created a mutually beneficial platform that rewards savers with higher rates while helping these institutions reach new customers.

While Raisin may not be a full-service replacement for your primary bank, it is a powerful tool to ensure you consistently earn top interest rates and diversify your savings portfolio.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.