If you've been searching for the best high-yield savings accounts available today, you might come across a platform called Raisin.
Raisins are not banks. This is a financial technology company that helps users find high interest bank accounts. You can use Raisin’s website to search, open and manage (limited) federal insurance savings accounts and CDs from approximately 75 partner banks and credit unions.
Learn more about how raisins work and whether it works for you.
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Raisin Solutions US LLC (Raisin) is an online marketplace where you can search, compare and open accounts of a variety of banks and credit unions. It's like a digital store you can use to shop and apply for a bank account.
You can use this website to find the following types of high-yield accounts:
What makes raisins unique is that you don't have to submit an application to multiple banks or credit unions or set up multiple logins. Instead, you can open and manage accounts from multiple financial institutions in one place through your raisin account.
Read more: Should you have more than one high yield savings account?
However, there are some disadvantages. Raisins work with a short list of bank and credit union partners. So if these financial institutions are not involved in the platform, you may miss some of the best savings and CD rates.
It also provides you with fewer tools than bank management accounts. For example, if you want to withdraw your ATM, your only option is to transfer your funds to a Raisin Cash Account and then transfer it to an external account of the bank with an ATM.
You can use raisins to help you set up and manage your bank account:
Visit the Explore Products page of Raisins.
Enter the search criteria for the account you want.
Click Product Terms to view account fees, rates, and other features.
Select an account and click Save now.
Create your login credentials for raisins.
Complete and submit an online application. You need to share your Social Security number and contact information here.
Read and sign the electronic communication agreement.
Wait for the raisins to verify your identity.
Link to the account where you will transfer funds.
Transfer money to a new cash account on the raisins. (Transfer funds to one of your raisin bank accounts in the future, first transferring funds to your raisin cash account.)
Receive a monthly statement showing your account activity, balance and interest earned in all accounts.
Read more: How many bank accounts do you have?
Raisins help simplify the process of studying bank accounts and ensuring savings. However, it has several drawbacks to consider.
No fees: Raisin partners pay for the fees on the platform, so you don't have to worry about monthly account management fees.
Discover new bank: Search from a list of smaller banks and credit unions you may not have found yourself. You can also search for specific types of banks, such as nonprofits or minority dominance.
Get more insurance: Federal deposit insurance charges $250,000 per depositor. So if you have more than $250,000 in deposits, raisins make these funds easier to spread across multiple banks, ensuring you fully cover these funds.
One-stop shop: You can only use one login to access accounts of multiple financial institutions.
Online banking only: Raisins have no branches, ATMs or face-to-face services.
Limited partnerships: You can only shop from a list of about 75 institutions, so you may not see the best prices on the market.
Cut fees: For some accounts, raisins offer lower prices than they found directly through a bank or credit union.
Limited access: You will not receive a debit card or check and you must move the money to your cash account before you can withdraw money or transfer externally.
About suspended accounts: If your bank stops working with raisins, you will no longer be able to add funds to your account.
Link Account: You can only link an external bank account to Raisins and cannot change the account after registration.
Raisins are safe. The company only offers an account with FDIC or NCUA insurance, so you can rest assured that you will not lose your money if the financial institution fails.
Raisins also offer basic security features you might expect, including multi-factor authentication and encryption. As with any financial services company, your security is partly determined by using good cybersecurity habits, such as creating a strong and unique password.
Read more: Is online banking really safe?
Finally, customer reviews suggest that raisins are unlikely to lie to you or charge unexpected fees. Raisins earned 4.4 five-star ratings on Trustpilot, while BEAT Business Bureau (BBB) has a rating of 4.1.
You can contact the Raisin’s customer support team through the following channels, 8 a.m. to 8 p.m. ET:
If you have over $250,000 in deposits, raisins may be for you. The platform provides an easy way to sell funds in multiple financial institutions to ensure all FDIC or NCUA insurance. For the added benefit, you will gain basic access to all your bank accounts by logging into your Raisin Account.
But if you need to get your money quickly, raisins are not for you. You must first transfer the funds to your Raisin Cash Account and then transfer them to an external account before withdrawing.
Also, if you look elsewhere, you may find a better price. One option is to start your search on raisins and then go directly to the bank or credit union’s website to see if they offer better prices and terms on their savings accounts and CDs.