Raisin Review 2024: Compare High-Yield Savings Accounts & CDs

What is Raisin?

Raisin itself is not a bank. Rather, it is a no-fee service you can use to open accounts at multiple banks. The idea is to find high-yield deposit products and spread your money across several of them.

Raisin partners with online banks, traditional banks, and credit unions, but you don't open an account at any of them. Instead, you get a free Raisin account which opens custodial accounts on your behalf. All banking transactions initiate in the Raisin platform, so you only have a single dashboard to use when managing your funds.

The online platform is simple to use. Without opening an account, you can browse the offers to see all of the partner bank products available, compare rates and terms (including any minimum balance requirements), and find one that meets your needs.

You only complete one application with Raisin. You don't have to keep repeating the process with every financial institution you want to consider. The money you deposit with Raisin's service bank sits in a custodial account until you choose a partner bank. Raisin then quickly moves your money to your chosen banks.

However, the downside is you only have one routing and account number that manages all chosen bank accounts. That can take some getting used to if you're accustomed to having separate account numbers for each account. 

For example, if you open a Raisin account and choose to put money in Western Alliance Bank, American First Credit Union, and CloudBank 247, you would not have three separate routing and bank account numbers. Instead, you use your single Raisin routing and account numbers to manage your funds from the Raisin dashboard.

Who is Raisin best for?

Raisin is a good fit for:

• People who are too busy to shop around for the best interest rates
• Anyone who wants higher interest rates as Raisin has some exclusive offers

If you don't have the time (or patience) to shop around for the best APYs, Raisin does the work for you and for free. You may also find exclusive offers that pay more than accounts you open yourself. 

Types of accounts offered

What impresses me the most about Raisin is the vast number of products they offer, including:

• High-yield savings
• Money market accounts
• CDs
• No-penalty CDs

High-yield savings accounts

High-yield savings accounts are savings accounts that offer higher-than-average interest rates on deposited funds compared with traditional savings accounts. Raisin partners with a number of different financial institutions to help you get the most competitive rates. Some of the banks and credit unions have included:

• Western Alliance Bank
• Harborstone Credit Union
• First Financial Northwest Bank
• CloudBank 247
• American First Credit Union
• UNCLE Credit Union
• DR Bank
• United Republic Bank
• SkyOne Federal Credit Union
• Generations Bank

Don't worry, if you aren't a member of a credit union you chose through Raisin, they'll help you become a member.

I like HYSAs because you can earn higher interest rates, but don't have to meet strict qualifying requirements, such as large minimum deposits or daily balances.

Example of a Raisin high-yield savings account

Western Alliance high-yield savings

Annual percentage yield (APY) 3.80% (as of 01/08/26)1 <p>APY means Annual Percentage Yield. APY is accurate as of 01/08/26. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.</p> Minimum deposit requirement $1.00 Monthly maintenance fees None ATM access No FDIC insured Yes

Money market accounts

Money market deposit accounts are insured by the FDIC or NCUA. These accounts often provide higher interest rates than other deposit products, but they often have limits on monthly transactions, and some require minimum deposits to invest your funds with them.

I only suggest a money market account if you think you'll need to use some of the funds you have flagged for savings. It's easier to access your funds as most accounts include check writing privileges. But, if you don't have an immediate need for the funds, a MMA can increase the temptation to spend the funds. I suggest skipping it if you have long-term goals for your funds.

Raisin has partnered with many financial institutions to offer money market accounts:

• American First Credit Union
• Great Lakes Credit Union
• Blue Federal Credit Union
• mph.bank
• Lemmata Savings Bank
• SkyOne Federal Credit Union
• Grand Bank
• UNCLE Credit Union
• OptimumBank
• Dayspring Bank
• Generations Bank

Check out some of the terms and conditions offered by money market accounts that have partnered with Raisin.

Examples of Raisin money market accounts

Ponce Bank money market

Annual percentage yield (APY) 4.10% (as of 11/07/25) Minimum deposit requirement $1.00 Monthly maintenance fees None ATM access No FDIC insured Yes

First Financial Northwest Bank

Annual percentage yield (APY) 5.25% Minimum deposit requirement $1.00 Monthly maintenance fees None ATM access No FDIC insured Yes

Harborstone Credit Union

Annual percentage yield (APY) 4.00% Minimum deposit requirement $1.00 Monthly maintenance fees None ATM access No FDIC insured National Credit Union Administration insured (NCUA)

Fixed term CDs

CDs require a lump sum investment that you leave alone until the CD matures (ends). Most fixed-term CDs incur fees and penalties if you withdraw the money early. Fixed term CDs have a set interest rate that stays the same throughout the term.

Raisin offers a variety of fixed term CDs from different partners. These have included:

• Ponce Bank
• Blue Federal Credit Union
• Sallie Mae Bank
• First Mid Bank & Trust
• Idabel National Bank
• Western Alliance Bank
• Freedom Bank
• The State Exchange Bank
• American First Credit Union
• Great Lakes Credit Union
• SkyOne Federal Credit Union
• mph.bank
• Continental Bank

Examples of Raisin fixed term CDs

Ponce Bank 3-month CD

Annual percentage yield (APY) 3.90% (as of 11/07/25) Minimum deposit requirement $1.00 Monthly maintenance fees None Early withdrawal penalty 90 days simple interest on the principal at the CD's effective rate ATM access None FDIC insured Yes

Sallie Mae Bank 14-month CD

Annual percentage yield (APY) 3.20% (as of 05/01/26) Minimum deposit requirement $1 Monthly maintenance fees None Early withdrawal penalty 180 days simple interest on the principal at the CD's effective rate ATM access No FDIC insured NCUA Coverage

No penalty CDs

I suggest considering no penalty CDs when you have money to save, but aren't sure how soon you'll need it. They often pay a more competitive rate than high-yield savings accounts, but don't have the early withdrawal penalty fixed term CDs have.

Raisin partners offering no penalty CDs have included:

• Ponce Bank
• Blue Federal Credit Union
• mph.bank
• Sallie Mae Bank
• Mission Valley Bank
• SkyOne Federal Credit Union

Examples of Raisin no penalty CDs

Ponce Bank 4-month no penalty CD

Annual percentage yield (APY) 3.90% (as of 11/07/25) Minimum deposit requirement $1.00 Monthly maintenance fees None ATM access No FDIC insured Yes

Sallie Mae 14-month no penalty CD

Annual percentage yield (APY) 3.00% (as of 02/11/26) Minimum deposit requirement $1.00 Monthly maintenance fees None ATM access No FDIC insured Yes

Mobile App Reviews

If you're like me, you bank on your phone more often than anywhere else. Unfortunately, the Raisin app leaves a lot to be desired.

The app is mediocre with limited functionality with a serious security concern because it doesn't automatically log you out if you've been inactive for a long period. Its dashboard is also lackluster, making you dig for the information you need, so you're better off using the online version.

Raisin customer Service

Raisin offers online, email and phone support. Most people have the most luck using the automated chat system or sending an email to support.us@raisin.com. They also offer the option to call (844) 994-3276, but most reviewers state the representatives are rarely helpful.

Alternatives to Raisin

If you're not convinced Raisin is right for you, here are some alternatives.

CIT Bank

CIT Bank2 <p class="">For complete list of account details and fees, see our <a href="https://www.cit.com/cit-bank/resources/forms">Personal Account disclosures</a>.</p>   is another option for those who would prefer to do all of their banking in one place. CIT Bank is a division of First-Citizens Bank & Trust Company and is an FDIC insured company.

Like Raisin, CIT Bank offers various bank account products, including savings, money markets, and CDs. However, they also offer checking accounts, something Raisin doesn't offer. All accounts require a $100 minimum opening deposit, including its starter savings account, Savings Builder, and they offer a selection of loan products too, so you can have all your banking products in one place.

Visit CIT Bank

Ally

If you just want a simple high-yield savings account from one online company rather than investing with multiple partners, then Ally's high-yield savings account can be a good option.

This account offers a simple 3.20% (as of 02/17/26) APY on all balance tiers. What stands out to me is their savings buckets that lets you split your savings into different savings goals, and their round-up option that transfers the change from a rounded-up purchase to your savings account when you pay with your Ally debit card. Ally also offers checking accounts, so you can link your checking and savings accounts for easy transfers.

FAQs

Is Raisin legit?

While not a bank itself, Raisin (formerly known as SaveBetter) is a legitimate financial service. The Raisin company as a whole has more than 1 million customers, more than 400 different bank partners, and operates in 30 different markets.

Is Raisin FDIC insured?

When you save with Raisin, your money is either in an FDIC-insured account or an NCUA-insured account at all times. This means as long as you are below the insured limits of $250,000 per person per account type, you cannot lose money in the event something goes wrong with the financial institution.

Is there a withdrawal limit for Raisin?

Unlike traditional banks, Raisin doesn't impose any withdrawal limits, including limiting the frequency of withdrawals. However, the bank or credit union you choose may have different rules so always read the fine print before choosing.

Bottom line

Raisin is a great option for savers who want to put money into a high-interest savings account, CD, or money market account to reach their personal finance goals, but who don't have time to shop around.

As long as you don't mind it being a little more time-consuming to withdraw your funds, there's nothing to lose from giving it a try. If you prefer to have more control and have separate account numbers, check out our list of the best savings accounts for more options.

Learn More

4.3

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Earn 3.80% (as of 01/08/26) APY1 <p>APY means Annual Percentage Yield. APY is accurate as of 01/08/26. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.</p> from a trusted, top U.S. bank

Enjoy 24/7 online access to your account and funds

Powered by Raisin's intuitive savings marketplace

FDIC insured, no fees, $1 minimum deposit

Limited-Time Offer: Use code FRESHSTART to earn a cash bonus based on your savings balance. Earn $70 for $10,000, $175 for $25,000, $350 for $50,000, $750 for $100,000, or $1,500 for $200,000 or more. Visit site for full details.4 <p>New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive $70 for depositing between $10,000 and $24,999, $175 for depositing between $25,000 and $49,999, $350 for depositing between $50,000 and $99,999, $750 for depositing between $100,000 and $199,999, and $1,500 for depositing $200,000 or more. </p><p>To qualify for the bonus, you must be a new Raisin customer who signs up between April 1, 2026, and May 31, 2026, and the promo code FRESHSTART must be entered at the time of sign-up. Deposit at least $10,000 within 14 days of your first deposit. You can make one or multiple deposits during this window, and your total deposited amount determines your bonus tier. You may add more funds during the 14-day window to reach a higher bonus tier. Once the deposit window closes, your balance must remain at or above your qualifying bonus tier for 90 days. If your balance drops below that amount during the 90-day period, you may no longer be eligible for that bonus. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus. </p><p>Bonus cash will be deposited by Raisin into the customer’s Cash Account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time.</p>