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What Is Raisin?
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What is Raisin?
Raisin is an online financial platform. It works with banks and credit unions to give users access to competitive savings accounts and certificates of deposit. Raisin is not a bank or credit union. Customers' money is held at FDIC-insured banks and NCUA-insured credit unions.
Minimum opening deposit requirements are low, and new Raisin customers can qualify for sign-up bonuses. These one-time bonuses are tied to how much money you deposit; the more you put in, the more you earn. Raisin doesn't charge fees, but early withdrawal penalties from CDs may still apply.
» Learn more about high-yield savings accounts
How does Raisin work?
The unique benefit that Raisin offers is straightforward transfers between high-yield savings products. Raisin customers do that via "Cash Accounts.” These accounts are required to move funds between savings products on the platform, and to transfer money to and from Raisin itself. You’ll need an external bank account to do the latter.
Once you request a withdrawal from one savings product to your Cash Account, that money is available to deposit into a different savings product as soon as the next business day, according to Raisin. Depending on when you request a withdrawal, it could take slightly longer.
Some institutions on Raisin’s platform offer promotional rates that last for a set period of time. At that point, the annual percentage yield, or APY, could fall to the institution’s standard rate. We’d recommend keeping a close eye on your rate if you open an account through Raisin.
Customer experience
Raisin is an online-only platform with no branches. Customers can manage their accounts on Raisin's website and mobile apps.
Raisin phone support is available weekdays from 8 a.m. to 8 p.m. Eastern time, excluding federal holidays. Customers can also reach Raisin via email.
The platform’s website features an excellent online help center that rivals the best FAQ sections we've seen at online banks. Topics include detailed explanations of how funds are insured, how to qualify for bonuses, and how transfers between products work.
Raisin's mobile apps earn low ratings for Android and strong ratings for iOS.
» Want other options? See our picks for the best high-yield savings accounts