Raisin Review – Manage Multiple High APY Savings Accounts From One Place

Raisin, previously known as SaveBetter, is shaking things up in the savings world. It’s a really easy-to-use platform where you can find some top-notch high-yield savings accounts, money market accounts, and CDs. What’s cool is that there are no account fees and it’s all managed online. Raisin’s big thing is making life easier for savers by letting them handle different savings products from various banks all in one spot. 

This means you get great rates without all the usual run-around. Continue reading my Raisin review to determine if it’s the right solution for your high yield savings account needs. 

What is Raisin?

Raisin, known previously as SaveBetter, is a forward-thinking online marketplace that connects savers with various financial products from a wide network of banks and credit unions. Its focus is on empowering users by offering safe and easy saving methods, alongside better control of financial data. 

Raisin’s offerings are expansive, featuring over 50 partner institutions and providing a selection of FDIC and NCUA-insured products, such as high-yield savings accounts, money market accounts, and CDs.

Raisin Benefits

Here are the key features users can expect from Raisin:

  • Variety of Savings Products: Offers a range of products with competitive APY.
  • No Monthly Charges: Users incur no monthly fees.
  • $1 Minimum Initial Deposit: Low threshold to start saving.
  • Access to Multiple Bank Accounts: Manage different accounts in one place.
  • Daily Compounded Interest: Maximizes savings growth.
  • $250,000FDIC/NCUA Insurance: Per institution, per individual.
  • Enhanced Security Features: Includes Multi-Factor authentication and encryption.
  • User-Friendly Mobile App: Convenient account management on the go.
  • Consolidated Statements: Single statement for all products.

Raisin Pricing

Raisin’s pricing model is customer-centric, offering free account creation and no monthly fees for its savings products. This is possible because partner banks and credit unions pay Raisin to market their products, allowing users to access various savings options without extra charges. 

The platform requires only a $1 minimum deposit to open an account. However, users should be aware of potential early withdrawal penalties for fixed-term CDs, so it’s important to review the terms and conditions carefully.

How Raisin Works

Raisin functions as an online savings product marketplace. When customers select a product from Raisin’s partner network, their funds are transferred to a custodial account with Lewis and Clark Bank, not directly to the partner bank. However, they still receive FDIC or NCUA insurance through the partner bank. 

This setup allows customers to spread their deposits across multiple banks within Raisin’s network, maximizing their insurance coverage, as they get $250,000 coverage per institution. This efficient model simplifies managing various savings products under one account, providing a single monthly statement for all deposits.

Raisin Alternatives

In terms of a high-yield savings account marketplace, Raisin is at the forefront of industry. Getting a high APY is one way in which savvy investors can build wealth, but it isn’t the only tool that should be employed. In 2024 there are many quality platforms to help you budget, save on monthly subscriptions, and find tax savings. Here are a few platforms that should be considered: 

  • BillTrim: BillTrim, is a bill negotiation and management platform designed to help customers save money on their monthly bills. It works by negotiating with service providers for lower rates on behalf of its clients. Key features include professional negotiation services, bill monitoring, Smart Autopay, and a wide network of over 20,000 service providers. BillTrim also offers a refund if savings of $300 are not achieved in the first year. This platform is especially beneficial for those seeking to reduce expenses without the hassle of negotiating themselves.
  • Playbook: Playbook is a financial planning app based in San Francisco, launched to optimize tax benefits and expedite users’ journey to financial freedom. It analyzes financial accounts to identify missed tax-saving opportunities and tailors services for various financial scenarios. The platform stands out for maximizing tax-advantaged accounts, aiding in tax optimization. Playbook’s focus on tax-optimized investing and automated financial strategies makes it suitable for a range of investors, particularly high-income earners and self-employed individuals.

Besides these tax saving and bill reducing apps, it would be prudent to consider a budgeting app like Tiller Money. Tiller Money is especially suited to those that like managing their finances through spreadsheets. 

A platform that combines the best of both worlds, in budgeting and bill reducing, is Hiatus. The Hiatus App’s goal is to offer an all-in-one solution for those looking to shore up their finances and move in the right direction. 


Raisin, formerly SaveBetter, offers a user-friendly online platform for accessing a variety of high-yield savings options. With no monthly fees, a low minimum deposit, and the convenience of managing multiple accounts in one place, it simplifies the saving process. 

The platform’s focus on security, competitive interest rates, and ease of use, combined with FDIC/NCUA insurance coverage, makes it a compelling choice for savers. If you’re considering a high-yield savings account, Raisin could be the right solution for you.

To learn more about how Raisin can meet your savings needs, Click Here