7 Things to Know About Raisin (Formerly SaveBetter)

Updated: Jul 4, 2024

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Unveiling Raisin: Your Guide to Smarter, Seamless Savings

Raisin (SaveBetter) is a trailblazing platform specializing in providing clients with diverse savings account options to meet their unique needs. It aims to promote better financial management and enable individuals to secure a prosperous future. In a time when savings accounts have gained significant popularity, the role of such platforms has become increasingly crucial.

Interestingly, SaveBetter has recently taken a significant step forward by becoming Raisin, a renowned global savings and investment marketplace. This transformation not only represents growth and expansion for the company but also promises potential benefits to the platform’s users. With Raisin’s wider network and seasoned expertise in the finance industry, Raisin (formerly SaveBetter) continues to uphold its mission of helping individuals optimize their savings strategy. This recent development further enhances the value SaveBetter offers to its customers, particularly to those who are just starting their savings journey.

Raisin - formerly Savebetter

Remember, the unwritten rule suggests directing 20% of your income towards savings, while the rest covers your essentials. With an array of financial goals to meet – be it purchasing a car, a house, or planning a vacation, how do you manage your savings strategically? This is where Raisin comes in.

Raisin (formerly SaveBetter) simplifies your savings journey by offering a digital platform that allows you access to multiple deposit products via a single account. Now, let’s delve into the 7 key aspects you need to know about this platform.

1. A Bridge, Not a Bank

Raisin operates in a unique niche within the financial landscape. Rather than being a bank itself, it acts as a facilitator, bridging the gap between you and a wide network of banks and credit unions across the U.S.

Imagine having a personal financial assistant. You open an account, outline your savings goals, and it connects you with the right financial institution. It takes the stress out of the process, eliminating the need to sift through piles of paperwork and navigate complex application processes.

More than just a facilitator, Raisin provides access to an array of deposit products with attractive interest rates. These offerings come from its network of banking partners and are all accessible from a single account. This allows you to manage multiple financial products, including savings accounts, money market deposit accounts (MMDAs), and certificates of deposit (CDs), with ease. Essentially, it’s a comprehensive financial toolkit that simplifies and amplifies your savings journey.

2. A Plethora of Savings Options

Raisin (formerly SaveBetter) is like a financial marketplace, home to a broad spectrum of savings options. It provides a comprehensive suite, ranging from accounts offering high-interest rates to those which securely nest your money away. Their strategic partnerships with numerous banks and credit unions ensure you find an option that harmonizes with your financial goals.

Savings Accounts

Raisin simplifies your experience with its seamless sign-up process, which connects you with an array of savings products offered by a nationwide network of banks, all under a single login. The partnering banks are all FDIC members, assuring that your savings are protected up to a coverage limit of $250,000. These banks contribute positively to their communities, participating in initiatives such as home building, educational funding, and upliftment of underbanked individuals.

1.Cloud Bank 247CloudBank 247YesCloudBank 247 High Yield Savings$05.26%$1.00Save Now

Money Market Accounts

Commonly referred to as MMDAs, Money Market Accounts are savings accounts with perks. While providing the conveniences of a regular savings account, they offer higher interest rates, thus enhancing your savings. Some institutions impose restrictions on the frequency of withdrawals from these accounts, but with Raisin, no such restrictions apply, ensuring easy access to your funds.

1.Lemmate Savings BankLemmata Savings BankLemmata MMDA5.03%Save Now
2.StagePoint Credit UnionStagePont FCUYesStagePont FCU MMDA5.00%Save Now
3.Blue Federal Credit UnionBlue Federal CUYesYesBlue FCU MMDA5.15%$1.00Save Now
4.Optimum BankOptimum BankOptimum Bank MMDA5.22%$1.00Save Now
5.Patriot BankPatriot BankHigh-yield MMDA5.05%Save Now
6.Grand BankGrand BankGrand US MMDA5.20%$1.00Save Now
7.Pacific Western BankPacific Western BankYesYesPacWest Bank MMDA5.25%$1.00Save Now
8.Ponce BankPonce BankYesYesPonce Bank High Yield MMDA5.15%Save Now
9.American First CUAmerican First CUYesYesAmerican First MMDA5.24%Save Now
10.Sky One Federal Credit UnionSkyOne Federal CUYesYesSkyOne FCU MMDA5.24%Save Now
11. Hanover BankHanover BankYesHanover Bank MMDA LT6, LT9, LT12,
LT15, and LT18
5.26%Save Now

Certificates of Deposit (CDs)

Certificates of Deposit (CDs) are unique deposit accounts that allow you to earn interest on your money for a predetermined period. Raisin (formerly SaveBetter) CDs are known for their high-interest rates, which remain fixed throughout the term, regardless of market fluctuations. Terms can range from as short as three months to as long as five years. Upon maturity, you can choose to withdraw your funds, inclusive of the earned interest, or roll them into a new CD.

1.Blue FCUBlue Federal Credit UnionYes15 MonthsBlue Federal CU 15m CD5.50%$1.00Save Now
2Greenstate FCUGreenstate Credit UnionYes12 MonthsGreenstate CU 12m CD5.50%$1.00Save Now
3.Ponce BankPonce BankYes9 MonthsPonce Bank 9m CD5.50%$1.00Save Now
4.Oklahoma State BankOklahoma State BankYesYes6 MonthsOklahoma State Bank 6m CD5.35%$1.00Save Now
5.Sky One Federal Credit UnionSkyOne Federal CUYes5 MonthsSkyOne FCU 5m CD5.40%$1.00Save Now
6.Ponce BankPonce BankYes3 MonthsPonce Bank 3m CD5.30%$1.00Save Now
7.Ponce BankPonce BankYes1 MonthPonce Bank 1m CD5.30%$1.00Save Now

No-Penalty CDs Account

No-penalty CDs are a hybrid between a high-yield savings account and a fixed-term CD account. With Raisin, you can benefit from a competitive rate, usually higher than that of a high-yield savings account, for the entire term. The most appealing feature is the flexibility it offers, allowing you to withdraw your funds before the maturity date without incurring any penalties.

1.Blue FCUBlue Federal CUYes9 MonthsBlue Federal CU 9m
No Penalty CD
5.25%Save Now
2.Technology Credit UnionTechnology Credit Union5 MonthsTechnology CU 5m
No Penalty CD
5.26%Save Now
3.Ponce BankPonce Bank4 MonthsPonce Bank 1m
No Penalty CD
5.30%Save Now

Raisin, with its diverse savings options, caters to a variety of financial objectives and risk appetites. Its user-friendly platform ensures a smooth journey towards maximizing your savings.

3. No Extra Charges

In the world of banking and finance, hidden fees and additional charges are often the norm. However, this couldn’t be further from the truth. This savings platform is committed to empowering your financial growth, not hindering it with extra costs. Operating as a savings facilitator, Raisin (formerly SaveBetter), does not levy any service charges. Its mission is to provide you with an optimal savings platform that caters to your financial needs, all without any additional charges. By eliminating this common financial hurdle, company ensures you get the most out of your hard-earned savings.

4. Ensuring Your Money’s Safety

When it comes to financial transactions, safety should never be compromised. The company upholds this principle with its robust and constantly updated security measures. In response to the increasing prevalence of online banking fraud and cyberattacks, Raisin employs cutting-edge security features. A meticulous authentication process for new customers coupled with ongoing monitoring and data encryption techniques ensures the security of your finances.

Protecting Your Deposits

The company’s partner banks are members of the Federal Deposit Insurance Corporation (FDIC). This means deposits with these banks are insured up to the maximum allowable limit under federal law, which is currently set at $250,000 per depositor for each deposit account ownership category. This provides you with the assurance that your money is protected, even in the unlikely event of bank failure.

Similarly, credit unions participating with Raisin are insured by the National Credit Union Administration (NCUA) through its Share Insurance Fund. Just like FDIC, the standard insurance amount is $250,000 per depositor, per insured credit union, again ensuring safety for your hard-earned savings.

Cybersecurity Measures

Cybersecurity remains a top priority. The platform invests heavily in various technologies to secure customer data, privacy, and transactions. Notable features include Multi-Factor authentication, encryption, and advanced internet protection and monitoring provided by Cloudflare. Furthermore, Raisin, formerly SaveBetter, is a SOC 2 certified organization, meaning it meets the stringent data security and privacy controls set by the American Institute of Certified Public Accountants (AICPA).

With Raisin, not only do you get a diverse range of savings options, but you also enjoy peace of mind knowing your money and personal information are safe and secure.

5. Simplified Account Opening Process

Navigating the intricacies of opening a new savings account can often be a daunting process. The company seeks to simplify this by offering an intuitive and user-friendly account opening process. Whether you’re looking for a high-yield savings account, a money market account, or a certificate of deposit, setting up an account with Raisin is a breeze.

Start Saving in Minutes

Opening an account can be accomplished in just a few short steps:

  1. Choosing the Right Product: Decide on the type of savings product that aligns with your financial goals. Raisin offers a wide variety of options tailored to fit individual savings strategies.
  2. Registering Your Account: Registration requires an email address and password. As part of the security protocol, Raisin will verify your identity and bank information to ensure the safety and confidentiality of your account.
  3. Funding Your Account: Once your account is verified, you can start adding funds to the savings products you’ve chosen.

By streamlining the process, the company makes it easy for anyone to start their savings journey. This no-fuss, easy-to-navigate system allows you to focus on what really matters – growing your savings.

6. The Convenience of Digital Banking

Banking in the digital age is about more than just transactions; it’s about offering unprecedented accessibility and seamless financial management. In line with this, Raisin facilitates an integrated banking experience, connecting you with different banks, each offering unique savings options. Yet, it does more than merely link accounts. It creates a unified portal where all your savings balances are consolidated for easy monitoring. With this convenience, you can access your financial standing across all accounts with a single login, whenever you want and wherever you are. The platform also provides easy-to-understand statements, further simplifying your banking experience. In essence, Raisin epitomizes modern banking, leveraging the digital platform to enhance user convenience and control over their finances.

7. Variety That Might Not Suit Everyone

It’s an interesting fact about the finance industry: no single solution will cater to everyone’s needs equally. Raisin, with its abundant array of savings options, is indeed a great platform, yet it might not be the right choice for all. For instance, those who are already well-established in the savings world, with multiple accounts spread across various financial institutions, might not see additional benefits in using Raisin. They might already have similar or even better advantages elsewhere.

However, the picture is different for individuals just stepping onto the savings ladder. For them, Raisin is not just a savings platform – it’s an educational tool, a guide, and a launchpad into the financial world. The platform offers comprehensive information, user-friendly navigation, and a wide variety of beginner-friendly products. Add to this mix the convenience of a digital interface and the round-the-clock accessibility, and it’s clear that the company could be the ideal springboard for those embarking on their savings journey.

Summary of Key Points

The following table summarizes the 7 important aspects of this savings platform that you should know:

#Key PointDescriptionAdvantagesImplicationsWhy It MattersReal-Life ExampleFinal Thoughts
1.Not a BankActs as a bridge between customers and banks/credit unionsStreamlines account opening processSimplifies savings journeySimplifies account set-up, reducing hassleGreat for people who wish to save without dealing with the complex processesTakes the load off customers, allowing them to focus on saving
2.Variety of Savings AccountsPartners with multiple banks to offer diverse savings optionsCustomers can choose accounts aligning with their financial goalsProvides savings customizationUsers get a tailored savings experienceIdeal for individuals with unique savings goalsProvides options to suit every type of saver
3.No Additional ChargesProvides comparison services without charging feesCost-effective for customersEncourages savingCustomers can maximize savingsBeneficial for those looking for a cost-efficient way to saveKeeps your savings journey economical
4.High Security StandardsUses advanced features like data encryption and constant monitoringSafeguards customers’ financesBuilds trust and credibilityAssures safe and secure transactionsCritical for those concerned about financial safetyEnsures your savings are safe and secure
5.Easy Account OpeningSimplifies sign-up processReduces effort and timeEnhances customer experienceSpeeds up the savings processPerfect for those seeking a fast and easy setupMakes starting your savings journey a breeze
6.Digital BankingAllows access to multiple accounts via a single dashboardProvides convenienceStreamlines financial managementSimplifies financial oversightFor those managing multiple savings accountsMakes managing your savings efficient and straightforward
7.Not Suitable for EveryoneMay not benefit those with similar savings accounts elsewhereFocuses on helping beginners and those seeking new savings optionsBroadens user base and inclusivityClarifies who the platform is best suited forThose just starting their savings journey will find it especially beneficialEnsures you know if this platform is right for you

Reimagined as Raisin: A Proven Legacy in the Savings Landscape

Now operating under the banner of Raisin, formerly known as SaveBetter, this platform continues the legacy of its predecessor. Raisin, with its roots in Germany, has been pioneering innovative and competitive savings solutions for customers across Europe and the United States since 2012. The company’s vision of creating a unified, transparent market for savings and investment products has already benefited over 1+ million direct customers worldwide through its B2C savings platforms.

Raisin’s rich industry experience, well-established reputation, and innovative approach are at the heart of its operation. It retains SaveBetter’s commitment to providing strategic, reliable, and creative savings opportunities for customers, while continuing to evolve as a progressive platform in the savings landscape. A diverse, secure, and user-friendly environment awaits savers, ensuring a smart step towards better financial stability. Welcome to the new era of savings with Raisin.

Comparable Savings Options

While Raisin offers a unique and efficient approach to digital savings, it’s worth mentioning some other platforms in the same arena that cater to various customer preferences. Below is a table comparing Raisin with some of its primary competitors, based on key aspects:

#Bank NameOfferFeaturesAPYApplication
1SoFiSoFiHigh-yield savings accountNo minimum deposit, no fees, $275 bonus, mobile app4.30%Get this offer
2UpgradeUpgradePremier Savings AccountNo fees, mobile app, FDIC insured4.81%Get this offer
3CIT BankCIT BankHigh-yield Money Market Account$100 minimum deposit, no monthly fees, mobile app1.55%Get this offer
4ChimeChimeOnline Savings AccountNo minimum balance, automatic savings feature, mobile app2.00%Get this offer
5Axos BankAxosHigh-yield Savings AccountNo monthly fees, $250 minimum deposit, mobile app0.61%Get this offer

Each of these platforms presents its unique savings products, highlighting the growing competitiveness in the digital banking landscape. They offer an array of features, from no minimum deposit requirements to high annual percentage yields (APYs), designed to appeal to a broad range of customers.

In conclusion, Raisin and its competitors collectively enrich the digital savings ecosystem, giving you a variety of options to choose from. Your decision should align with your specific needs and financial goals, assuring you of an optimal savings journey.


In the complex world of financial management, finding the right platform to house your savings can seem daunting. Raisin (formerly SaveBetter), seeks to transform this narrative, providing a varied portfolio of savings accounts, simplified account setup, and high-caliber security measures for your well-earned finances.

Inheriting the robust legacy of Raisin, the platform comes equipped with a history of inventive financial solutions, garnering the trust of over 650,000 customers worldwide. This strong foundation, combined with Raisin’s distinctive offerings, positions it as an excellent choice for both novice and experienced savers.

The seven aspects detailed in this article underscore Raisin’s dedication to making savings effortless, secure, and personalized for each saver’s unique needs. With Raisin, you’re not just starting a savings account; you’re embarking on a smooth, strategic path to growing your wealth. Embrace the world of optimized savings with Raisin, and set the stage for a more prosperous financial future.


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