Raisin Overview

Raisin is a financial technology company that simplifies the process of finding high-yield savings accounts and Certificates of Deposit (CDs) from a variety of banks and credit unions. By using Raisin’s online platform, users can search for, compare, and open accounts from over 75 partner institutions. This review will delve into the features, benefits, and drawbacks of using Raisin, as well as its safety and security measures.

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Raisin Solutions US LLC, or Raisin, is an online marketplace that allows users to search for and apply for bank accounts from a range of institutions. The platform offers a range of high-yield savings accounts, including money market accounts (MMAs), CDs, and other types of deposit accounts. By using Raisin, users can avoid the hassle of submitting multiple applications and managing multiple logins, as all accounts can be managed through a single Raisin account.

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However, it’s essential to note that Raisin’s partner list is relatively short, which may limit users’ access to the best savings and CD rates available in the market. Additionally, users may find that Raisin offers lower rates than those available directly through the bank or credit union. Furthermore, Raisin’s platform is online-only, meaning users won’t have access to branches, ATMs, or in-person services.

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How Raisin Works

To use Raisin, users must first visit the platform’s Explore Products page, where they can enter their search criteria for the type of account they’re interested in. Once they’ve found an account that suits their needs, they can click ‘Product terms’ to review account fees, rates, and other features. After selecting an account, users can create their Raisin login credentials and complete an online application, which will require them to share their Social Security number and contact information. Once Raisin has verified their identity, users can link their external bank account and transfer funds to their new Raisin Cash Account.

Raisin’s platform also offers a range of tools and features to help users manage their accounts, including a single monthly statement that shows account activity, balances, and interest earned on all accounts. However, users should be aware that Raisin’s Cash Account is required for making withdrawals or external transfers, which may involve additional steps.

Pros and Cons of Raisin

Raisin offers several benefits to users, including no monthly account management fees, the ability to discover new banks and credit unions, and access to federally insured savings accounts and CDs. Additionally, Raisin’s platform makes it easier to spread funds across multiple institutions, ensuring that users are fully covered in case of bank failures. However, users should also be aware of the following drawbacks:

• No branches, ATMs, or in-person services
• Relatively short partner list
• Potentially lower rates than those available directly through the bank or credit union
• Online-only banking
• Limited access to debit cards and checks
• Accounts may be placed on pause if a bank stops partnering with Raisin
• Only one external bank account can be linked to Raisin, and this account cannot be changed for 60 days after signing up

Is Raisin Safe?

Raisin is a safe and secure platform, as it only offers accounts with FDIC or NCUA insurance. This means that users can rest assured that their funds are protected in the event of a bank failure. Raisin also offers basic security features, including multifactor authentication and encryption, to protect users’ accounts and sensitive information. Additionally, customer reviews indicate that Raisin is not likely to scam users or charge unexpected fees, with a 4.6 out of five-star rating on TrustPilot and 4.3 with the Better Business Bureau (BBB).

Contacting Raisin Customer Service

Users can contact Raisin’s customer support team Monday through Friday, from 8 a.m. to 8 p.m. ET, via automated chat, phone, or email. The support team is available to answer questions and provide assistance with account management and other issues.

Is Raisin Right for You?

Raisin may be a good option for users who have more than $250,000 in funds to deposit, as it offers a simple way to spread these funds across multiple institutions to ensure they are fully covered. Additionally, users will have access to a range of high-yield savings accounts and CDs, as well as basic account management tools. However, users should be aware of the potential drawbacks, including the online-only nature of the platform and the relatively short partner list. By carefully considering these factors, users can determine whether Raisin is the right choice for their financial needs.