Review of High Yield Savings Account on The Raisin Platform
By: Conor Keenan Last updated on June 28, 2024
Conor Keenan, co-founder of CompareAccounts.com, is a notable personal finance expert, with work seen in The Wall Street Journal, CNN, Fox News, MSN and Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.
Read our review & open a new savings account with confidence. High yield saving accounts on the Raisin platform insured by either the FDIC or NCUA for up to $250,000 per depositor. Fund your new account & take advantage of the power of compound interest today!
High APY
APY
4.95%
- High Yield Money Market Account
- Min. initial deposit: $1
- 4.95% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 7.9x National Avg. APY
- Interest Compounded Daily
- See Site for Details
On Raisin's Secure Site for Ponce Bank, FDIC Insured
New Bonus Offer
APY
4.51%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.51% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked as One of America's Best Banks in 2023 by Forbes with over $20 Billion in Assets
- Bonus offer: Earn up to $2,000 in referral bonuses
- This Customers Bank Offer is powered by Raisin
- The Raisin Platform Brings Together 70+ Insured banks
& Credit Unions Using a Single Secure Login - See Site for Details
On Raisin's Secure Site for
Customers Bank, FDIC Insured
APY
4.75%
- High Yield Money Market Account
- Min. initial deposit: $1
- 4.75% APY
- American First is Federally Insured by NCUA, the National Credit Union Administration
- NCUA Insured up to $250,000
- No Monthly Fees
- Unlimited Withdrawals
- 9.2x National Avg. APY
- Interest Compounded Daily
- American First Has Served Its Members for Over 70 Years
- Not-For-Profit Financial Institution
- See Site for Details
On Raisin's Secure Site for American First Federal Credit Union, NCUA Insured
APY
4.88%
SkyOne FCU Details
- Money Market Account
- Min. initial deposit: $1
- 4.88% APY
- SkyOne is Federally Insured by NCUA, the National Credit Union Administration
- NCUA Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 18.3x National Avg. APY
- Interest Compounded Daily
- SkyOne Has Served Its Members for Over 70 Years
On SkyOne Federal Credit Union's Secure Site, NCUA Insured
APY
4.15%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.15% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- RBMAX is Republic Bank's Digital Banking Service
- Founded in 1982, Republic Bank Now Has Over $6 Billion in Assets
- Exclusive High APY Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site for
RBMAX, FDIC Insured
APY
4.75%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.75% APY
- NCUA Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Established in 1938
- 18th Largest Credit Union by assets in the USA
- Over $11 billion in assets
- 400,000+ members living in all 50 states
- Exclusive Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site for
GreenState Credit Union,
NCUA Insured
APY
4.50%
- Money Market Account
- Min. initial deposit: $1
- 4.50% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- Interest Compounded Daily
- See Site for Details
On mph.bank's Secure Site,
FDIC Insured
APY
4.50%
- High-Yield Savings Account
- Min. initial deposit: $1
- 4.50% APY
- 12.4x National Avg. APY
- No Monthly Fees
- Founded in 1889
- FDIC Insured up to $250,000
- Strong History of Serving Communities Across America
- See Site for Details
On Raisin's Secure Site for Liberty Bank, Member FDIC
Main Benefits You Get with a High Yield Savings Account on The Raisin Platform
Competitive APY:
Many banks and credit unions offer accounts with high APYs exclusively through the Raisin Platform.
These APYs is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.
Low minimum balance requirement:
Anyone with $1 can open a high yield savings account through the Raisin Platform. This minimum balance is much lower than some other savings accounts that can charge you up to $5,000 or more to open an account.
No monthly maintenance fee:
In addition to this high APY & low minimum balance requirement, these accounts offer $0 monthly maintenance fees & unlimited withdrawals.
Customer service:
Raisin has a supportive, accessible, and responsive customer service team based in New York, NY.
FDIC or NCUA insured:
High yield savings accounts on the Raisin Platform are federally insured by the FDIC or the NCUA. This covers you for as much as $250,000 per depositor in the event of a bank failure. This means that if you have a joint account, you’ll enjoy up to $500,000 federally insured.
Open Your New Account on the Raisin Platform Now
NexBankTM High-Yield Savings Account: 5.26% APY
Ponce Bank® Money Market Account: 4.95% APY
SkyOne Money Market Account: 4.88% APY
RBMAX High Yield Savings Account: 4.15% APY
MPH.Bank™ Money Market Account: 4.50% APY
Customers Also Viewed These High-Yield Savings Accounts From Our Partners
While NexBank’s high-yield savings account is a compelling choice, it’s crucial to consider other options as well. Different banks offer various features and benefits, and exploring these alternatives can help you find the best fit for your financial needs.
APY
4.10%
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. to Earn APY: $0
- Min. to Open: $0
- 4.10% APY
- APY as of October 14, 2024
- Interest Compounded Daily
- $0 Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Service & Reliability of American Express
- Terms Apply
- See Site for Details
On American Express National Bank's Secure Site, Member FDIC
APY
4.70%
- High Yield Savings Account
- Balance for APY: $5,000
- 4.70% APY
- No Monthly Service Fees
- Earn a Higher APY with a Higher Min. Balance
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
NexBankTM High-Yield Savings Account: 5.26% APY
American Express® High Yield Savings Account: 4.10% APY as of October 14, 2024
Raisin Powers Savings Accounts Nationwide
The secure Raisin platform helps more financial institutions offer their savings products like their high yield savings account to savers nationwide.
Customers open accounts at Raisin.com, and the platform manages all aspects of the products , including a customer’s deposits and withdrawals, statements and any customer service needs.
In simple terms, Raisin provides you exclusive access to a special selection of NexBank products. Best of all, Raisin is completely free!
Security: Funds deposited into any of the products accessible through Raisin are held by federally insured institutions. They use a host of cybersecurity & bank level protection measures to protect your funds and sensitive information.
Choice: Savings products from the Raisin network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.
Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.
Service: A supportive, accessible, and responsive customer service team based in New York, NY, sets Raisin apart.
Access: Enjoy 24/7 online access to your account and funds.
Pros of High Yield Savings Account Available on Raisin.com:
Pros:
- High interest rate: The high yield savings accounts available on Raisin.com are some of the highest you’ll find in the nation.
- Federal insurance: Savings accounts on Raisin.com are either FDIC-insured or NCUA-insured if offered by a credit union, so your deposits are insured up to $250,000 per depositor. You can sleep a little more soundly knowing that your money is safe and secure.
- Convenient online access: The Raisin platform allows you to easily access and manage your account online.
- No minimum balance requirement: You can open an account with any amount of money over $1, and there are no monthly maintenance fees.
- Easy to use: The Raisin platform is user-friendly and easy to navigate.
Cons of High Yield Savings Account Available on Raisin.com:
Cons:
- Limited ATM access: With an online savings account, you may have limited access to ATMs for withdrawals and deposits.
- Limited check-writing capabilities: With an online savings account, you may not be able to write checks.
- Limited branch access: With an online savings account, you may not have access to in-person customer service at a physical branch.
- Limited account options: The Raisin platform offers personal high yield savings and CD accounts, so you may not have access to other types of accounts, such as a business account or checking account.
- Limited account features: High-yield savings account is a basic savings account, so it may not have some of the features of other account types like debit cards or mobile banking.
How to Open a High Yield Savings Account on the Raisin Platform
The process of opening a high yield savings account on the Raisin platform is straightforward and can be completed entirely online. Here are the steps:
- Register for an account with Raisin.com, the platform that manages high-yield savings accounts for many of the top banks and credit unions in the U.S. You will need to provide your personal information, including name, date of birth, physical address, email address, Social Security number, and phone number.
- Select the High-Yield Savings Account that’s right for you and make a minimum deposit of $1 to open it.
- Connect an existing account to transfer funds electronically.
Once you’ve completed these steps, you’ll start earning interest on your savings from day one.
Raisin Contact Information:
Phone Number: 844-994-EARN (3276)
(Monday to Friday from 9:00 a.m – 4:00 p.m)
Email Address: support.us@raisin.com
Address:
85 Broad Street
New York, NY 10004
Raisin High Yield Savings FAQ
Is a Bank on Raisin Safe?
Yes, banks are safe on the Raisin Platform.
SOC 2 certification. Created by the American Institute of Certified Public Accountants (AICPA), SOC 2 confirms that a company not only has information security measures, but they are properly implemented.
Multi-factor authentication. Do you ever wonder why you need to enter an additional code beyond your set password to get into your account? Multi-factor authentication helps to limit access to your account, especially in case your password is compromised.
Data encryption using the best industry standards helps to make sure that unauthorized people cannot access your sensitive data. Any information entered into your Raisin account is encrypted with Secure Socket Layer (SSL). You can verify this by either looking for a padlock icon in your browser window or looking for the “s” after the “http” internet address.
All Raisin transactions happen within our secure platform and are associated with your unique customer ID. This means you get all of the benefits of a bank account, including federal deposit insurance and competitive interest rates, while potentially limiting your exposure to fraud.
Raisin only works with federally insured financial institutions. This means that all deposit balances on the Raisin platform are held at financial institutions where $250,000 per depositor, per institution is covered in the unlikely event of bank insolvency.
Our website is protected with web application firewall advanced protection technologies, which protects Raisin.com from malicious actors, botnets and denial of service attacks (DDOS).
An always-on information security monitoring platform detects and alerts us to information security events.
Our platform undergoes rigorous security assessments and testing throughout the lifecycle of application development, from architecture planning to production phases.
If all else fails, assets are federally insured up to $250,000 per depositor.
source: https://www.raisin.com/en-us/security
Is Raisin Legit?
Yes, the Raisin Platform is a legit business and helps many of the top banks in the U.S. offer their products nationwide.
Below are some of the measures that illustrates Raisin’s commitment to security and ensuring the thousands of customers who use their platform every day have a safe and enjoyable experience.
SOC 2 certification. Created by the American Institute of Certified Public Accountants (AICPA), SOC 2 confirms that a company not only has information security measures, but they are properly implemented.
Multi-factor authentication. Do you ever wonder why you need to enter an additional code beyond your set password to get into your account? Multi-factor authentication helps to limit access to your account, especially in case your password is compromised.
Data encryption using the best industry standards helps to make sure that unauthorized people cannot access your sensitive data. Any information entered into your Raisin account is encrypted with Secure Socket Layer (SSL). You can verify this by either looking for a padlock icon in your browser window or looking for the “s” after the “http” internet address.
All Raisin transactions happen within our secure platform and are associated with your unique customer ID. This means you get all of the benefits of a bank account, including federal deposit insurance and competitive interest rates, while potentially limiting your exposure to fraud.
Raisin only works with federally insured financial institutions. This means that all deposit balances on the Raisin platform are held at financial institutions where $250,000 per depositor, per institution is covered in the unlikely event of bank insolvency.
Our website is protected with web application firewall advanced protection technologies, which protects Raisin.com from malicious actors, botnets and denial of service attacks (DDOS).
An always-on information security monitoring platform detects and alerts us to information security events.
Our platform undergoes rigorous security assessments and testing throughout the lifecycle of application development, from architecture planning to production phases.
If all else fails, assets are federally insured up to $250,000 per depositor.
source: https://www.raisin.com/en-us/security
Does Raisin have a Routing Number?
Instead of a traditional routing number, all Raisin transactions happen within our secure platform and are associated with your unique customer ID. This means you get all of the benefits of a bank account, including federal deposit insurance and competitive interest rates, while potentially limiting your exposure to fraud.
Source: https://www.raisin.com/en-us/faq
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