Raisin Bank is a digital savings platform that connects you to deposit accounts at multiple banks

Raisin Bank itself does not hold your money. Instead, it is a marketplace where you can open savings accounts, money market accounts, and certificates of deposit (CDs) at partner banks through a single platform. You create one Raisin account, but your deposits are placed at different FDIC-insured banks behind the scenes. This structure lets you access higher interest rates than you might find at a single bank, because Raisin negotiates rates with its partner institutions.

The platform is owned by Raisin GmbH, a German fintech company that operates similar marketplaces in Europe. Raisin Bank launched in the United States in 2015 and is regulated as a bank holding company by the Federal Reserve. Your deposits are protected by FDIC insurance up to $250,000 per depositor, per bank, per account type — the same protection that covers accounts at any traditional bank.

You do not pay Raisin Bank a fee to use the platform. The partner banks pay Raisin a commission when you open an account with them. This is how the service stays free for you.

Key Takeaways

  • Raisin Bank is a platform that lets you open savings and CD accounts at multiple partner banks from one login, rather than managing separate accounts at different institutions.
  • Your money is held at FDIC-insured partner banks, not at Raisin itself, and each deposit is protected up to $250,000 per bank per account type.
  • Interest rates on Raisin accounts are typically higher than rates at large national banks because Raisin negotiates directly with smaller regional banks.
  • There are no monthly fees, account minimums, or charges to open or close an account through Raisin.
  • You can move money between your Raisin accounts and your external bank account, but transfers take one to three business days.

How deposits are protected at Raisin

When you deposit money through Raisin, it goes to one of Raisin's partner banks. Each partner bank is FDIC-insured, meaning your deposit is covered up to $250,000 if that bank fails. The key detail is that FDIC protection is calculated per depositor, per bank, per account type. If you have a savings account and a CD at the same partner bank through Raisin, they are separate account types and each gets its own $250,000 protection. If you have two savings accounts at two different partner banks, each account is protected separately.

Raisin's platform is designed so that your deposits are spread across multiple banks automatically. This structure means you can deposit more than $250,000 total through Raisin while keeping each deposit within FDIC limits at its partner bank. For example, you could have a $250,000 savings account at Bank A and a $250,000 savings account at Bank B, both accessed through your single Raisin login, and both fully protected.

Raisin publishes which banks are its current partners on its website. You can see which bank will hold your money before you open an account.

Types of accounts available through Raisin

Raisin offers three main account types. Savings accounts let you deposit and withdraw money at any time with no withdrawal limits. Interest accrues daily and is paid monthly. Money market accounts work similarly to savings accounts but typically offer slightly higher rates in exchange for higher minimum balances. Certificates of deposit (CDs) require you to lock your money away for a set term — usually three months to five years — in exchange for a fixed interest rate. If you withdraw from a CD before the term ends, you pay an early withdrawal penalty, which is typically a few months' worth of interest.

Raisin does not offer checking accounts, debit cards, or credit products. If you need a checking account, you will need to open one elsewhere. Many people use Raisin for savings goals and a traditional bank for everyday spending.

How interest rates work on Raisin accounts

Interest rates on Raisin accounts change based on what the partner banks are offering at any given time. Raisin does not set the rates — the banks do. When you open an account, you lock in the rate that is posted on that day. For savings and money market accounts, the rate can change after you open the account, and Raisin will notify you of any changes. For CDs, the rate is fixed for the entire term, no matter what happens to market rates.

Raisin's rates are generally higher than rates at large national banks because the partner banks are smaller regional institutions competing for deposits. These banks use Raisin to reach customers they would not reach on their own. The trade-off is that you cannot walk into a branch or call a local number — all service is online or by phone.

You can compare rates across Raisin's partner banks before you open an account. The platform shows you the current rate for each bank's savings account, money market account, and CD terms side by side.

Moving money in and out of Raisin

To fund a Raisin account, you link an external bank account (checking or savings at another bank). Raisin uses ACH transfers, which are electronic transfers between banks. Deposits typically arrive within one to three business days. Withdrawals from Raisin back to your external account also take one to three business days.

You cannot deposit cash or checks directly into a Raisin account. You must transfer from another bank account you own. Similarly, you cannot withdraw cash from Raisin — all withdrawals go back to your linked external account.

If you want to move money between two Raisin accounts (for example, from a savings account at one partner bank to a CD at another), you can do this through the Raisin platform. The transfer is internal to Raisin's system and usually completes within one business day.

Fees and account minimums

Raisin charges no monthly maintenance fees, no account opening fees, and no account closing fees. There are no minimum balance requirements to open an account, though some partner banks may have minimums to earn the advertised rate — Raisin discloses these before you open the account.

The only charge you might face is an early withdrawal penalty on a CD if you close it before the term ends. This penalty varies by bank and by CD term. Raisin shows you the penalty amount before you commit to the CD.

If your external bank charges a fee for ACH transfers, that fee comes from your external bank, not from Raisin. Most banks do not charge for ACH transfers, but it is worth checking your bank's fee schedule.

Customer service and account management

Raisin offers customer service by phone and email. Phone support is available Monday through Friday during business hours. You cannot visit a physical branch because Raisin has no branches — it is entirely online. Account management happens through the Raisin website or mobile app, where you can view balances, transfer money, and open or close accounts.

If you have a problem with a deposit or a transaction, you can contact Raisin support. For disputes with a partner bank itself, Raisin will direct you to that bank's dispute process. Because your money is held at the partner bank, not at Raisin, some issues may need to be resolved with the bank directly.

Frequently Asked Questions

Is my money safe at Raisin if the company goes out of business?

Yes. Your money is held at FDIC-insured partner banks, not at Raisin. If Raisin closed tomorrow, your deposits would remain at the partner banks and would still be protected by FDIC insurance. You would need to manage those accounts directly with the banks, but your money would not be lost.

Can I open multiple accounts at the same partner bank through Raisin?

You can open one savings account and one money market account at the same bank, because they are different account types and each gets separate FDIC protection. You cannot open two savings accounts at the same bank through Raisin — the system prevents this. If you need multiple accounts at one bank, you would need to open the second one directly with that bank.

What happens to my interest if I withdraw money early from a savings account?

You keep all the interest you have earned up to the day you withdraw. Raisin does not penalize early withdrawals from savings accounts. The only early withdrawal penalty applies to CDs. Savings accounts are designed for flexible access.

How do I report a problem with a transaction or deposit?

Contact Raisin support by phone or email through the website. If the issue involves the partner bank itself — for example, a deposit that did not arrive — Raisin will help you file a dispute with that bank. The bank then investigates and responds within the timeframe set by banking regulations, usually 10 business days for initial findings.

Can I use Raisin if I have bad credit or a banking history?

Raisin does not run a credit check to open a savings account. However, you will need to pass identity verification and may be subject to ChexSystems or Early Warning Services checks, which are banking history reports. If you have been flagged in these systems for fraud or unpaid fees, a partner bank may decline your account. Raisin will tell you if this happens.