Raisin.com is a website that shows you savings accounts and certificates of deposit from multiple banks in one place

Raisin.com does not hold your money itself. Instead, it acts as a marketplace — you browse savings products from different banks, compare their interest rates, and open accounts directly through the Raisin platform. The banks whose products appear on Raisin pay Raisin a fee when you open an account, but you do not pay anything to use the site.

The main reason people use Raisin is to find higher interest rates than they would at their everyday bank. Banks that appear on Raisin often offer rates above the national average because they use Raisin to reach customers without spending money on physical branches or advertising. You can compare rates from dozens of banks side by side instead of visiting each bank's website separately.

Your money is protected the same way it would be at any other bank. Each account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per bank. This means if the bank fails, the government guarantees your money up to that limit.

Key Takeaways

  • Raisin.com is a comparison site where you can see savings accounts and CDs from multiple banks and open accounts online.
  • You do not pay Raisin any fee — the banks pay Raisin when you open an account through their platform.
  • Money in Raisin accounts is FDIC-insured up to $250,000 per bank, the same protection you get at any bank.
  • Interest rates on Raisin tend to be higher than rates at traditional brick-and-mortar banks because those banks have lower operating costs.

How to open an account through Raisin

Start by visiting Raisin.com and browsing the savings accounts or CDs listed. You can filter by interest rate, term length (for CDs), or minimum deposit amount. Once you find an account you want, click on it to see the full details and the bank's name.

When you are ready to open the account, you will click a button to start the process. Raisin will ask you for basic information — your name, address, Social Security number, and employment details. You will then be directed to the bank's own system to complete the account opening and link a bank account for your initial deposit. The entire process usually takes 10 to 15 minutes online.

After you open the account, you manage it directly with the bank, not through Raisin. You log into the bank's website or app to move money in and out, check your balance, and renew CDs when they mature. Raisin's role ends once the account is open.

The difference between savings accounts and CDs on Raisin

A savings account through Raisin works like a regular savings account — you can deposit and withdraw money whenever you want, and you earn interest on your balance. The interest rate is fixed and does not change while your account is open. There is no maturity date and no penalty for withdrawals.

A certificate of deposit (CD) is different. You agree to leave your money in the account for a set period — typically three months, six months, one year, or five years. In exchange, the bank pays you a higher interest rate than it would on a savings account. If you withdraw the money before the term ends, you pay a penalty, usually a few months' worth of interest. When the term ends, you can withdraw your money, move it to another CD, or let it roll over into a new CD at the current rate.

On Raisin, savings accounts usually have lower rates but more flexibility. CDs have higher rates but lock your money away. Choose a savings account if you might need the money soon, and a CD if you know you will not need it for a specific period.

Why interest rates on Raisin are usually higher

Banks that use Raisin do not have physical locations, customer service phone lines, or large advertising budgets. These are expensive. Instead, they reach customers through online marketplaces like Raisin, which costs them less. They pass some of those savings on to customers in the form of higher interest rates.

This does not mean Raisin banks are riskier. They are regulated by the same government agencies as any other bank, and your deposits are insured the same way. The higher rates straightforward reflect lower operating costs, not higher risk.

What to know about FDIC insurance on Raisin

Each bank on Raisin is FDIC-insured separately. This means if you have $250,000 in a savings account at Bank A through Raisin and $250,000 in a CD at Bank B through Raisin, both amounts are fully protected. The $250,000 limit applies per depositor, per bank, per account type.

If you deposit more than $250,000 at a single bank through Raisin, the amount over $250,000 is not insured. To keep all your money insured, spread deposits across different banks. Raisin makes this straightforward because you can open accounts at multiple banks through one platform.

Fees and costs

Raisin does not charge you any fees to use the site, open accounts, or manage your money. You do not pay monthly maintenance fees, transfer fees, or withdrawal fees through Raisin itself. The banks whose products appear on Raisin may have their own terms — for example, some CDs charge a penalty if you withdraw early — but these are the same terms you would face if you opened the account directly with the bank.

The only time you might pay something is if you withdraw money from a CD before it matures. That penalty goes to the bank, not to Raisin, and the bank discloses the penalty amount before you open the account.

Frequently Asked Questions

Is my money safe on Raisin?

Yes. Raisin does not hold your money — the banks do. Your deposits are FDIC-insured up to $250,000 per bank, the same protection you get at any bank. Raisin is straightforward the platform where you find and open the accounts.

Can I withdraw money from a savings account on Raisin anytime?

Yes. Savings accounts on Raisin have no withdrawal restrictions. You can move money out whenever you want. CDs are different — they have a maturity date, and withdrawing early usually costs you a penalty.

What happens when a CD on Raisin reaches its maturity date?

When the term ends, the bank will notify you of your options. You can usually withdraw the money, open a new CD at the current rate, or let the CD roll over automatically into a new term at the bank's current rate. Check the bank's terms before the maturity date so you know what to expect.

Do I need a Raisin account to manage my money after I open it?

No. Once your account is open, you manage it directly with the bank through their website or app. You log in to the bank's system, not Raisin's. Raisin's role is only to help you find and open the account.

Can I open multiple accounts through Raisin?

Yes. You can open accounts at different banks through Raisin to spread your deposits across multiple institutions and maximize FDIC insurance coverage. Each account is separate and managed directly with that bank.