Luis Pazos 
In June 2023, Savebetter by Raisin rebranded to simply Raisin for better brand awareness. If this past year has taught us anything, it’s that investments that seem too good to be true almost always are. Many investors were left disappointed as the value of tech stocks, digital assets like cryptocurrencies, and NFTs plummeted quickly and couldn’t sustain high returns.
Given the unstable market, deciding where to invest your money is challenging, which is why many investors are turning to the safety of savings accounts and Certificates of Deposit (CDs) as interest rates rise.
This is where SaveBetter, now Raisin, steps in. SaveBetter pools high-interest savings accounts and CDs from financial institutions across the country, giving customers access to high-yield accounts they wouldn’t typically find on their own.
What Is SaveBetter (Raisin)?
SaveBetter (Raisin) is a fintech company that started in late 2020 as part of Deposit Solutions, now Raisin DS. Raisin collaborates with over 400 banks in more than 30 countries worldwide. Unlike traditional banks, SaveBetter is a digital platform that acts as a storefront for banks and credit unions to promote their deposit products to a broader audience. This setup helps investors find high-yield accounts from lesser-known financial institutions that they might otherwise miss. Customers can choose from savings products offered by FDIC-insured banks and NCUA-insured credit unions with better interest rates.
Key Features
SaveBetter offers various account types, including savings accounts, money market accounts, CD accounts, and no-penalty CDs. The platform does not charge any fees, and deposits are insured. You can reach customer service via email or phone. The platform is accessible through web and desktop access, though there is no mobile app yet.
SaveBetter (Raisin) Products
SaveBetter makes it easy to find savings products from multiple financial institutions, ensuring you earn the best possible yield. For example, you could have a two-year fixed-term CD for your wedding savings and a high-yield savings account for your emergency fund, all visible on the same dashboard.
- High-Yield Savings Account: Offers a higher interest rate with no limits on deposits and withdrawals.
- Money Market Deposit Account (MMDA): Earn interest on your money with the flexibility to make withdrawals.
- No Penalty CD: Lock in a good rate with the ability to withdraw after the first seven days without a penalty. CD yields are usually higher than savings accounts.
- Fixed-Term CD: Offers predictable, safe returns with higher rates than savings accounts and no-penalty CDs, but your money is locked in for a set term.
Is SaveBetter (Raisin) Legit?
SaveBetter is a legitimate way to invest. Even though it isn’t a bank, deposits are protected up to $250,000 by FDIC for bank products and NCUA for credit union products. The platform is SOC 2-certified and uses security protocols like multi-factor authentication, encryption, and advanced protection from Cloudflare.
How to Get Started With SaveBetter (Raisin)
- Create an account: Set up your account with a username and password in about 3-5 minutes.
- Review investment options: Once your account is active, explore various high-yield savings accounts, fixed-term CDs, and no-penalty CDs.
- Apply for offers: Choose and apply for any FDIC-insured product listed on the platform.
- Fund your account: Connect your checking or savings account to transfer funds, which takes about three business days.
- Manage your accounts: Use a single dashboard to manage all your investments and receive one tax document from SaveBetter.
SaveBetter (Raisin) Alternatives
While there aren’t many direct competitors, some online banks offer attractive rates on high-interest savings accounts and CDs.
- Ally Bank: Offers a 4.25% APY on savings accounts with features like recurring transfers and savings buckets, no minimum balance, or maintenance fees.
- SoFi: Provides a 4.50% APY on savings accounts along with a full suite of other financial products.
SaveBetter Review: Final Thoughts
If you’re searching for a place to safely park your money in the short-term, SaveBetter’s offerings are worth a look. Your investments are protected with deposit insurance, and you can earn a decent return, even if SaveBetter isn’t as well known as big national banks.
SaveBetter (Raisin) FAQs
Many investors may not be familiar with SaveBetter since it launched in 2020. Here are some common questions:
- Is SaveBetter (Raisin) safe? Yes, it connects you with federally insured financial institutions.
- Are there fees? No, SaveBetter doesn’t charge customers for using the platform.
- How does SaveBetter make money? By charging financial institutions to market their products on the platform.
- Why do smaller banks offer higher rates? They don’t have the same marketing budgets as established banks and use higher rates to attract customers.
- How are funds transferred? Funds move from your bank account to a custodial account with the institution offering the savings product.
- Do you need to join a credit union? Yes, but the process is quick, easy, and free.
- Which banks and credit unions are included? Examples include Ponce Bank, Great Lakes Credit Union, Idabel National Bank, and Sallie Mae Bank.
You can contact SaveBetter customer service Monday to Friday from 9 a.m. to 4 p.m. EST at (844-994-EARN) or via email at [email protected].
