Raisin's Mix of High APY Accounts Could Revolutionize Saving

There are a lot of great things about saving money. Not least the knowledge that you'll be able to handle an unexpected financial emergency. Even so, it would be hard to call saving sexy. Unlike winning the lottery or becoming a crypto millionaire, even today's high interest rates aren't likely to make the front-page news.

Enter Raisin. (And hold the front page…)

Raisin is a platform that actually makes saving exciting. You can say goodbye to the irritation of opening accounts, paying maintenance fees, or worrying about minimum deposits. Instead, one login puts a host of different high-interest accounts at your fingertips, including savings accounts, certificates of deposit (CDs), and money market accounts (MMAs).

I counted over 65 different ways to earn APYs of at least 5.00% on the platform. And all of them are protected against bank or credit union failure. You can even filter for institutions that suit your values. For example, if you want to bank with an organization that is minority-led or supports the local community, Raisin makes it easy.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of January 10, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of January 10, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

How Raisin can transform the way you save

Raisin is a digital marketplace for savings products. You can access hundreds of accounts from around 70 banks and credit unions in one place. Plus, you'll often find higher rates than you'd get directly from the banks themselves. It is a bit like a savings version of Instacart, but with better deals and no extra fees.

You won't pay monthly account fees, no matter which account(s) you choose. The minimum deposit is always $1. And you can open multiple savings accounts from Raisin's platform with just one login.

Here are a few examples of the high-yield savings accounts available on Raisin's platform:

• Western Alliance Bank High-Yield Savings Account from Raisin: APY of 5.27%
• NexBank High-Yield Savings Account from Raisin: APY of 5.26%
• First Community Bank High-Yield Savings Account from Raisin: APY of 5.24%

To give you an idea of why those APYs matter. The average American has around $8,000 in their bank accounts, according to the Federal Reserve. The FDIC puts the average savings APY at 0.36%. That's a difference of almost 5%, which translates into significant savings.

Here's what $8,000 would earn in a year at those APYs:

Raisin's CD rates are impressive, too

Raisin's top CD rates don't disappoint, either. Here are some of the accounts on offer:

• Ponce Bank High-Yield 1-month CD: APY of 3.00%
• University Credit Union 6-month High-Yield Certificate: APY of 5.25%
• Freedom Bank 1-year High-Yield CD: APY of 4.00%

If you want to build a CD ladder, Raisin could be indispensable. CD laddering is a more flexible way to buy CDs. It involves staggering your CD terms so you'll have different maturity dates. The platform lets you pick the highest rate for each term rather than being tied to a single provider. It even has a good mix of no-penalty CDs, which let you withdraw funds before the end of the term.

Raisin also lets you avoid the requirements that are often involved in opening a credit union account. All you'll have to do is sign a membership agreement and you're ready to go. Finally, if you're worried about security, all accounts are protected against failure by FDIC insurance or NCUA insurance.

Even so, Raisin is not perfect

Raisin is an exciting platform, but it won't be right for everybody. If you're used to the instant transfers of online banking, you may find things move a little slower with Raisin. Once you've opened an account, you will need to deposit money onto the platform. You can only have one linked bank account at a time and deposits can take one to three working days. Once the funds are on the platform, you can move them into whichever savings products you choose.

It's also important to know that Raisin is exclusively a savings platform. It doesn't have checking accounts or brokerage accounts. You may also miss some of the perks of banking directly. For example, you can't access your savings account with an ATM card or make instant transfers. In fact, for each of the savings accounts mentioned above, you may need to give seven days' written notice before you can withdraw your funds.

For those that like to bank on the go, Raisin does have a mobile app. However it doesn't have super high ratings on Google Play or the App Store. Also, on the topic of ratings, Raisin has a B+ rating with the Better Business Bureau. Customers complained about poor customer service and difficulties in managing CD maturity.

Key takeaway

If you're looking to make the most of the current high interest savings environment and want a secure way to access multiple high interest accounts from the same platform, Raisin may be for you. Just make sure you read the reviews and understand how the accounts work -- particularly in terms of funding and withdrawals.

Savings and CD rates accurate as of July 16, 2024.