Is this high-yield savings marketplace trustworthy?

If you are looking for the best high -return savings accounts today, you may have encountered a platform called Raisin.

Raisins are not a bank. It is a financial technology company that helps users find high interest bank accounts. You can use the RAISIN site to search for savings accounts and insured believers in federations, opening and managing them (with some restrictions) of approximately 75 partner banks.

Learn more about how raisins work and whether this is suitable for you.

Raisin Solutions US LLC, or Raisin, is an online market where you can search for accounts, compare them and open them from a variety of banks and credit federations. It resembles a digital store that you can use to shop and apply for bank accounts.

You can use the site to find the following types of high return accounts:

What makes raisins unique is the fact that you do not have to submit requests to multiple banks, credit unions, or prepare multiple records records. Instead, you can open and manage accounts from multiple financial institutions in one place with a raisin account.

Read more: Do you have to have more than a high -return savings account?

There are some disadvantages, however. Raisin works with a somewhat short list of banking and credit partners. Therefore, you may miss some of the best savings and CDs if these financial institutions are not part of the platform.

It also gives you less tools than banks do to manage your accounts. For example, if you want to make withdrawal of ATMs, your only option is to convert your money to your raisin cash account and then convert it into an external account in a bank with ATMs.

Here is how to use raisins to help you prepare and manage bank accounts:

1. Please visit the exploration products page.

2. Enter your search criteria for the account you want.

3. Click “Product Conditions” to review account fees, prices and other features.

4. Choose an account and click “Save now.”

5. Create your login accreditation data for raisins.

6. Complete and apply online. You will need to share your social security number and contact information here.

7. Read and sign the electronic communication agreement.

8. Wait for raisins to check your identity.

9. Connect the account that the money will be transferred from.

10. Transferring money to your new cash account on raisins. (To transfer money inside or outside one of the future banking raisins accounts, start moving money to your cash account.)

11. Get one monthly statement that shows your account activity, balances, and the benefits acquired on all accounts.

Read more: How many bank accounts should you have?

Raisin helps simplify the search for bank accounts and ensure that your savings will earn a competitive interest rate. However, it has many defects to look.

• No feesRaisin partners pay fees on the platform, so you do not have to worry about the monthly account management fees.

• Discover new banksSearch from a list of smaller banks and credit federations that you may not have found on your own. You can also search for specific types of banks, such as non -profit or minority.

• Get more insuranceSecurity of federal deposits is crowned with $ 250,000 per deposit, for each institution. So if you have more than $ 250,000 in deposits, Raisin facilitates the spread of these funds via multiple banks, ensuring completely covered.

• One -storeYou can only use one login to access your accounts in multiple financial institutions.

• Online banking services onlyRAISIN does not have ATM branches or devices or personal services.

• Limited partnershipsYou can only shop from a list of about 75 institutions, so you may not see the best prices in the market.

• Price discountsFor some accounts, Raisin offers lower prices than you will find by going directly through the bank or credit union.

• Limited accessYou will not get a debit or check card, and you should transfer your money to your cash account before you can withdraw or external transfer.

• Accounts on a temporary stop: If your bank stops partnership with Raisin, you will not be able to add money to the account.

• Related accountsYou can only connect one external bank account with raisins, and you can’t change the account for 60 days after subscription.

Raisins are safe to work with. The company only provides accounts with FDIC or NCUA insurance, so that you can rest assured that you will not lose your money if a financial institution fails.

RAISIN also provides the basic safety features you may expect, including multiple factors and encryption. As with any financial services company, your Aman is partially dependent on your use of good cyber security habits, such as creating a strong and unique password.

Read more: Are banks online really safe?

Finally, customer reviews indicate that raisins are unlikely to deceive you or receive unexpected fees. Raisin 4.4 out of five -star on TrustPilot and 4.1 with the Best Business Office (BBB).

You can contact the RAISIN customer support team from Monday to Friday, from 8 am to 8 pm East time, through the following channels:

Raisin may be suitable for you if you have more than $ 250,000 of money to deposit. The platform provides a simple way to publish money through multiple financial institutions to ensure that it is secure from FDIC or NCUA. As an additional feature, you will get a basic access to all your bank accounts by logging in to your raisin account.

However, raisins are not suitable for you if you need quick access to your money. You must first convert your money into a raisin cash account and then transfer it to your external account before withdrawing.

Moreover, you may find better prices if you look at another place. One of the options is to start your search on Raisin, then go directly to the Bank or Credit Union to see if they provide better prices and conditions on savings and CD accounts.