Raisin.com is a marketplace that shows you savings accounts and certificates of deposit from multiple banks in one place
Raisin.com is a website where you can browse and open savings accounts and CDs (certificates of deposit) from different banks without visiting each bank separately. You search for the rate and term you want, compare options side by side, and open an account directly through Raisin's platform. The site does not charge you a fee — the banks pay Raisin a commission when you open an account there.
Raisin operates in the United States under the name Raisin.com and in Europe under different names. It functions as a middleman: banks list their products on the platform, you browse and compare, and Raisin handles the paperwork to move your application to the bank you choose. Your money is still held by the actual bank, not by Raisin, and is covered by FDIC insurance up to $250,000 per account type at each bank.
The main reason people use Raisin is that savings account rates and CD rates vary widely between banks, and Raisin lets you see many of them at once. A savings account at one bank might pay 0.01% annual interest, while another pays 4.5%. Raisin shows you the higher-paying options without requiring you to search bank by bank.
Key Takeaways
- Raisin.com is a comparison platform for savings accounts and CDs, not a bank itself — your money is held by the actual bank and covered by FDIC insurance.
- You can open an account through Raisin in minutes by providing your information once, and the platform handles sending your application to the bank.
- Raisin does not charge you a fee; banks pay Raisin when you open an account, so the rates you see are the same as if you went directly to the bank.
- Interest rates on savings accounts and CDs change frequently, so the rates shown on Raisin today may be different tomorrow.
- You can withdraw your money at any time from a savings account, but CDs charge a penalty if you withdraw before the term ends.
How to open an account through Raisin
Start by going to Raisin.com and selecting the product type you want — savings account, money market account, or CD. Enter how much money you plan to deposit and, for CDs, how long you want to lock the money away. Raisin shows you all available options sorted by interest rate, with the highest rates at the top.
Click on the account you want to open. Raisin will ask for your personal information: name, address, Social Security number, employment status, and how you plan to fund the account. You will also choose how to verify your identity — usually by uploading a photo ID or connecting your existing bank account. Once you submit, Raisin sends your application to the bank.
The bank reviews your application and contacts you if it needs more information. Most accounts are approved within one to three business days. After approval, you transfer money from your existing bank account to your new account at the Raisin bank. The transfer usually takes three to five business days to complete, and your interest starts accruing once the money arrives.
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 the bank pays you interest on your balance. There is no penalty for withdrawing early. Interest rates on savings accounts change over time — the rate you see today may be lower or higher next month.
A CD (certificate of deposit) is a contract where you agree to leave your money in the account for a set period — usually three months to five years. In exchange, the bank pays you a higher interest rate than a savings account. If you withdraw the money before the term ends, you pay an early withdrawal penalty, which is typically a few months of interest. Once the CD matures, you can withdraw the money penalty-free or roll it into a new CD.
Raisin shows you the early withdrawal penalty for each CD before you open it, so you know the cost if you need the money early. If you are not sure you can leave the money untouched, a savings account is safer because there is no penalty.
FDIC insurance and where your money actually sits
Your money is held by the actual bank listed on your account, not by Raisin. Raisin is just the platform where you found and opened the account. This means your deposits are covered by FDIC insurance up to $250,000 per account type at each bank — the same protection you would have if you walked into the bank in person.
If you open a savings account at Bank A through Raisin and also open a savings account at Bank A directly, both accounts are combined for FDIC purposes and covered up to $250,000 total. If you want to protect more than $250,000, you can open accounts at different banks — each bank's accounts are insured separately.
Raisin itself is not a bank and does not hold your money. If Raisin went out of business tomorrow, your accounts at the banks would not be affected. You would still own the money and could withdraw it or manage it directly with the bank.
Why interest rates on Raisin change so often
Banks set their own interest rates based on what the Federal Reserve does and what other banks are offering. When the Federal Reserve raises its benchmark interest rate, banks typically raise the rates they pay on savings accounts and CDs. When the Fed lowers rates, banks usually lower theirs too. Banks also compete with each other — if one bank raises its savings rate to attract deposits, others may follow.
Raisin shows you the current rates from each bank, but those rates can change daily or even multiple times per day. The rate you see when you click on an account is the rate you will lock in once you open it, but by tomorrow that rate may be lower or higher. If you see a rate you like, opening the account quickly protects you from a rate drop, but there is no may provide the rate will stay the same.
Fees and what you actually pay
Raisin does not charge you any fees to open an account, search for rates, or manage your account through their platform. The banks may charge fees for certain actions — for example, some banks charge a fee if you make more than a certain number of withdrawals from a savings account in a month — but those are the bank's fees, not Raisin's.
Raisin makes money by earning a commission from the banks when you open an account. This commission does not come out of your deposit or reduce the interest rate you receive. The rate you see on Raisin is the same rate you would get if you opened the account directly at the bank's website.
Frequently Asked Questions
Is Raisin.com safe to use?
Yes. Raisin is a licensed platform, and your money is held by actual banks covered by FDIC insurance. Raisin itself does not hold your deposits. You should still use a strong password and enable two-factor authentication if the platform offers it, just as you would with any online account.
Can I withdraw my money from a Raisin account anytime?
From a savings account, yes — you can withdraw anytime without penalty. From a CD, no — if you withdraw before the term ends, you pay an early withdrawal penalty. Raisin shows you the penalty amount before you open the CD so you know the cost upfront.
What happens to my account if Raisin goes out of business?
Your account stays with the bank. You can still access it and withdraw your money. Raisin is just the platform where you opened it; the bank is where your money actually sits. You may need to contact the bank directly to manage your account if Raisin's platform shuts down.
Do I have to keep my money in a Raisin account forever?
No. You can close a savings account anytime and move your money to another bank. For CDs, you can withdraw early but will pay the early withdrawal penalty shown at the time you opened the account. Once a CD matures, you can withdraw the money or move it without penalty.
How do I compare rates between Raisin and other banks?
Raisin shows you rates from many banks in one place, but not all banks use Raisin. Some banks only offer accounts directly on their own websites. You can check a few banks' websites directly to compare, or use other rate-comparison sites like Bankrate or DepositAccounts to see a broader picture of what is available.