Raisin deposits are FDIC insured up to $250,000 per depositor, per bank partner, per ownership category

Raisin itself is not a bank — it is a platform that connects you to multiple FDIC-insured banks. When you deposit money through Raisin, your funds go to one of their partner banks, and that partner bank's FDIC insurance covers your deposit. The $250,000 limit applies to each bank separately, not to your total across Raisin.

This matters because Raisin lets you spread money across multiple partner banks through a single account. If you deposit $100,000 at Bank A through Raisin and $100,000 at Bank B through Raisin, both are fully covered. If you deposit $300,000 at the same bank partner, only $250,000 is insured.

Raisin shows you which bank each deposit goes to before you confirm. You can see the partner bank's name, the interest rate it offers, and its FDIC insurance status. This transparency is the main reason people use Raisin — to compare rates across banks and stay within insurance limits without opening accounts at each bank individually.

Key Takeaways

  • Raisin is a platform, not a bank, so FDIC insurance comes from the partner banks where your money actually sits.
  • Each partner bank covers up to $250,000 per depositor, so you can safely deposit $250,000 at Bank A and $250,000 at Bank B through Raisin without losing coverage.
  • Raisin displays the partner bank name and FDIC status before you deposit, so you know exactly which bank holds your money.
  • Deposits in different ownership categories at the same bank are insured separately — a joint account and a single account at the same bank each get $250,000 coverage.

How Raisin's partner bank system works with FDIC insurance

When you open a Raisin account, you are not opening an account at Raisin. You are opening an account at one of Raisin's partner banks through Raisin's platform. Raisin handles the interface and the rate shopping; the partner bank handles the actual deposit and the FDIC insurance.

Raisin's partner banks include regional and online institutions like Coastal Community Bank, Sallie Mae Bank, and others. Each partner is independently FDIC insured. Raisin publishes a current list of partners on their website, and you can verify each bank's FDIC status by searching the FDIC's BankFind tool using the bank's name and location.

The platform charges no fees to you. Partner banks pay Raisin a referral fee. This model lets Raisin offer competitive rates without holding your money themselves.

The $250,000 limit per bank, not per platform

The FDIC insures $250,000 per depositor, per bank, per ownership category. "Per bank" is the key phrase for Raisin users. If you have $250,000 at Bank A and $250,000 at Bank B, both through Raisin, you have $500,000 in total FDIC coverage because they are two separate banks.

If you deposit $300,000 at a single Raisin partner bank, only $250,000 is covered. The extra $50,000 is uninsured. Raisin's interface typically prevents you from depositing more than $250,000 at one partner, but you should confirm the limit before depositing a large sum.

Ownership category matters too. If you have a single account and a joint account at the same bank partner through Raisin, each gets $250,000 coverage. A single account in your name and a single account in your spouse's name are also separate categories and each get $250,000. The FDIC website has a detailed breakdown of all ownership categories.

Checking FDIC status for each Raisin partner bank

You do not have to trust Raisin's word that a partner bank is FDIC insured. The FDIC maintains BankFind, a public search tool at bankfind.fdic.gov. Search by the bank's name and the state where it is chartered. The result will show the bank's FDIC certificate number, the date it joined the FDIC, and its insurance status.

Raisin displays the partner bank's name on the deposit screen. Write down that name and search it in BankFind before you deposit. This takes two minutes and removes any doubt. If a bank does not appear in BankFind or shows as "not FDIC insured," do not deposit there.

Raisin's partner list changes over time as banks join or leave the platform. Check the current list on Raisin's website before opening an account, and verify each bank you plan to use in BankFind.

What FDIC insurance covers and does not cover

FDIC insurance covers the balance in your deposit account if the bank fails. It does not cover investment losses, fraud, or fees. If you deposit $250,000 in a savings account and the bank closes, the FDIC will reimburse you the full $250,000. If you lose money to a scam or unauthorized transfer, FDIC insurance does not apply — you would need to file a dispute with the bank or your payment provider.

FDIC insurance also does not cover money market funds, stocks, bonds, or other investments, even if you buy them through a bank. It covers only deposit accounts: savings accounts, checking accounts, money market deposit accounts, and certificates of deposit (CDs). Raisin offers savings accounts and CDs, both of which are covered.

Interest rate changes do not affect your coverage. If you lock in a 4.5% rate on a CD through Raisin and rates drop to 2%, your deposit is still insured up to $250,000 when the CD matures.

Raisin's role in case of a bank failure

If one of Raisin's partner banks fails, the FDIC takes over. You will receive a letter from the FDIC explaining your coverage and how to file a claim if needed. The FDIC typically reimburses covered deposits within a few days, though the process can take longer if your account has complications.

Raisin itself does not reimburse you — the FDIC does. Raisin's role ends when the bank fails. You will deal directly with the FDIC for reimbursement. This is why verifying FDIC status before you deposit is important. If a bank is not FDIC insured and it fails, you have no protection.

Bank failures are rare. The FDIC has insured deposits since 1933, and the vast majority of banks remain solvent. But the insurance exists for this reason, and Raisin's multi-bank model actually reduces your risk by letting you spread deposits across institutions.

Frequently Asked Questions

Can I deposit more than $250,000 through Raisin if I split it across multiple banks?

Yes. If you deposit $250,000 at Bank A and $250,000 at Bank B through Raisin, both are fully covered because they are separate banks. You can deposit up to $250,000 at each partner bank and stay fully insured. Raisin's platform makes this easy by showing you the partner bank before each deposit.

What happens if Raisin shuts down?

Your money remains at the partner banks, not at Raisin. If Raisin closes, you will still have access to your accounts at each partner bank. You may need to log in directly to the partner bank's website instead of through Raisin, but your deposits and FDIC insurance do not change.

Are Raisin CDs FDIC insured?

Yes. Raisin offers CDs through partner banks, and those CDs are FDIC insured up to $250,000 per bank. The FDIC covers CDs the same way it covers savings accounts. Your CD balance counts toward the $250,000 limit at that bank.

How do I know if a Raisin partner bank is FDIC insured?

Search the bank's name in the FDIC's BankFind tool at bankfind.fdic.gov. If the bank appears with an FDIC certificate number, it is insured. Raisin only partners with FDIC-insured banks, but you can verify independently before depositing.

Does Raisin charge a fee for FDIC insurance?

No. FDIC insurance is free and automatic at all FDIC-insured banks. Raisin does not charge you a fee for using the platform either. Partner banks pay Raisin a referral fee, but that does not affect your account or your coverage.