Centier Bank

Quick Verdict

Raisin (formerly SaveBetter) is a CD and savings marketplace — not a bank — that connects you to rates from roughly 75 FDIC- and NCUA-insured partner banks and credit unions through one account. If you want competitive CD rates without opening separate accounts at multiple institutions, Raisin is one of the most efficient ways to do it.

What Is Raisin?

Raisin launched in the US in 2020 under the name SaveBetter and rebranded to Raisin in 2023. The company is headquartered in Berlin and is not itself a bank — it operates as a marketplace platform that gives you a single login to browse, open, and manage savings accounts and CDs from dozens of partner institutions. Each partner bank or credit union sets its own rates and terms; Raisin earns revenue from those institutions, not from fees charged to depositors.

As of April 2026, Raisin's US network includes approximately 75 partner banks and credit unions offering high-yield savings accounts, standard CDs across multiple terms, and no-penalty CDs — all with a $1 minimum deposit on most products and no fees from Raisin.

Key Details

• Best available CD APY: Up to ~4.05% APY on select CDs (varies by partner bank and term)
• Minimum deposit: As low as $1 on most products
• Platform fees: $0 — Raisin charges depositors nothing
• FDIC/NCUA insurance: Yes, via each partner institution (up to $250,000 per bank)
• No-penalty CD: Available through select partner banks (e.g., Ponce Bank)
• Account management: One Raisin login; one linked external account for funding and withdrawals

How Raisin Works

Opening a Raisin account takes about 10 minutes. You create a free account, verify your identity with your SSN and date of birth, and link one external bank account for funding and withdrawals. From there you browse available savings products filtered by type (savings, CD, no-penalty CD), term, and APY. When you select a product and confirm your deposit, Raisin handles the account opening with the partner bank automatically.

One key limitation: Raisin only supports one linked external bank account at a time. If you want to withdraw funds to a different account, you'll need to update your linked account first — which can add friction for savers who actively manage multiple accounts.

Current CD Rates on Raisin

As of April 2026, CD rates on Raisin range from approximately 3.60% to 4.05% APY depending on the term and partner bank. Shorter-term CDs (3–6 months) are currently competitive — Western Alliance Bank offers 3.60% APY on a 3-month term, while Sallie Mae Bank offers 3.00% APY on a 10-month CD through the platform. Some credit unions on the platform offer rates approaching 5% APY on shorter terms.

Note: CD rates have eased from their 2023–2024 peaks following Federal Reserve rate cuts, but Raisin continues to offer above-average rates relative to traditional banks. Rates update frequently — check raisin.com for current offerings by term and partner.

No-Penalty CD

Raisin offers no-penalty CDs through select partner banks, including Ponce Bank. A no-penalty CD lets you withdraw your full balance before maturity without an early withdrawal penalty — a useful hedge if you think rates may rise or you want yield flexibility without locking funds entirely. The tradeoff: no-penalty CD rates are typically slightly lower than standard CDs of comparable terms. Ponce Bank currently offers a 4-month no-penalty CD through Raisin.

Is Raisin Safe and Trustworthy?

Yes. Raisin is a legitimate and safe platform. Here is what backs that up:

• FDIC/NCUA insured: Your deposits are covered by the federal insurance of each partner institution, up to $250,000 per bank — the same protection as opening directly with that bank.
• SOC 2 certified: Raisin's platform has passed SOC 2 security audits, confirming robust data protection protocols.
• Established fintech: Raisin GmbH was founded in 2012 in Berlin; US operations launched in 2020. The US entity (Raisin US, Inc.) is registered with the SEC.
• Customer ratings: 4.4 out of 5 on Trustpilot; 4.1 out of 5 on BBB (Better Business Bureau).

Important distinction: Raisin is not a bank. Your funds are held at the partner institution — not at Raisin. If Raisin as a company were to cease operations, your deposits at partner banks would remain protected under FDIC or NCUA insurance.

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How to Open a Raisin CD Account

1. Visit raisin.com and click "Get Started" to create a free account
2. Enter your name, email, Social Security Number, and date of birth for identity verification
3. Link one external bank account (checking or savings) for funding and withdrawals
4. Browse available CDs by term, APY, and partner bank — or filter by no-penalty CDs
5. Select a product and enter your deposit amount
6. Raisin submits the application to the partner bank on your behalf
7. Funds typically transfer and your CD begins earning interest within 1–3 business days

Who Should Use Raisin?

Raisin is a strong fit for rate-focused savers who want to maximize CD yields without managing accounts at multiple banks. It is particularly useful for:

• Rate chasers: Savers who want to easily compare dozens of CD options in one place and earn above-average APYs
• Multi-bank savers: People who want multiple CDs from different institutions tracked in one dashboard
• Low-maintenance savers: Anyone who wants FDIC- or NCUA-insured savings with minimal account management overhead

Raisin is less ideal for savers who need to link multiple external funding accounts, or for those who need frequent, easy access to deposited funds (standard CDs have early withdrawal penalties set by each partner bank).