When you’re trying to set money aside for a rainy day, a specific financial goal, or any other reason, you want to make sure it’ll grow quickly. The issue is that finding the best possible place to keep your stash of cash isn’t always easy. There are far more banks around than anyone could research. Plus, not all institutions are open to everyone, which can prevent you from getting the best rates. Fortunately, Raisin (formerly SaveBetter) can make that process easier, all while increasing your access to banks and credit unions with exceptional rates.
What Is Raisin (SaveBetter)?
Raisin isn’t a bank. Instead, it’s a marketplace that lets you explore a variety of banks and credit unions through a single platform. Plus, it allows you to coordinate your savings activity across multiple institutions without having to share your personal information with every single one. Instead, your Raisin account gives you access to the listed banks and credit unions, allowing you to use an array of savings products far more conveniently.
The banks available through Raisin are all FDIC-member institutions, while the credit unions are all NCUA-insured. That gives you some protection, ensuring you have peace of mind.
It’s also critical to note that there’s no fee for registering with Raisin. So, you can get started without having to pay to set up your Raisin account or access its various partners.
5 Best Ways to Use Raisin (SaveBetter) to Get the Most Out of Your Savings
1. Find the Best Rates
As a saver, the main benefit you’ll get from using Raisin is access to savings products with higher interest rates. Raisin features a variety of savings accounts, money market accounts, and certificates of deposit (CDs), and it negotiates with the partner institutions to get the highest possible rates for Raisin users.
The reason the rates are often higher through Raisin than through other sources – sometimes, even higher than turning directly to the institution – is based on the partnership arrangement. Since Raisin provides the institutions with direct access to savers, it allows the banks and credit unions to secure more deposits without paying for advertising. Essentially, since the institution gets to spend less, it’s willing to offer the best possible rate.
If you want to maximize your earnings while using Raisin, you’ll want to peruse all of the latest rate information from the various institutions. Additionally, you can check out any terms related to the offers, allowing you to see how balances and interest are calculated, when interest is credited, and more.
2. Maximize FDIC and NCUA Insurance Coverage
FDIC and NCUA insurance coverage gives you critical protection. If the bank holding your funds were to fail, FDIC and NCUA insurance ensures that you’ll get your money back, up to $250,000 per institution.
For savers with more than $250,000, the insurance limit can be problematic. For example, if you have $300,000 in savings at one institution and that bank or credit union fails, the insurance would only provide $250,000. That means you’d lose $50,000.
But by using Raisin, you can easily spread your savings out between two or more institutions. For example, you could place $150,000 with bank A and $150,000 with bank B. Since they are different institutions, you get up to $250,000 for each one. So, in an unlikely scenario where both banks failed, you’d get your full $300,000 back.
3. Access a Variety of Savings Products
With Raisin, you aren’t limited to just savings accounts. Instead, you can also explore money market accounts and CDs. Within the CD category, you’ll also find traditional and no-penalty CDs, so you can decide if you need the flexibility that no-fee early withdrawals provide or if locking in is the better option for you. That allows you to choose the account type that best meets your needs and compare all options from a single interface.
4. Portfolio Rebalancing
At Raisin, you can manage your savings like it’s a stock portfolio. Essentially, you can view your balances and rates at the institutions you’re using and compare what’s available through the various institutions (including ones you’re not using currently). Then, you can transfer funds between the accounts as needed, often with just a few clicks or taps. Thanks to that, you can make sure that your cash is always earning the best possible rates far more conveniently than if you were using several banks or credit unions on your own.
5. Get Started with Just $1
While getting the most out of your savings is likely your top priority, the idea of using a new platform might be intimidating. Fortunately, you can give Raisin a try without having to make a big commitment. You can start by funding your account with as little as $1, allowing you to slowly familiarize yourself with Raisin and its various partners. Then, once you feel confident, you can transfer more to your Raisin account, giving you the ability to maximize your savings on your terms.
If you’d like to get started, open your Raisin account today!
Do you have any other tips that can help people get the most out of Raisin (SaveBetter)? Share your thoughts in the comments below.
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