Per-institution deposit maximums can help you keep your funds secure

One of the largest benefits of the Raisin platform is that you can open accounts with as many of our partner banks and credit unions as you like, allowing you to spread your savings and maximize your federal deposit insurance coverage.

In order to help our customers keep as much of their savings covered by federal deposit insurance as possible, we are introducing limits on how much our customers can deposit with a single institution on the platform. Because federal deposit insurance coverage is limited to $250,000 per individual and $500,000 per joint account, per institution, our new deposit maximums will only allow for deposits of up to those insurance coverage limits at a given institution or any of its brands.

While we limit the amount you can deposit in any one institution to the insurance coverage limits, keep in mind that, because of the rates our partners offer, your account may actually exceed the insurance coverage limit with the interest you earn. Additionally, customers who created accounts before we began featuring per-institution deposit maximums in August 2023 were previously able to deposit more than the federal deposit insurance limit.

In either case, it’s important to routinely check to see if the amount in your account has grown above the insurance limit. And, if it has, not to worry! With the Raisin platform, you can move any money above the insurance limit into an account with one of our other partner banks or credit unions so you remain fully covered by federal deposit insurance. Please refer to your product’s terms for more information.

Please also keep in mind that federal deposit insurance limits are per institution and include all funds you have on deposit, both through your relationship with Raisin and outside of Raisin. As further detailed in our Terms of Service, it remains your responsibility to monitor your funds and respective deposit insurance coverage. Raisin will not force you to move your funds if you do exceed the federal deposit insurance limit though we encourage you to consider whether you want to spread your savings in order to maximize your deposit insurance coverage.

Raisin has over 40 partner banks and credit unions — all with federal deposit insurance and all accessible via a single login. This makes it easy to deposit your savings across multiple institutions in order to qualify for insurance coverage at each.

Remember, each institution on the Raisin platform has its own deposit insurance limits of $250,000 per individual and $500,000 per joint account. Opening products at new institutions allows you to essentially unlock additional coverage for your money.

For high-yield savings accounts and money market deposit accounts that are above the deposit insurance limit, spreading your money to an additional bank or credit union only takes a few steps.

1. Select your account that is over deposit insurance limits.

Remember, FDIC and NCUA deposit insurance covers up to $250,000 in funds per insured institution, per individual. This means that for single accounts, you have up to $250,000 in insured funds and for joint accounts, the total increases to $500,000.

2. Click “Deposit / withdraw” to initiate a withdrawal.

Calculate the amount you have in excess of insurance limits and withdraw that amount in excess of deposit insurance limits. You can consider going slightly below the limits to leave room for any accrued interest. These funds will transfer to your external linked account within 1–3 business days.

3. Select and fund a new or existing product

Once your funds have settled in your external linked account, log into your Raisin account. Either initiate a deposit into a product you have that is below the insurance limits for that institution or navigate to “Explore products” to select and fund a product from a new institution.

For certificates of deposit that are above deposit insurance limits, please consult your specific product’s terms for any early withdrawal penalties that may apply if you choose to rebalance those funds.

If your per-institution balances via Raisin are all below the new limits, then you should encounter no major changes in your day-to-day use of the Raisin platform. The only thing you may notice is an alert if you attempt to initiate a deposit that would put you over the per-institution limits of our platform.

If you currently have deposits at an institution or across any of its brands that are above these limits, there will be no change to how your funds are allocated and the new limits will not require you to move any funds out of these accounts.

For funds currently deposited in certificates of deposit, please remember that any changes you wish to make remain subject to any early withdrawal penalties as outlined in your product terms.

For funds currently deposited in high-yield savings or money market deposit accounts, please note that you will not be able to make further deposits to accounts in excess of these limits and, instead, will need to make the deposit into an account with a new institution.

It is easy, however, to make deposits into new products offered by other institutions. If you would like to deposit additional funds, please go to “Explore products”, select a product offered by a different institution, and follow prompts to deposit. As a reminder, there are no fees for funding additional savings products with your Raisin account.

Because of the rates our partners offer, there is a chance that you may deposit funds that are above our per-institution maximums of $250,000 for individual and $500,000 for joint accounts. 

For high-yield savings or money market deposit accounts that reach per-institution limits due to interest earned, you will no longer be able to deposit additional funds to these accounts. However, you can easily withdraw funds to deposit into a product offered by a different institution.

For certificates of deposit, please remember that any changes you wish to make remain subject to any early withdrawal penalties as outlined in your product terms.

If your certificate of deposit automatically renews and the new balance is above our per-institution limits, please note that funds in excess of per-institution federal deposit insurance limits are not covered. As always, you have a seven-day grace period to cancel a CD rollover with no penalties.

Federal deposit insurance limits are per institution and include all funds our customers have on deposit, both through their relationship with Raisin and outside of Raisin. As further detailed in our Terms of Service, it remains your responsibility to monitor your funds and respective deposit insurance coverage.

No, Raisin does not engage in any monitoring of per-institution balances. While Raisin can make it easy for you to maximize your federal deposit insurance, it remains your responsibility to regularly check your account and to decide what you would like to do with any funds in excess of the deposit insurance limits.   Please monitor the amount of funds you have on deposit at each partner bank and/or credit union, both through your relationship with Raisin and outside of Raisin, in order to stay within federal deposit insurance limits.

As always, if you have any further questions, you can contact our customer service team either by emailing support.us@raisin.com or calling 844-994-EARN (3276) (Monday to Friday from 9:00 a.m. - 4:00 p.m. ET).

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