How to open joint accounts with Raisin

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Whether you are considering joining the Raisin community or already have, it’s important you know about a powerful feature of the Raisin platform that enables you to take your savings strategy to a new level: joint accounts.

What does it mean to have a joint account through Raisin?

As a Raisin customer, you have one account where you can view all the deposit products you own. Let’s say you have selected and funded for yourself both a high-yield savings account and a 12-month high-yield CD — all those products are accessible through the Raisin account associated with you. That’s one of the beauties of the platform — one enrollment and one convenient account, with the potential to hold multiple deposit products provided by multiple banks.

You can also elect to add deposit products to your Raisin account that will be jointly owned by you and another person. Any jointly owned products would appear in your account overview and on your monthly statement, as well as those of the other owner. But only you see and can access the products you possess individually.

What are the benefits of joint accounts through Raisin?

1. Increased deposit insurance

One of the most attractive and practical benefits of joint accounts is that you can save more money at a federally insured financial institution without forgoing deposit insurance coverage.

According to The Federal Deposit Insurance Corp. (FDIC), it treats joint accounts as an “ownership category” distinct from individual accounts. Its guidance on deposit insurance notes:

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met.

All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.

To help explain, let’s say you hold funds in an individual savings account at Bank X, an FDIC member bank. Say you and a co-owner then open a joint savings account at Bank X; because that ownership category is different, money held in the joint account at Bank X would be FDIC-insured, as well, and subject to its own deposit limits, regardless of the funds held in your individual savings account.

As you browse the Raisin marketplace, rest assured that all the products are offered by federally insured financial institutions.

2. Pooled savings yield higher returns

With joint accounts, co-owners can pool their financial resources together and, in turn, maximize the interest they earn. Thanks to the increased deposit insurance coverage savers get, there’s a lot of capacity to net higher yields.

If you and a loved one are saving toward a shared goal, like a family vacation or a new family car, consider using a joint savings account to hold what you each contribute.

3. Transparent finances

With joint accounts, each co-owner has visibility into their balances and how their deposits are performing. This degree of transparency can breed greater and more open communication around finances and savings goals.

Including a joint owner for a new deposit product if you’re new to Raisin

You can opt to make your very first deposit product funded through Raisin a joint account.

When you’re ready to set up a Raisin account for the first time, start by choosing a product to fund and then press “Save now.”

You will be taken through the steps to register as a Raisin customer. This creates your convenient, all-in-one account where you can access all the deposit products you've chosen to fund (as many as you wish!).

When prompted if you would like to add a joint owner, select Yes. Follow the steps to input the joint owner’s details and proceed with the identity check for both you and the joint owner.

At present, a joint owner can be someone who hasn’t yet joined the Raisin community. Both individuals must be present when opening a joint account.

How an existing Raisin customer adds a joint owner for a new deposit product

To add a new deposit product to your Raisin account that you want to jointly own with another individual, here is a quick guide on the process:

1. Log in to your Raisin account, and select a product to fund.

2. When prompted if you would like to add a joint owner, select Yes.

Select yes to add a joing owner

3. Follow the steps to input the joint owner’s details and proceed with the identity check.

Enter joint account owner's details

Important notes about joint accounts with Raisin

Here are some things to keep in mind as you consider whether a joint account is right for you.

  • A Raisin customer’s individual and joint accounts will all appear on the same monthly statement.

  • For jointly owned money market deposit accounts and high-yield savings accounts, only the primary owner may deposit funds.

  • For jointly owned certificates of deposit, funds may only be returned to the originating reference account.

Head over to the Explore Products page to discover the deposit product that can help you and a loved one achieve your savings goals through the power and convenience of a joint account.

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*APY means Annual Percentage Yield. APY is accurate as of {todayDate}. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.

Raisin is not an FDIC-insured bank or an NCUA-insured credit union, and does not hold any customer funds. Funds deposited through Raisin are exclusively held at federally insured financial institutions. FDIC or NCUA deposit insurance coverage covers the failure of partner banks and credit unions on the Raisin platform.

Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodial Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through The Custodial Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered through Central Bank of Kansas City (CBKC), Member FDIC, d.b.a. Central Payments is the Service Bank. CBKC, Lewis & Clark Bank and Starion Bank, each Member FDIC, are the Custodial Banks.