Maximizing Federal Deposit Insurance: Keep More of Your Cash Savings Safe with Raisin

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In light of recent events in the banking industry, federal deposit insurance has become a hot topic. Federal deposit insurance is coverage offered by two main federal agencies, the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA), on deposits held in insured banks and credit unions, respectively.

Did you know that the FDIC has never failed to pay insured depositors at failed banks since they were founded in 1933 and the NCUA, which protects credit union funds, has also never failed to pay insured depositors at failed credit unions since its founding in 1970?

Compared to stock or other forms of investments, which are vulnerable to complete loss of principal, deposits at federally insured financial institutions are extremely safe. Typically, deposits are covered up to $250,000 per depositor, per institution, per account ownership category. For joint accounts, this amount increases by $250,000 per co-owner, per institution.

If you want to take advantage of deposit insurance at multiple financial institutions, however, it isn’t easy. You would need to open accounts with each individual institution, keep track of a variety of passwords, and log into each separate account in order to manage your funds.

That’s where Raisin comes in. With Raisin, the whole process is streamlined. Our easy-to-use platform allows you to open accounts with multiple banks and credit unions all through the convenience of a single login. And, because we only partner with federally insured financial institutions, you can spread your savings across as many institutions as you need to ensure your deposits remain below the per-institution insurance limits. Raisin enables you to maximize your federal deposit insurance and keep your cash safe.

How to get the most out of federal deposit insurance

Raisin is here to help you get as much deposit insurance coverage as possible, all with a single login. Let’s take a look at an example.

Say you had $300,000 in an individual account at a single bank or credit union. In this case, only the first $250,000 would be eligible for insurance coverage. If that institution failed, the remaining $50,000 remainder of your deposit would be vulnerable to loss.

With Raisin, you can easily put $225,000 with one bank or credit union (to leave plenty of room for accrued interest) and an additional $75,000 can be deposited with another institution. Now, 100% of your savings is covered by federal deposit insurance, and you are able to leave room for any anticipated interest so it can also be covered, giving you peace of mind that your hard-earned cash is protected.

Taking this example further, if you had a total of $1 million in cash savings that you wanted to keep safe, you could open accounts with five different institutions through Raisin and deposit $200,000 in each of them, again leaving room for earned interest. Now, every single dollar you’ve saved up is backed by the full faith and credit of the U.S. government.

With Raisin’s full range of banks and credit unions, you have the opportunity to get millions in federal deposit insurance by spreading your funds amongst our growing number of partner institutions.

Raisin continues to add new institutions on a regular basis to continue to enhance insurance coverage for its customers and provide consumers with a diverse suite of financial institutions to align with their personal values. Please keep in mind that insurance limits include all deposits you have at a given bank or credit union, whether made through Raisin or otherwise.

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Raisin is here to help you streamline your secure savings

With one Raisin login, you can access an exclusive suite of high-yield savings products offered from a range of financial institutions. Best of all, every single bank or credit union on the Raisin platform has federal deposit insurance from either the FDIC or NCUA.

Not only does this mean you can keep your funds secure, but you can also use Raisin to spread your deposits across multiple banks and credit unions and maximize your insurance coverage, all while earning market-leading interest rates.

To get started with Raisin, click here to view our current product offerings and open an 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.