No-fee savings on Raisin: How Raisin remains free to use
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Key takeaways
never charges customers any fees to save on their platform.
and credit unions pay fees to market their products.
Using no-fee savings accounts can be a valuable way to keep more of your savings for yourself.
When looking to build up your savings, one of the first things you might want to consider is storing that extra money in a high-yield savings account that charges no fees.
High-yield savings accounts are similar to traditional savings accounts, but typically offer a higher interest rate to savers. When offered with no fees, they provide an easy way for you to grow your cash at a competitive rate — and keep more of it in the process.
However, when it comes to comparing different products or finding the best rates, the benefits of a higher rate can be eroded by the hassle of opening new accounts, juggling passwords, and keeping track of various statements.
That’s a major reason why more and more customers are turning to the Raisin platform. With a single login, customers can find, fund, and manage no-fee savings accounts and CDs from an exclusive network of banks and credit unions.
With such a range of choice available, how is it that Raisin doesn’t charge any fees?
Are there fees on Raisin?
No, Raisin never charges our customers any fees for using our platform.
Banks and credit unions rely on Raisin’s expertise in digital deposits to help them grow their deposits in a cost-effective manner. Because Raisin is providing a service to them, they in turn pay Raisin fees for marketing their savings products. That means that Raisin never has to charge customers a penny to use the platform.
In fact, the only fee that may be encountered on the platform is an early withdrawal penalty for a certificate of deposit, as outlined in that product’s terms. Otherwise, there are no account maintenance fees, no fees to withdraw from high-yield savings accounts or money market deposit accounts, no inactivity fees, no minimum balance fees, and no excess transaction fees.
What are the benefits of a no-fee savings account?
For savers looking to grow their savings, finding a free savings account can help keep more money in their pocket. Here’s how:
No monthly fees
While you may encounter a range of fees on traditional savings accounts, a free savings account eliminates most or all of these. Consider a standard $5 monthly maintenance fee — when a no-fee savings account removes that, it means $60 per year that you get to keep. You also will be earning compound interest on that $5 each month, which may not seem like a lot, but even assuming a modest annual percentage yield (APY) of 2.00%, would add up to over $320.
Additionally, for savings accounts with no minimum balance, you also remove the risk of being dinged if your account falls below a certain threshold, furthering your potential savings on fees.
Convenience and simplicity
You’re more likely to find no-fee savings accounts offered either directly by online institutions or from digital savings platforms, which can make it not only easier to sign up for an account, but also to manage that account via mobile app or websites. This greater level of convenience can add to the benefits of a no-fee high-yield savings account.
There’s also a level of simplicity and transparency to having no fees. For instance, traditional savings accounts with fees may offer ways to have fees waived, whether by setting up direct deposits, opening multiple accounts at the same institution, or holding a minimum balance in your account. So, while this may effectively negate the fees, it can introduce a lot of complexity to steer clear of fees. In contrast, no-fee savings accounts generally eliminate any hoops to jump through — there are simply no fees.
Increased savings potential
If a traditional savings account and a no-fee savings account are offering the same annual percentage yield (APY), then how can the no-fee option offer increased savings potential?
It all comes down to the power of compound interest.
Simply put, if you don’t have fees gnawing away at your balance each month, there’s more money in your account. More money in your account means more interest earnings.
The best no-fee savings options
It’s easy to find no-fee savings accounts or CDs with no fees from Raisin. With a single Raisin login, you can easily find, fund, and manage high-yield savings accounts, money market deposit accounts, and CDs from a network of banks and credit unions — and never be charged a single fee from Raisin.
Getting set up only takes a few minutes. Click below to view all offers and start earning more:
The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
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The Raisin name and logo are trademarks of Raisin SE. All other trademarks, logos, marks, and brand names are the property of their respective owners.
*APY means Annual Percentage Yield. APY is accurate as of April 26, 2026. 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, and FDIC deposit insurance only covers the failure of an insured bank.
Raisin is not an NCUA-insured credit union. NCUA deposit insurance only covers the failure of an insured credit union.
Raisin does not hold any customer funds. 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 Raisin.com. 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 by the applicable bank or credit union through Raisin.com. Each customer also authorizes the Service Bank to move funds among the various banks and credit unions at the customer’s request. First International Bank & Trust (FIBT), Member FDIC, is the Service Bank. Bell Bank and Starion Bank, each Member FDIC, are the Custodial Banks.
†Based on $250,000 in FDIC or NCUA insurance coverage per insurable category of ownership at each partner bank or credit union on the Raisin platform (each a "Product Bank"), when aggregated with all other deposits held by you at such Product Bank and in the same insurable category. Deposits made through Raisin will be eligible to receive deposit insurance from the FDIC or the NCUA (each a "Deposit Insurer") in accordance with and up to the maximum amount permitted by law at each Product Bank. Raisin is not a bank or credit union and does not hold any customer funds. Funds are held at FDIC-insured banks and NCUA-insured credit unions. Deposit insurance covers the failure of an insured bank or credit union. Certain conditions must be satisfied for pass through deposit insurance coverage to apply. Customers may choose to deposit funds with identically registered accounts at different Product Banks on the Raisin platform to be eligible for Deposit Insurer coverage up to $10 million for individual accounts and $20 million for joint accounts when at least 40 Product Banks are utilized. Please be aware, however, that any deposits you have at a Product Bank, whether through the Raisin platform or outside the Raisin platform, that you may hold in the same capacity (such as in an individual capacity or joint capacity) count toward the applicable Deposit Insurer's deposit insurance maximum amount, and any such amounts that you hold in the same capacity at a Product Bank that exceed the maximum insurance coverage by the applicable Deposit Insurer will not be insured. For more information on FDIC deposit insurance, please see here. For more information on the NCUA share insurance fund, please see here. You are solely responsible for monitoring the amount of funds you have on deposit at each a Product Bank, whether through the Raisin platform or outside the Raisin platform, to confirm that the deposits you hold in the same capacity at each Product Bank do not exceed the maximum deposit insurance coverage provided by the applicable Deposit Insurer.