Best Savings Account Rates on Raisin in {currentMonth} 2023

  • FDIC or NCUA insured. No fees. $1 minimum deposit.

  • 24/7 online access to funds.

Select a product and save

Best Savings Account Rates on Raisin in {currentMonth} 2023

  • FDIC or NCUA insured. No fees. $1 minimum deposit.

  • 24/7 online access to funds.

Select a product and save

Meet Raisin

Opening a no-fee Raisin account only takes a couple of minutes and allows you to easily spread your savings across our exclusive network of federally insured banks and credit unions.

Benefits of a Savings Account

Holding a jar of coins

Savings accounts are key to a healthy financial strategy. They offer benefits like a stable and predictable return, high liquidity, and the backing of federal deposit insurance (look for the FDIC member designation for banks and NCUA for credit unions). A savings account is a type of account offered by a bank or credit union that enables you to put your cash to work and earn interest on the deposits you hold within them. Savings accounts typically offer higher interest rates than checking accounts, which are used for paying daily expenses through payment methods like debit cards and checks. Savings accounts are used to secure cash and grow your savings without sacrificing access to funds.

High-Yield Savings Accounts vs. Traditional Savings Accounts

High-Yield Savings Accounts
Highly competitive interest rate, typically well above national average for traditional savings accounts

VS

Traditional Savings Accounts
Interest rate typically above that of a checking account, but well below that of a high-yield savings account
High-Yield Savings Accounts
Some banks may require high minimum deposits and charge fees if you dip below the minimum (Raisin does not)

VS

Traditional Savings Accounts
Minimum deposit is typically low
High-Yield Savings Accounts
Some banks may limit where these products are offered (Raisin does not)

VS

Traditional Savings Accounts
Availability of products may depend on bank size

Tips for Using High-Yield Savings Accounts

flatlay of flowers

What if you could earn more money from a savings account without doing too much more than what you’re already doing?

That’s the real benefit of a high-yield savings account (HYSA).

As the name implies, a HYSA offers just that — an opportunity to earn a higher yield, meaning more money, on your balance than that offered by a traditional savings account.

The better earning potential makes HYSAs a great option for storing your emergency funds or savings for various short-term goals, like a new car, a future vacation, or a down payment on a home.

There are plenty of HYSAs out there to choose from, but not all are created equal. Click the button below to read on about how to use a high-yield savings account to grow your money faster.

More About Savings Accounts

What is a savings account?

A savings account is a type of deposit account offered by financial institutions like banks and credit unions. Customers can hold cash in a savings account and earn interest on their funds while retaining liquidity, meaning they can still quickly access their reserves. 

Depending on the institution, the deposits in a savings account may be federally insured through the FDIC (for banks) and the NCUA (for credit unions), with coverage typically covering up to $250,000 per depositor, per insured institution. Deposit insurance allows a saver to recoup cash held in a financial account in the rare event that the bank or credit union fails. The good news is that Raisin exclusively partners with federally insured financial institutions.

How does a savings account work?

The interest that a savings account earns is determined by its interest rate and the amount of money it holds. The interest rate is typically advertised in terms of APY, or annual percentage yield (APY is synonymous with the effective annual rate, or EAR). This value tells you how much interest the account pays on a yearly basis, depending on how frequently interest is compounded. Different banks and savings accounts may offer different compounding periods (in the case of accounts opened through Raisin, interest is compounded daily and posted monthly), but evaluating APYs allows you to compare rates consistently.

If your savings account balance goes down — say you withdraw funds to cover an expense — then your prospective interest earnings are affected. Maintaining or adding to your savings account balance, conversely, ensures that your savings grow. Left alone, a savings account’s earnings will grow in value thanks to the power of compounding interest. 

Many banks encourage savings account holders to use this type of deposit product as a stable place to store cash rather than, say, a vehicle for day-to-day spending like a checking account. They do so through minimum balance requirements and limits on how many withdrawals or outbound transfers you can make per month. Banks don’t usually issue debit cards to make purchases directly from savings accounts either.

Raisin does not impose any restrictions on savings accounts. There is also no minimum balance requirement. Customers can open savings accounts with as little as $1, and there are no limits on the frequency of withdrawals.

How to open a savings account

The process of opening a savings account directly at a bank or credit union can vary. It usually involves the customer providing personal information that is used to verify their identity and eligibility. Some institutions allow customers to apply entirely online.  

Opening a savings account through Raisin is a simple process that you can complete online in just a few minutes. When you set up a Raisin account, you create a central portfolio that can hold as many savings products as you want, from as many different institutions on our platform as you want. There’s just one application process that happens at signup. Raisin’s single, unified account dashboard shows you all your deposit products and their balances in one place.

Which bank has the best savings account

When determining the best savings account, you must take several factors into consideration. The first among them is the interest rate. Generally speaking, the higher the interest rate, the better your earning potential.

Beyond interest rates, there are also a few other things to consider when it comes to deciding on the best savings account for you. These can include: 

  • FDIC or NCUA insurance coverage

  • The financial institution’s history

  • The financial institution’s philanthropic efforts

  • The financial institution’s mission and who they aim to serve

  • Associated fees or account limitations

  • Minimum balance requirements   

Choosing the best savings account can be a complex decision that takes into account all of these dimensions. With Raisin, you can not only filter products based on the interest rates, but also based on attributes associated with the financial institution, such as whether they support small businesses or give back to their local communities, allowing you to bank with purpose.

What are the best savings account interest rates

Once again, the best savings account interest rates can vary and fluctuate based on several factors. 

First among them is the type of financial institution involved. For instance, a traditional brick-and-mortar bank may offer a lower interest rate than a digital-first bank (a bank that operates solely online and has no physical branches). That’s because digital-first banks do not have high overhead costs, unlike traditional banks. 

Second, savings account interest rates are tied to rates offered on other savings products such as bonds and money market accounts.

Finally, savings account rates are driven by interest rate benchmarks set by the U.S. Federal Reserve and their resulting influence on overall market conditions.  

In summary, the best savings account rates are constantly changing. Use the Raisin comparison tool above to get the best options at any given time. 

When would a savings account be the best investment to earn interest?

Savings accounts offer a suite of benefits to savers. Ease of use, high accessibility, and value-added services are just a few of them. But they can also be especially good interest-earning investments in several scenarios. 

Savings accounts don’t require specialized financial understanding, elaborate market studies, or complex entry and exit strategies. All you need to do is pick the one that suits you best, whether that's due to the interest rate being offered, the financial institution’s history or philanthropic efforts, or if the account has any associated fees or limitations. 

Savings accounts are great for long-term savings, whether you’re planning to buy a house or putting aside a nest egg for retirement. Your money is secure in a savings account and protected against a potential bank failure up to the federal deposit insurance limits as long as it is federally insured by either the FDIC (for banks) or NCUA (for credit unions).  

Savings accounts are also great for emergencies when you need access to your money in a hurry. Unlike CDs or Treasury bonds, withdrawing money from savings accounts is comparatively quick and easy. While some savings accounts have a restriction on the number of withdrawals that can be made per month, all accounts offered through Raisin have no associated limits. 

Finally, a savings account can be a great place to grow funds. While their interest rates are variable, they’re typically tied to rates set by the Federal Reserve. In some cases, banks offer rates that are many times the national average, such as all of the ones featured in the Raisin platform.

What types of savings accounts are available through Raisin?

Available savings products include high-yield savings accounts (HYSAs) and money market deposit accounts (MMDAs), which pay interest at rates well above the national average of that of a traditional savings account. 

Raisin also allows customers to individually own or jointly own a savings product with another customer, such as a family member. A joint savings account can be a powerful tool for growing wealth, because you and a loved one can pool cash together to boost interest earnings. Moreover, a joint account and an individual savings account are covered by separate federal deposit insurance, even at the same bank.     

How to Choose a Savings Account

Interest rate

The interest rate.

Usually expressed in terms of APY or annual percentage yield, a savings account’s interest rate tells you how much interest you earn on your savings. The higher the APY, the better performing the savings account is in terms of interest earnings. Unlike fixed-term savings products like CDs, savings accounts are likely to offer interest rates that are subject to fluctuation, often based on Federal Reserve benchmarks and prevailing market conditions.

Fees

Fees.

Nobody likes paying fees, even for a savings account with high interest. So choosing a savings account with few or no fees attached ensures nothing is eating away at your interest earnings. Some of the potential fees to watch out for include fees for going below a minimum deposit balance and fees for exceeding the limit on monthly withdrawals. Savings accounts through Raisin don’t charge either kind of fee.

Limit

Withdrawal limits.

It’s common to see banks put a limit of six withdrawals or outbound transfers per month on savings accounts. Exceeding that limit may incur penalties. This is not, however, an industry-wide practice. So, make sure to investigate what, if any, withdrawal limits are placed on a savings account you’re considering. Again, withdrawals from savings accounts through Raisin are not subject to any withdrawal limits. 

Insurance

Deposit insurance.

One of the most important benefits of a savings account is the protection it offers through the stability of the bank itself, plus the deposit insurance backing that institution. Savings accounts with FDIC member banks and with NCUA-insured credit unions offer coverage of up to $250,000 per depositor, per account. Not every bank or credit union is federally insured, though. You must confirm whether your savings are insured before opting for a savings account. Fortunately, Raisin partners only with federally-insured financial institutions on its platform. 

Bank

The bank behind the account.

While it’s not a factor that likely affects the function of a savings account itself, the values and mission of the bank behind it may be of importance to you. For instance, some banks are dedicated to community development, others have minority ownership, and some support causes like youth education or housing for underserved communities. Many customers take these considerations into account when choosing an institution to bank with. 

What do the best savings accounts have in common?

There are a few features that the best savings accounts have in common and that you can use when making your decision. These include: 

  • Competitive interest rate

  • Low or no fees

  • Deposit insurance coverage

  • No withdrawal limits 

  • No minimum balance requirement

Find and Open Online Savings Accounts, All Through the Convenience of Raisin

Raisin’s unique online marketplace lets you compare and access an exclusive selection of federally-insured savings accounts with competitive interest rates and flexible features. A Raisin account grants you access to all of this with a single one-time registration. 

A savings account with high interest offered through Raisin is a great alternative to the standard savings account you may get through a local brick-and-mortar bank. That’s because in addition to offering a less-competitive interest rate, they may also put limits on the frequency of withdrawals. Raisin exclusively offers higher-earning savings accounts from its network of partner banks, with no withdrawal limits on any of them.

What Is Raisin?

Family spending time out door

Raisin brings together high-yielding savings products offered by a network of U.S. financial institutions. It’s your destination to discover competitive savings products and start saving wisely. Select and fund multiple savings products from different institutions and manage them all from one account.

Safety

Safety

Funds deposited into any of the savings products available through on Raisin are always held by a federally insured financial institution. A very easy and safe way to diversify your deposit portfolio. We use a host of cybersecurity measures to protect your funds and sensitive information.

Choice

Choice

Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience

Convenience

One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

How Raisin Protects Your Money and Personal Information

Federal Deposit Insurance Corporation

FDIC logo

All participating banks are members of the FDIC. Deposits in participating banks are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.

Click to learn more about FDIC insurance

National Credit Union Administration

NCUA logo

All participating credit unions are insured by the NCUA through its Share Insurance Fund. Deposits in participating credit unions are insured by the NCUA up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured credit union, for each deposit account ownership category.

Click to learn more about NCUA insurance

Cybersecurity is a top priority at Raisin

SOC2 logo

We invest in a variety of technologies to protect our customer’s data, privacy and transactions. These include multi-factor authentication, encryption, and web application firewall advanced internet protection technologies. We are a SOC 2 certified organization, which means we have met the requirements outlined by the American Institute of Certified Public Accountants (AICPA) to ensure that we have the controls in place to keep customers' data secure and private.

Click to learn more about SOC 2 certification

Open an Account in 3-5 Minutes

Select a product

Select

the right product for your savings goals.

Register for a Raisin account

Register

with an email address and password, then verify your identity and bank information.

Add funds

Fund

the savings products you add to your new Raisin account.

How Raisin Compares

With Raisin
One secure account guards your personal data and safely allows you to tap into yields from multiple savings products

VS

With traditional banking
Multiple signups, savings accounts, and products at different institutions each require you to provide sensitive personal information.
With Raisin
The platform brings together diverse and competitive federally insured savings products, including CDs with a range of terms, that increase your earnings potential.

VS

With traditional banking
There are fewer product options, possibly limiting your savings potential.
With Raisin
Only one account is required. You manage all your chosen savings products through the Raisin platform.

VS

With traditional banking
By opening new accounts at multiple institutions, you get more statements, must remember more passwords, and waste time.

FAQs

More on Savings and Money Market Accounts

Call: 844-994-EARN (3276)(Monday to Friday from 9:00 a.m. - 4:00 p.m. ET)

The Raisin name and logo are trademarks of Raisin GmbH. All other trademarks, logos, marks, and brand names are the property of their respective owners — used with permission.

© 2023 Raisin GmbH. All rights reserved.

*APY means Annual Percentage Yield. APY is accurate as of {todayDate}. Interest rate and APY may change after initial deposit. Minimum opening deposit is $1.00.

Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodian 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 Custodian 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 Raisin.com. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Lewis & Clark Bank is the Custodian Bank.