The benefits of consolidated 1099-INT tax reporting with Raisin
Key takeaways
Managing multiple high-yield accounts traditionally leads to a "paperwork pileup" of individual 1099-INT forms; Raisin streamlines this by providing access to all your 1099-INTs in one secure digital location.
In the Raisin model, your interest income is aggregated at the custodial bank level, significantly reducing the number of different "payers" you need to track for IRS reporting.
Consolidated reporting can help reduce the risk of human error when filing Schedule B, ensuring that savers stay compliant while maximizing their interest earnings across dozens of institutions.
Following a smart strategy of diversifying your savings across multiple banks to maximize federal deposit insurance coverage shouldn’t mean added stress when tax season rolls around. However, the administrative burden of tracking down tax data from five, ten, or even twenty different institutions can be enough to make even the most diligent saver reconsider their strategy.
Fortunately, the Raisin marketplace offers a structural solution through consolidated tax reporting.
What is a 1099-INT and why might you receive multiple?
Form 1099-INT is the IRS document used to report interest income. Generally, any financial institution that pays you $10 or more in interest during a calendar year is required to issue this form to both you and the IRS.
In a traditional "DIY" multi-bank setup, the number of forms you receive scales directly with the number of banks you use. If you have moved funds between several high-yield savings accounts to chase the best rates, you are responsible for:
Monitoring multiple email accounts for tax document notifications.
Remembering passwords for inactive accounts just to download a single form.
Ensuring that every $10+ interest payment is accounted for on your tax return to avoid an automated IRS matching notice.
This fragmentation often leads to "tax document fatigue," where savers leave money in lower-interest accounts simply to avoid the bureaucratic headache of moving it.
How Raisin simplifies tax season
Raisin was designed to eliminate the friction of multi-banking, and that philosophy extends directly into tax reporting. Instead of acting as a loose collection of accounts, the Raisin platform provides a centralized hub for your financial data.
One platform, one dashboard
With Raisin, you don’t need to hunt for documents across the web. By navigating to the "Documents" tab in your secure Raisin dashboard, you can view and download all your tax information in one place. Whether you have funds in one high-yield savings account or spread across ten different certificates of deposit (CDs), the information is organized and accessible with a few clicks.
The power of aggregated reporting
The most significant advantage of the Raisin model is how interest is reported. In many cases, Raisin is able to provide consolidated 1099-INTs at the custodial bank level.
Because Raisin uses a custodial bank structure to manage the movement of funds, your interest income from multiple "product banks" (the banks actually providing the interest rate) is often mapped to a single "custodian bank." For reporting purposes, Raisin aggregates the interest you earned across those institutions. This means instead of receiving ten separate forms, you might receive only one or two, covering your entire portfolio of savings products.
The structural advantage: Accuracy and compliance
Beyond saving time, consolidated reporting is a powerful tool for maintaining accuracy. When filing taxes, individuals with significant interest income must fill out Schedule B (Interest and Ordinary Dividends).
Missing even a single 1099-INT can lead to discrepancies that trigger IRS inquiries. By centralizing your reporting, Raisin helps to reduce the risk of a "forgotten" account. Furthermore, because your interest is clearly summarized on a platform-wide basis, it becomes much simpler for your CPA or tax preparation software to import and verify your interest income and how it's taxed.
Tax efficiency meets high-yield savings
It is important to remember that all interest earned in a high-yield savings account or CD is considered taxable as ordinary income in the year it is received. Whether you are earning 0.05% at a big-box bank or a market-leading rate through a Raisin partner, the tax obligation remains the same.
The Raisin advantage is that you can pursue those higher yields without incurring an "administrative tax" on your time. You gain the benefit of a diversified, high-earning portfolio while maintaining the tax simplicity of a single banking relationship.
Bottom line
The goal of saving is to build wealth, not to build a mountain of paperwork. Raisin addresses the primary drawback of the multi-bank strategy by consolidating your tax reporting and centralizing your documentation. By aggregating interest income through a custodial structure and providing a single digital home for your 1099-INTs, Raisin ensures that your tax season is as high-performance as your savings strategy.
Frequently asked questions
Does Raisin send a separate 1099 for every bank?
No. To minimize your paperwork, Raisin aggregates the interest you earn across a group of institutions under each custodial bank. For example, if you have three different savings products mapped to the same custodian, you will receive a single 1099-INT reflecting the total interest earned from those three sources, rather than three separate forms.
When will my Raisin 1099-INT be available?
Your Raisin tax documents are typically made available in your digital dashboard no later than January 31 of each year. You can log in and check the "Documents" section of your account to see if your current year's forms are ready for download.
What if I earned less than $10 in interest through Raisin?
Financial institutions are generally only required to issue a 1099-INT if you earned $10 or more in interest. If your total aggregated interest through a custodial bank was less than $10, you may not receive a formal document. However, the IRS requires you to report all interest income on your tax return, regardless of the amount. You can find your exact earnings by reviewing your year-end Raisin account statements.
How do I report Raisin interest on my tax return?
Interest income earned through banks on Raisin is reported just like interest from any other bank. Generally taxpayers report the information from Box 1 of their 1099-INT in the "Interest Income" section of their federal tax return (Form 1040). If total interest income for the year exceeds $1,500, it typically must be listed with the payer and amount on Schedule B. Please note that Raisin does not provide tax advice. We recommend consulting a qualified tax professional for specific guidance on your tax return.
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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 29, 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.