Raisin Reviews 

So far so good!
I am confused about some of the other reviews complaining about raisin.com's business model. Firstly, read up on the company, understand their business model, then decide if it works for you. If you didn't, shame on you. Double shame for writing a poor review. It is like going to a burger joint, then writing a bad review bcs they don't have Chinese food or pizza.

Secondly, I had some issues opening my account, but that was due to me making a mistake. I called customer service and chose to receive a callback. Which I got abt 20 min later. The rep determined that the system needed to reset my info, I needed to start the process over, and to give it abt 30 min. I did that. I then had issues logging in, called again, rep stayed on phone with me for 16 min and we got issue resolved. Info clearly states that for security, you need to set up secondary verification once your account is set up.
Yes, I am retired and can do that. If I were not retired, I would just have to work it out on breaks, or during lunch.

Yes, what you can do is limited. There are no account numbers, just a unique identifier assigned to you. It is a custodial account. This means that raisin.com actually is the one that has an account with the financial institutions you see offerings for on their site. It is like a shopping club, but for banking, well savings. The reason why raisin can get higher interest rates - they pool the small amounts into one account. Instead of the bank dealing with 1,000 accounts, they only deal with raisin.com's account. Raisin deals with the 1,000 accounts on their platform/site and provides the support services. It is a win for them and a win for those of us looking for better interest rates.

I made a test transfer for only $100 to raisin.com and it only took one day for the money to post. Today I made a trial withdrawal to see how long it takes for planning purposes and expectation management.

If you want banking with all the bells and whistles, understand that bells and whistles cost money = lower interest rates. If you want the higher interest rates, understand what raisin.com is and what it isn't, then decide if it is right for you or not.

You can only have one external account connected to raisin.com. So any money I want to transfer to raisin.com gets moved to that account, then I go to raisin.com and transfer it to raisin.
You will not be able to pay bills from raisin.com or connect raisin.com to your other external.accounts because you do not have an account/routing number.

You can even subscribe to multiple of their custodial accounts. I counted 35 savings/money market accounts, 65 CDs varying from 1-60 months, and 10 no-penalty CDs with duration from 3-14 months . This allows you to take advantage of offerings with the highest interest rates and that best meet your needs.

A lot of these reviews are whining about first world problems owing to the writer failing to read and understand. Instead they want raisin.com to be what they want it to be, then complain about what it is.

With all its flaws, I am thankful to live in a country where we have these opportunities and offerings, even if customer service hours in this instance are only from 9-4 (it means no overtime has to be paid, or premiums for working outside of normal hours = higher interest for customers)

Same day update: I am actually grateful to those whiners! During my extra deep-dive for this review, I discovered a 5-month CD that pays 5.27%APR w/ 5.41%APY. I don't want my funds tied up for a long time, but 5 months is acceptable and it pays .2% more APY than the savings. So that all of my money isn't tied up at one time, I will ladder: split it up and purchase 10 CDs over 10 weeks, which means after five months, every week another CD matures for the next 10 weeks. Also, if there is a better rate, I can take advantage of it. Should an emergency come up, I can just use the money instead of reinvesting it, or if I have to have the money before one of my CDs matures, I only have to pay a penalty on that amount, instead of the whole amount.

One of the biggest advantages of raisin,com for me is that I don't have to spend hours trying to find high rates. With 110 offering from a variety of financial institutions, there is sure to be something for you if you are looking for higher interest rates.

Utterly shocking. Got an email to say an account had matured and funds were in my account. Logged on to see the maturity processed but no cash. Phone line says leave a message but no voicemail facility. Email goes unanswered.

Opened a CD through them and to have initial password reset is such a pain in the #$%, On hold for 20 minutes without knowing No in que, how long , no call back option listening to the headache 2 note tune over and over. Then finally the girl says reset only good for an hour. Asked her to send reset at 4 when get home, of course she didn't then on hold again for another 20 minutes 9-4 hours for customer service is horrible for customer with real JOB great for Reps playing by pool with kids pretending.

I have been trying to setup an account with Raisin for over a week. For a technology company, they deserve negative stars, not one. Here is what you need to know before you consider getting involved.
- only one external account can be linked to your Raisin account
- to change the external account, you need to contact them by email/phone, and send in various documents, and it takes several days
- if you are added as a joint member to an account, you can never setup your own account, and as a joint member, you can't open accounts or transfer money in.
- customer service is friendly by useless.

If this is what one has to jump through when opening an account, I can only imagine what happens when you want to get your money out.

I raised a formal complaint on June 28th, 2023, and am still awaiting a response on July 24th, 2023.

I waited 40 minutes today to speak to an agent, who once again provided conflicting information, and the phone line disconnected twice.

I have no alternative but to take my case now to the Financial Ombudsman.

If you are considering investing with Raisin, please DO NOT. Poorly trained staff and a despicable company.

Thier verification process requires a copy of your government ID. That's insane. It runs the risk of identity theft if their system is compromised. Also you can only have one external account to transfer money in and out of the accounts.. Not sure what the reason for that. So I closed my accounts with them and opened on with CIT.

This platform might be ok for someone who doesn't do any level of sophisticated banking moving funds between multiple financial institutions. Can't have more than one linked accounts or funds that transfer via recurring transfers from an external account via checks. Upon deep investigation their platform proved far too limiting for my needs.

App needs work. Today’s update crashes upon startup on iOS 16.5.1(c). No access to account. Shouldn’t happen to a platform where maximum reliability is key.

Customer care tells me to delete app and reinstall, wiping out all data…

Hi,
I just called Raisin and all my issues were resolved my money still intact .Rachel was very helpful and assuring. This is a good sign for more savings wirh Raisin. God bless

Although I put $1000 into my account, Raisin daily would withdraw automatically another $1000 DAILY AND causing me to overdraw my account which caused fees. My bank put a stop on all withdrawals, thank goodness. Do not deal with this company.

Frustrating slow processes to open accounts, allocate funds, make funds available on maturity and most importantly to withdraw monies.
Currently trying to withdraw, system repeatedly failing to send authorization to mobile. Outside of 9-4:30 weekday office hours, can’t access for 2 days.
Whatever the rates there are better places to invest.

I tried to withdraw money from my easy access account 2 days ago.... still waiting for transaction to go through :(
Called customer service and could not get through to anyone :((

Easy to use platform with good savings and investment products, I use the overnight savings banks and have an ETF portfolio. Trustworthy company and good customer service experience so far.

Transferred funds and they weren't earning interest for 5 days, and when they matured they didn't pay them back for 7 days.

If you deposit any money with them, just be aware that the headline rate might be good, but factor in you won't be earning any interest for 1-2 weeks total at the start and end of the term.

On a 1 year fix that makes 5% with Raisin more like 4.85% elsewhere. If you still wanna go ahead, great, but if the rate is only slightly better then probably best to go somewhere else.

Hope this helps someone.

While the interest rate is excellent for a personal savings (or money market) accounts, the online experience is horrible. Once the account is set up, you cannot change your password, add additional external accounts for transferring funds, or make any other changes through the Web site. You must call customer service to do any of this, which is totally unacceptable these days. If they improve the online experience, this could be an excellent place to park money for earning high APY interest.

I could not log on this morning so changed password, it did not work either. Cannot try again for 24 hours.

Tel contact is a joke, no reply to emails, no response

Unacceptably long lead times to open my account despite telling me to add funds to my account. I took £80k out of my savings account to deposit in my raisin account only to discover my raisin account is still not open 5 days later. So I gave £80k sitting in my current account earning nothing instead of the 4.1% I should be getting. Useless.

Before my deposit matured, I could access all functions of the website, after my deposit matured, every link I clicked was error and my funds are stuck. Currently sitting on the edge, trying again to email and call, including calling Raisin UK for assistance.

Good rating and good performance