Raisin

[lem1955]

Am I late to learning about this custodial bank offering good rates on CD's, or maybe I'm adding something new to the forum! That would be a first.https://www.raisin.com/en-us/

 

[njhowie]

Am I late to learning about this custodial bank offering good rates on CD's, or maybe I'm adding something new to the forum! That would be a first.https://www.raisin.com/en-us/

Nice find. I need to investigate more. It's interesting. Customers Bank is one of their partner banks, which I am familiar with. On raisin's site, the CD rates they are offering are about a full percentage point higher than what Customers offers on their own site.

 

[jebmke]

look pretty close to similar Treasuries on the short end.

 

[rayvt]

They consistently show higher than average rates on savings accounts & CDs. The BIG plus is the no-penalty CDs.

ACH transfers to/from your external bank take 3-4 days.

 

[calmloki]

Feel like I remember some aggregator type "bank" that went bust - offered superior rates up to failure, then the depositors had a miserable time getting made whole as their funds were scattered all over the country. Not saying that Raisin would do that, but it makes me shy away.

 

[jollystomper]

There are more than a few recent reviews on Raisin, easy to find from a quick internet search.

The general consensus seems to be that the "good" is in the rates you can get - though we are talking only a few places to the right of the decimal more. Since the products are from FDIC insured banks, your money is safe. It always goes direct from your linked account, to a holding bank, then to the product bank, or vice versa. The "bad" seems to be the amount of time it takes for the money to transfer, and, based on BBB and TrustPilot reviews, their customer service.

I have Fidelity, and fixed income offerings available there are enough of an "aggregator" for me, so I will stick to that, no need to open yet another account somewhere .

 

[Sunset]

Feel like I remember some aggregator type "bank" that went bust - offered superior rates up to failure, then the depositors had a miserable time getting made whole as their funds were scattered all over the country. Not saying that Raisin would do that, but it makes me shy away.

+1

Since they are not a bank, they don't have to follow banking rules, and when things go south is when people could find out the bad part about not following banking rules..

I'll pass.

 

[rk911]

+1

Since they are not a bank, they don't have to follow banking rules, and when things go south is when people could find out the bad part about not following banking rules..

I'll pass.

+2. Slow and steady wins the race. KISS.

 

[calmloki]

There are more than a few recent reviews on Raisin, easy to find from a quick internet search.

The general consensus seems to be that the "good" is in the rates you can get - though we are talking only a few places to the right of the decimal more. Since the products are from FDIC insured banks, your money is safe. It always goes direct from your linked account, to a holding bank, then to the product bank, or vice versa. The "bad" seems to be the amount of time it takes for the money to transfer, and, based on BBB and TrustPilot reviews, their customer service.

I have Fidelity, and fixed income offerings available there are enough of an "aggregator" for me, so I will stick to that, no need to open yet another account somewhere .

Actually that's why I dislike Fidelity's "cash" account that scattered money over 3-4 banks when we didn't even have $100k in it. Why not stay in one bank till it gets to the $250k/per depositor FDIC insurance limit, then spill over into another FDIC bank? Spaxx or Fdzxx for me.