Understanding the different product types
All deposit balances on the Raisin platform are held at federally insured financial institutions
Federal Deposit Insurance Corporation
National Credit Union Administration
Learn more about savings products
What are high-yield savings accounts?
With a high-yield savings account, you will typically find higher interest rates than checking accounts or standard savings accounts. Funds deposited in high-yield savings accounts have high liquidity, allowing you to access them as needed. The best high-yield savings accounts can offer competitive interest rates, federal deposit insurance, no fees, and no limits on deposits or withdrawals, like those offered on the Raisin marketplace.
For the best savings accounts available on Raisin, click here.
What are money market accounts?
Money market accounts, or money market deposit accounts, are another type of high-yield savings product that offer an interest rate that’s typically higher than that of standard savings accounts. They offer many of the same benefits of traditional savings accounts however they typically feature higher interest rates.
For the best money market accounts on Raisin, click here.
What are certificates of deposit?
Certificates of deposit, also known as CDs, can be perfect for securing predictable returns on your cash savings. In exchange for depositing a set amount of money for a set period of time, a bank or credit union allows you to lock in an interest rate for the entire deposit term. The best CD rates can be dependent on the term of the deposit. CDs with longer terms typically may offer higher interest rates due to their decreased liquidity, while CDs with shorter terms can offer lower interest rates — although typically still higher than savings account interest rates.
To see the best CD accounts available on Raisin, click here.
What are no-penalty certificates of deposit?
No-penalty certificates of deposit, or no-penalty CDs, are a deposit product that allow you to lock in an interest rate for a set period of time, just like a fixed-term CD. The difference with no-penalty CDs is that there are no early withdrawal fees in the event that you withdraw funds prior to the account’s maturity date.
For the best no-penalty CD rates on Raisin, click here.
How taxes are taken care of
You will receive a 1099-INT for each eligible savings product for each calendar year for income tax reporting requirements.