Overall a great vehicle
Overall a great vehicle. The cons I list are understandable - to be able to have these high rates it makes sense that some of the services might be a little bit limited compared to full service bank accounts that provide very low interest rates)
Pros:
-Among the best rates I could find anywhere.
-Only have to go through the account opening process once. VERY convenient to have access to multiple bank's rates without having to go through a new account opening process every time.
-Seeing numerous options in one place makes it easier to maximize rates (i.e. if a CD matures, I might switch it to another bank if those rates are better at the time)
-You can easily reach a live person on phone if needed with extended hours.
Cons:
-I have been trying to send a secured message to add beneficiaries to my accounts for several days and keep getting error messages. Called Raisin and first time was told probably some sort of IT servicing being done and should be good in an hour or so. Three days and 20 attempts later, I still can't get the secure message to go through.
-You can only link one external bank account.
-If you are switching funds from one bank to another, you have to send it to an intermediary cash account on the Raisin platform and wait for that to clear first. It clears quickly so not a big deal, but if you forget to keep checking to see when it cleared and move it to a new account, you will lost all interest income. (It would be nice if you could enter both orders at the same time...with draw from xyz savings account and put into abc CD , for example)
Date of experience: 06 September 2024
