Pays more than your bank does.
I’m new to investing, not new to saving. I beat myself up over all the years I let thousands sit around in a bank account making me less than a dollar in interest. This app is pretty user friendly. I agree the ‘cash account’ is just a way to make the company money- BUT they make me way more than I’d be making on my own, and I don’t have any fees to pay to them this way. In my opinion this is win win, let’s not get greedy.
All you have to do is link your bank account, then add money to the cash account. From there you can invest into various options at different rates. It takes just minutes to invest in whatever bank/entity you wish. I’ve never had issues getting money to or from them. The payouts are clear and easy to calculate.
I wish I would have found this sooner. I’m sad to see the rates are falling (I mostly do short term CDs). But this isn’t up to Raisin, it’s based on FED rates and the economy.
All in all, pretty solid app. I look forward to working with Raisin for a long time. $$Still needs a lot of work. Cash account is pointless!
The new cash account is pointless. Just their way of making my money take longer to get to where I want it to go. 1 day to transfer in to cash account, then money has to sit in cash account for multiple days (wasn’t always like this), then if I’m lucky, I’ll have a balance I can transfer to a savings product where I have to wait another day or more. Why does my money have to sit in the cash account for days before I can use it. Probably so Raisin can gain interest on my money instead of me. They touted the cash account as a way to make transferring take less time. I am finding the opposite is true. Also savings products with your money already in it will become unable to deposit more money into and only able to withdraw. So you must pick a different savings product. Before you know it your money is spread between 10 banks when you just wanted it in the one with the highest interest rate. Platform still needs a lot of work.So so naw naw
Cool thing about the app is it presents you with all major and higher high interest savings accounts.
Negative points though: to transfer money into your account it has to land into a cash account first. That operation takes at least 4-5 business days. Then the money needs to settle in your cash account to be able to transfer to your high interest savings which take no less than one business day and up to 3 business days. Then when it finally ends its journey and it’s lands in your high yield savings account of your choice, it will need 48hrs to 72hrs to settle into that account. The same applies for the reverse cycle. Things gets really slow and if you make a mistake of the amount how much you’re trying to send, buy you are in for a ride.