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. $$
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.
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.
App is horrible to use and I used to be able to transfer savings right out in a couple of days directly to external bank account, but now it changed to transferring to some cash account in the app. Then the amount showed in cash account for more than a couple of weeks, but showed zero when I tried to withdraw it from cash account. In the meantime, I don’t think it was earning any interest while sitting stuck in cash account for a couple of weeks. Can’t find any contact for customer service or any help. Also the APY changed and went lower. Withdrawing all my money and looking for another more reliable emergency high-yield savings account. Hopefully I can get all my money back soon.
This app doesn’t automatically log you out, at least not within a matter of minutes or even hours. On top of that, for no discernible reason, when you’re logged in, the app lets you look at your Social Security number with no additional authentication check. What the heck!!! That’s insane! Why? Why? Why?
It take forever to transfer money. You can only set up one external account too and must wait freaking 60 days to set up another one. Also, when taking money out, you have to transfer to the “cash balance” (which takes a whole day) and then transfer again to your external account (which takes a few days). Thats beyond ridiculous. Im deleting once I transfer my money back.
For new users like my self I was extremely frustrated with the log in process. It wouldn’t take my password that I had just created. I tried to reset it but it locked my account from trying so many times (3) reached out via email and got a response 3.5 hours later stating I had an hour to use the link to reset my password and well I obviously missed that email. When I tried to just reset my password again I getting the same issue and the email stated I need have an admin unlock my account…. Called this morning to get this straightened out and see if this was a scam or not. The call in phone tree is ODD to say the least. The recorded voice is very static sounding and very slow about directing the phone tree. I became very worried that I had put my money into this app after the phone call. I chose to keep my place in line and wait for a call and received a call within 20ish minutes. The lady was very nice and spoke English. We got my problem resolved and she advised to use the BROWSER to access my account. Their I.T dept is working on the app so it’s creating some issues for users. I was pleased to hear this and speak to an actual human and not a machine. Glad we got my password fixed and account unlocked.
It’s not really the app’s fault but Raisin recently changed how you withdraw money. Instead of just withdrawing from the bank you’re invested in with Raisin and sending it to your external bank, you now have to go through two steps on two different days. You need to first transfer it from the Raisin bank to a cash account within Raisin and then remember to transfer it from the cash account to an external bank account the next day. What a pain.
You will find high yield money market accounts and CDs which have helped me make a lot of money so far. Moving funds takes time just like any bank. You need a general bank account like a Chase account as your primary account for funds. Strangely it won’t appear as “Chase Account” in the app, but rather some arbitrary account number. Transfer funds from your primary account to the chosen Raisin account. My original money market account gave 5.3% interest but then dropped down after a few months. I slowly transferred my money back out into my general account then transferred it into another MM account at a higher rate. One time I accidentally transferred too much and needed to cancel the transaction. You can find a customer service number on the Raisin website. I didn’t need to wait long to talk to someone to cancel the transaction.
I've been using this app for a few months. I'm not sure what all of these ppl are talking about having to log in with their email each time. I use my finger print to log in quickly. i did notice that the first bank i chose was giving 5.26% and in less than a month, it "adjusted" to 5.01%. So i pulled my money and put it into a different bank offered on the app at a 5.26% rate. that has stayed at that rate for over a month. I'm definitely not a big wig, just over 50k is all. But i like the 125 ish a month I make over the 3 bucks a month i was making from the bank I've been with for over 10 years. I would love to see the transfer process only take 1 day instead of 3. You don't have quick access to the money if you need it the next day, so this is hard to use for an emergency fund. Besides that, i like it. I'm hoping it isn't like the Voyager app in the crypto world and just going to go "bankrupt" and take everyone's money. 🙏🙏
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