Can’t deposit anymore
I’ve had this app for less than 5 months. I’ve been cut off from depositing anything and my interest rate has dropped at least 5 times from 5.26 to 5.15 to 4.85 to 4.75 to 4.65. I can’t find anything online about why I’m completely locked out from depositing but the app just says there’s a pause and it won’t ever unpause. The app also randomly signs me out when I don’t want it to and doesn’t save any of my login info. Disappointed and will probably be going through the motions of getting my money back soon and taking it elsewhere unless you will let me deposit again.
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Rate Discrepancy between the institutions and Raisin
I understand you as a company need to make money. But why would there be a .30% difference in what you’re offering and what the institution is offering. Not .10% or .15% but .30%? That’s GREEDY. You built a great platform when it comes to convenience and ease of access to best rates there is no platform that comes close to what I’ve seen with Raisin. But you need to focus on awareness rather than stealing from customers. Look at how you can work with the institutions you show their offerings to receive commissions on balances held. Western Alliance is offering 5.01% but you are offering 4.7% for that same institution on your platform. Such a good platform, I hope y’all don’t ruin it.
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No 2FA made this a big no for me
As a banking institution, I expect some level of multi factor authentication/ 2FA. I actually started my account and transferred funds before I remembered: wait this is way too easy to log on. Lacking 2FA means they likely are not using strong cyber security and that’s a deal breaker for me. It’s also not worth the time it takes to move money around. Big savings like E*Trade or others, takes 3 days tops. This took 7 business days. Stick with a well named institution that makes investments to protect your data.
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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. $$
All you have to do is link your bank account, then add money to the cash account. From there you can invest into various options at different rates. It takes just minutes to invest in whatever bank/entity you wish. I’ve never had issues getting money to or from them. The payouts are clear and easy to calculate.
I wish I would have found this sooner. I’m sad to see the rates are falling (I mostly do short term CDs). But this isn’t up to Raisin, it’s based on FED rates and the economy.
All in all, pretty solid app. I look forward to working with Raisin for a long time. $$
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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.
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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.
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.
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Horrible
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.
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Security issues
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?
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Worst finance app
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.
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App issues getting fixed
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.
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