Is Raisin bank OK?
The short answer is yes! Raisin exclusively partners with FDIC-insured banks and NCUA-insured credit unions.
Raisin is a free-to-use savings platform that allows savers to browse, open and manage multiple accounts with a range of providers. There are no fees, and your cash comes under FSCS protection.
Is Raisin safe? Raisin's partners are all protected by FDIC or NCUA deposit insurance to keep customer funds safe. The company also takes numerous steps to safeguard customer data and maintain privacy, such as encrypting data and using multi-factor authentication.
Bottom Line. Raisin is a legitimate company that allows customers to safely grow their money through affiliated financial institutions. Moreover, their network of banks and credit unions offers competitive rates for customers to enjoy.
Raisin and Raisin UK is owned by Raisin GmbH, which is headquartered in Berlin, Germany, and was founded in 2012.
| Bank | Forbes Advisor Rating | Learn More CTA text |
|---|---|---|
| Chase Bank | 5.0 | Learn More |
| Bank of America | 4.2 | |
| Wells Fargo Bank | 4.0 | Learn More |
| Citi® | 4.0 |
Why is it ethical? Raisin UK enables you to compare savings rates from 'ethical' banks. It offers savings deals with building societies, which are by nature more ethical than banks, Sharia-compliant accounts (such as Gatehouse and QIB UK) as well as Tandem, which says it is aiming to be a 'Good Green Bank'.
At Raisin, we have a range of savings products that are fully Sharia-compliant.
Saving money with Raisin UK
Our Sharia-compliant savings products let you grow your savings while adhering to the principles of Islam.
With this account through Raisin, your money is held safely at the FDIC-insured bank and you get a significantly higher interest rate than you would opening an account directly with the bank.
How do I withdraw money from Raisin?
You can do this through your Raisin UK Account by clicking 'My savings' in the navigation menu, then click 'Details' on the application you want to withdraw, and then click 'Withdraw application'.
We make money from fees our partner banks pay us for every savings account opened through our marketplace, which is why our savings service is free to use.
Savings accounts through Raisin don't charge any fees. It's common to see banks put a limit of six withdrawals or outbound transfers per month on savings accounts. Exceeding that limit may incur penalties. This is not, however, an industry-wide practice.
Over 1 million customers worldwide have entrusted Raisin to help grow their savings.
Raisin Bank makes it possible to grant loans by means of its full banking licence. Invest in Visions gives institutional and private investors access to so-called 'impact investments'.
Founded in Frankfurt in 1973 as a fully licensed fronting and service bank, Raisin Bank (formerly: MHB-Bank AG) was acquired by Raisin in 2019. Today, Raisin Bank is one of the first cloud banks in Germany and the only German cloud bank passported throughout the EU.
- First Republic Bank (FRC) . Above average liquidity risk and high capital risk.
- Huntington Bancshares (HBAN) . Above average capital risk.
- KeyCorp (KEY) . Above average capital risk.
- Comerica (CMA) . ...
- Truist Financial (TFC) . ...
- Cullen/Frost Bankers (CFR) . ...
- Zions Bancorporation (ZION) .
Cash equivalents are financial instruments that are almost as liquid as cash and are popular investments for millionaires. Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills. Some millionaires keep their cash in Treasury bills.
Wells Fargo (WFC)
Nevertheless, it finds itself as one of the least likely financial institutions to fail. Interestingly, since the Jan. opener, WFC gave up more than 13% of equity value. That makes WFC slip in somewhere between JPMorgan Chase and Bank of America.
Raisin Bank's top competitors include Compeon, AXA Bank Europe, and BinckBank. Compeon provides a financing platform.
What is the least ethical bank?
In the US, the four least ethical banks are easy to spot. It's Chase, Wells Fargo, Bank of America, and Citi Bank.
- Amalgamated Bank- Amalgamated bank is a B-corp bank that is 100% carbon neutral and union owned! ...
- Spring Bank– New York state's first B-Corp bank, Spring is also a member of the Bank for Good movement. ...
- Beneficial State Bank– Based in CA, Beneficial is a CDFI bank.
Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.
It is is authorised by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany and is regulated by the Central Bank of Ireland for the conduct of business rules.
Save without earning interest. This account's interest-free plan is designed for our customers who do not wish to earn interest on deposit products.
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