Your Raisin account offers you access to savings accounts and certificates of deposit offered by an exclusive selection of banks and credit unions—all with the security of federal deposit insurance up to institutional limits. These products include:
-
High-Yield Savings Account (HYSA). As its name indicates, this account type functions like a traditional savings account, with no restrictions on deposits or withdrawals. However, it earns interest (or dividends in the case of credit union savings products) at rates that are higher than the national average for standard savings accounts.
-
Money Market Deposit Account (MMDA). Also known as a money market account or MMA, this type of savings account offers a varying rate that allows you to earn interest (or dividends) on your funds with maximum flexibility for withdrawals. Like a HYSA, an MMDA offers features of a traditional savings account with typically higher returns.
-
No-Penalty CD. Through the flexibility of a No-Penalty CD, you can lock in a competitive rate for a fixed term with the option to make a full withdrawal without having to pay a penalty for the early termination. Terms and conditions may vary by product. Please see specific product terms for more details.
-
Fixed-Term CD. With this savings vehicle, funds are held for a fixed term, and a competitive APY (annual percentage yield) provides safe, predictable earnings. In contrast to No-Penalty CDs, typically you are charged a fee if you do not complete the full term of the Fixed-Term CD.