SaveBetter Review: Is it Legit?

Do all these savings account interest rate increases have your head spinning about where to stash your cash? It’s great that we’re finally earning interest on our money again. But rates are changing quickly. It’s hard to know where to save.

SaveBetter LogoThat’s where the revolutionary savings platform from Raisin, called SaveBetter, comes in. They offer access to some of the best rates in the nation for insured savings products from the numerous financial institutions they partner with – from the convenience of a single account that you open with SaveBetter.

Don’t worry. I’ll explain more. I’ve been trying SaveBetter, and I’ll share all I know in this comprehensive review.

What is SaveBetter?

SaveBetter is a savings platform. Not a bank. They partner with different banks and credit unions and their respective savings products (savings accounts, money market deposit accounts, and CDs) and allow you to save into these products through their platform.

They are a first-of-its-kind savings platform that allows you to tap into multiple savings products from multiple institutions, all under one account.

That’s the point of the service. Get the best savings rates without having to jump around to different banks all the time.

SaveBetter was created by Raisin (formerly Deposit Solutions). I know Raisin’s President and marketing team, and I’ve done business with them via FinCon.

SaveBetter Home Page

Is SaveBetter Legit?

It’s a unique platform. But yes, it’s legit. I have an account with SaveBetter, and my money is earning interest now.

Several financial experts have reviewed the tool, most notably Rob Berger (trusted Youtuber, attorney, and friend). Rob loves SaveBetter and vouches for it.

Like I said above, I know a few SaveBetter/Raisin team members and can vouch for them.

If you’re concerned about the FDIC-Insurance thing, that’s understandable. But the best part is SaveBetter never touches your money. When you make a deposit, the money is transferred from your primary (or reference) bank account to the institution and product you selected by their insured service bank (Central Bank of Kansas City).

Once your deposit is transferred, it is held in a custodial account (a pooled bank account) with the selected institution. In other words, your funds are always held with an insured institution. Most importantly, the FDIC or NCUA insurance is transferable to you with the selected institution up to the applicable limits.

Here are their exact words on the topic:

“Although SaveBetter customers’ deposits are pooled in omnibus accounts, there is no impact on the eligible deposit insurance coverage you receive from the financial institution holding your savings. This is because the government entities providing federal deposit insurance — the FDIC for banks and NCUA for credit unions — permit pass-through coverage. So your money that’s pooled in a custodial account still has the coverage it would have were it held in an individual account in your name.”

How SaveBetter Works

SaveBetter shows you several savings options (savings accounts, CDs, and money market deposit account) and allows you to sign up for the products via the SaveBetter portal. You never have to go to the partner banks / credit unions.

How SaveBetter Works Diagram

Once your account (or accounts) are established, you can see them all on the SaveBetter dashboard. Move money around, transfer it out, whatever you want.

Banks and credit unions that SaveBetter works with at the time of this article:

  • Western Alliance Bank
  • The State Exchange Bank
  • American First Credit Union
  • mph.bank
  • Blue Federal Credit Union
  • Third Coast Bank
  • The Atlantic Federal Credit Union
  • Great Lakes Credit Union
  • Liberty Savings Bank
  • Ponce Bank
  • Bellco Credit Union
  • Continental Bank
  • Patriot Bank
  • Idabel National Bank
  • SkyOne Federal Credit Union
  • Sallie Mae Bank
  • Lemmata Savings Bank
  • Axiom Bank

What SaveBetter Offers

SaveBetter offers high-interest savings accounts, money market deposit accounts, and CDs. They have traditional CDs and “no penalty” CDs.

Current SaveBetter Rates and Banks

Partner banks and credit unions create these products. SaveBetter allows you to tap into them all from one dashboard.

Does SaveBetter Offer Business Accounts?

SaveBetter does not offer business accounts as an option, only individual and joint accounts, but the platform continues adding new features and functionality.

What Does SaveBetter Charge in Fees?

They don’t charge fees to you. They charge a fee to the banks and credit unions on their platform. The partner banks and credit unions also do not charge a fee. It’s a free service to you.

How Much Can I Earn from SaveBetter?

SaveBetter has the highest savings rates available today. At the time of this piece, those savings account interest rates are above 4% (and above 5% on CDs). Use the calculator below to determine how much interest you would earn in a year with a SaveBetter account:

This calculator allows you to see the amount of interest that you will earn over the course of a year.

Steps:

  1. Enter the principal (the amount of money in the savings account) and
  2. enter the APY (the annual percentage yield) in the appropriate input fields, and
  3. click the “Calculate” button

The result is displayed in the “Interest” field below the button. Try it!



Interest: $

Pros and Cons of SaveBetter

Pros

  • Highest savings rate available today
  • Everything under one platform/login
  • Simple interface and fast signup
  • FDIC-Insured or NCUA-Insured
  • Unique offering

Cons

  • Limited banking solutions
  • New fintech
  • No 3rd party app links (e.g., Personal Capital)
  • No trust or IRA accounts

Should You Use SaveBetter?

SaveBetter is an excellent fit for you if you always like to have your savings earning the best interest rates but you’re tired of jumping around signing up with new accounts.

SaveBetter is also great for aspirational savers. Maybe you’re just getting started saving, and you want a secure “offsite” place to store your separate savings. SaveBetter would make a great partner in your efforts.

SaveBetter is not for you if you’re looking for a one-stop banking solution with checking, cards, etc.

SaveBetter
$1 Minimum

Saving made simpler: Access multiple high-yield savings products from one account. FDIC-Insured. $1 Minimum Balance.

Learn More
We earn a commission if you click this link and sign up at no additional cost to you.

FAQs

How do I know that my money is safe with SaveBetter?

All accounts at SaveBetter have insurance from either FDIC or NCUA (for credit unions), which protects your money up to $250,000.

Are there any minimum balance requirements to open an account with SaveBetter?

Most, if not all, accounts opened through SaveBetter can be done so with a $1 minimum balance.

Is there a limit to how much I can deposit into my SaveBetter account?

No, but you may want to spread your deposits across multiple products if you put more than $250,000 into SaveBetter.

Can I access my account and make transactions with my account on holidays or weekends?

Yes

What is the process for depositing and withdrawing money from my SaveBetter account?

You connect an external bank account and transfer the money. It takes 2-3 business days.

Are there any penalties for withdrawing money early from a CD account through SaveBetter?

Yes, on certain CDs, there is an early withdrawal penalty. Each bank will determine the penalty. However, SaveBetter does offer several no-penalty CDs.

Is there any paperwork required to open a SaveBetter account?

No physical paperwork, no. The entire signup process is done online and in minutes. It involves providing basic information, agreeing to terms, and connecting with an external bank.

Can I open multiple accounts under one SaveBetter account?

Yes, you can have multiple bank or credit union savings accounts or CDs under one SaveBetter account. You can also open a joint SaveBetter account.

Can I use SaveBetter account to pay bills or for other transactions?

There is no bill pay with SaveBetter. You can transfer money in and out of your SaveBetter account at any time into an external bank account and pay your bills from there.

Are there other benefits to using SaveBetter rather than opening an account directly with a bank or credit union?

The significant benefit is simplicity—one account to manage your savings.

How do I contact SaveBetter customer service?

SaveBetter can be reached by email at service@savebetter.com, via live chat on SaveBetter.com, or by calling (844) 994-EARN (3276).

Does SaveBetter offer a signup bonus?

Last Summer they offered a $125 signup bonus depending on how much you deposited. But that promotion has ended.

Steps to Sign Up with SaveBetter [in 5 minutes]

I signed up with SaveBetter and captured all the screenshots to show you what it’s like.

Step 1: Head to SaveBetter.com and pick a product (savings, CD, etc.)

Step 2: Complete the basic bio, including your Social Security number.

SaveBetter Signup Process 1

Step 3: Sign an electronic agreement, several terms of service, and tax certification.

SaveBetter Signup Process 2

Step 4: Connect an external bank account and deposit at least $1.

SaveBetter Signup Process 5

Step 5: Repeat the process for any more products you would like.

Ready to give SaveBetter a try? Head to SaveBetter.com and learn more.

SaveBetter
$1 Minimum

Saving made simpler: Access multiple high-yield savings products from one account. FDIC-Insured. $1 Minimum Balance.

Learn More
We earn a commission if you click this link and sign up at no additional cost to you.
Avatar About Philip Taylor, CPA

Philip Taylor, aka "PT", is a CPA, blogger, podcaster, husband, and father of three. PT is also the founder and CEO of the personal finance industry conference and trade show, FinCon.

He created Part-Time Money® back in 2007 to share his advice on money, hold himself accountable (while paying off over $75k in debt), and to meet others passionate about moving toward financial independence.

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  1. Avatar Dave Cavenah says

    Since mid-week last week, the Savebetter site has been undergoing “maintenance” and should have been back online yesterday, January 30th. Nope – down for 5 days and counting. There is no communication other than “we’re having problems, try again later”. This is very disconcerting as I have been unsuccessfully trying to withdraw funds (bank transfer data is now missing from my account). I sent an email to their CEO, Marcel Bock. No response.

  2. Avatar Charles Gronan says

    I recently opened an account with them. How do I know my money is actually in a particular bank? Can I go to that bank and make sure my money is there? I have only had my account for a week and put money in a No-Penalty CD.

    • Once your deposit is transferred, it is held in a custodial account (a pooled bank account) with the selected institution. In other words, your funds are always held with an insured institution. Most importantly, the FDIC or NCUA insurance is transferable to you with the selected institution up to the applicable limits.