Frequently Asked Questions

SaveBetter is a digital platform that gives savers unparalleled access to a variety of deposit products through the convenience of a single account, helping you unlock the growth potential of your cash savings.

SaveBetter customers use the platform to fund federally insured deposit products offered by numerous U.S. banks and credit unions with a wide range of maturities and APYs (annual percentage yield), allowing you to build a savings strategy to suit your earning and liquidity needs.

SaveBetter is not a bank. It provides the digital “storefront” where banks and credit unions can promote their deposit products.

SaveBetter is operated by SaveBetter LLC, a 100% subsidiary of Raisin GmbH, a trailblazer for open banking in the deposits and investments space. In the U.S., Raisin helps banks and credit unions improve their deposit funding by offering national reach for their retail deposit products, and provides savers with better access, more choice and higher convenience when evaluating savings products from FDIC insured banks and NCUA insured credit unions.

Your SaveBetter account gives you access to savings accounts and certificates of deposit offered by a variety of banks and credit unions with the security of federal deposit insurance. These products include:

• High-yield Savings Account (HYSA). As its name indicates, this account type functions like a traditional savings account — with typically no restrictions on depositing and withdrawing funds — but 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 at any time beginning seven (7) calendar days after funding without having to pay a penalty for the early termination.

• Fixed Term CD. With this longstanding 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.

Yes! You can open a savings account or deposit money in a range of CD products from one of our partner banks and credit unions once you are a customer at SaveBetter. Other financial services like checking accounts and online bill pay are not currently available through SaveBetter.

If you would like to see these or other features added to SaveBetter, let us know by emailing us at [email protected].

SaveBetter customers’ funds are held in a custodial account at the bank or credit union that is providing your selected savings product(s). All financial institutions involved in the SaveBetter platform are insured by either the FDIC or NCUA, so your funds are held at a federally insured institution at all times.

Custodial accounts are involved in how SaveBetter directs the money transfers from customers to the banks and credit unions holding their savings. When a customer makes a deposit through their SaveBetter account into a savings product offered by a given financial institution, the funds move from the customer’s external bank account (also referred to as the reference account) to an omnibus custodial account held by Lewis and Clark Bank (functioning in the role as a custodian bank) at the financial institution offering the savings product.

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.

SaveBetter does not charge our customers any fees.

Our partner banks and credit unions pay fees to SaveBetter in return for marketing their products to savers across the United States. This allows us to provide our platform and services free to our valued customers!

Interest (or dividends in the case of credit union savings products) is compounded daily and posted to your account monthly.

The short answer is yes!

For SaveBetter customers who hold savings products offered by one of our partner banks, funds are insured by the FDIC up to the maximum amount in accordance with and as permitted by law at each bank holding their funds. The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per account ownership category. Ownership categories as defined by the FDIC include single bank accounts (owned by one person/depositor) and joint bank accounts (owned by two or more persons/depositors). Revocable trust accounts and some types of retirement accounts (e.g., IRAs) are among the other ownership categories covered by FDIC insurance. All deposits you have at a bank — whether facilitated through SaveBetter or otherwise — count toward the deposit insurance limit. If funds held at a bank in a certain ownership category exceed the coverage limit, then the amount in excess of the limit will not be insured.

If you hold a savings product offered by one of our partner credit unions — making you a member of the institution — funds are insured by the NCUA through its Share Insurance Fund. According to the NCUA, each credit union member has at least $250,000 in total coverage. The Share Insurance Fund insures individual accounts up to $250,000. Additionally, a member’s interest in all joint accounts combined is insured up to $250,000.

At SaveBetter, cybersecurity is our priority. SaveBetter is a SOC 2 certified platform, meaning it has been validated by outside AICPA auditors. We also use a variety of measures to protect our customers' data, privacy and transactions, including:

• User authentication. The SaveBetter platform uses multi-factor authentication combined with leading authentication technology to validate our customers’ identities.

• Data encryption. Your personal information is encrypted in-transit and at rest using advanced cryptographic security algorithms.

• Site protection. Cloudflare™ advanced internet protection technologies are implemented to protect SaveBetter.com from malicious actors, botnets and denial of service attacks (DDOS).

• Monitoring. An always-on information security monitoring platform detects and alerts us to information security events.

• Assessments. Our platform undergoes vigorous security assessments and testing throughout the lifecycle of application development, from architecture planning to production phases.

Cloudflare™ is a registered trademark of Cloudflare, Inc.

We team up with banks that offer consumers competitive interest rates and with credit unions that offer industry-leading dividends. However, the institutions behind these deposit products set the rates for the products they offer independently and may take into consideration facts like market conditions or their individual funding needs. Please note, rates may be subject to change.

Check the Explore Products page to see the partner banks and credit unions in our network.

Dividend is the term commonly used to describe the payment a credit union offers on certain savings products, such as share certificates. The dividend paid by these types of accounts is usually expressed as a rate. Unlike a bank, which pays interest to a depositor for the funds held in a savings product, a credit union pays a dividend to a member.

Share account and money market share account are terms commonly used to describe types of dividend-bearing accounts offered by credit unions. Share accounts function in similar ways to savings accounts offered by banks. Share certificate is a term commonly used to describe a type of term share account offered by credit unions that earns dividends at a set rate over a set time period. Share certificates function in similar ways to certificates of deposits offered by banks.