About SaveBetter
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 & 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 made 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.
Silicon Valley Bank is not, and has never been, a client of SaveBetter. Their collapse will not have any impact on our customers’ FDIC and NCUA protected funds as all institutions on our platform are federally insured up to the applicable limits. The FDIC has never lost a penny of depositors funds within legal limits since they were founded in 1933. The NCUA, which protects credit union funds, has also never lost a cent of insured money since its founding in 1970. You can learn more about federal deposit limits here.
First Republic Bank is not, and has never been, a client of SaveBetter. There is no impact to our customers’ FDIC and NCUA protected funds as all institutions on our platform are federally insured up to the applicable limits. The FDIC has never lost a penny of depositors funds within legal limits since they were founded in 1933. The NCUA, which protects credit union funds, has also never lost a cent of insured money since its founding in 1970. You can learn more about federal deposit limits here.
Getting started
A. Check out our savings marketplace and choose a product in which you would like to deposit money.
B. Create your username and password.
C. Complete an application and, after successful identity verification, link a bank account from which to fund your first savings product.
D. Start earning interest as soon as your money is received by the bank or credit union offering the savings product you selected.
Any questions or concerns? Email us at [email protected].
All deposits and withdrawals are completed within one to three (1-3) business days. After the initial deposit a withdrawals limitation for the first few business days may exist.
Business days are Monday through Friday excluding U.S. bank holidays.
Your routing number and account number are displayed at the bottom of your personal check (see image). If you don’t have a check, you can log in to your account online or through your mobile banking app to locate this information. Otherwise, contact your bank by phone or by visiting a branch.
Currently, our platform allows customers to add deposit products to their SaveBetter account with a joint owner. We hope to offer other account types in the future.
For products offered by banks, all necessary registration is handled when you become a SaveBetter customer. One of the many benefits of our platform is that you can open a single account and earn competitive interest rates from banks in the SaveBetter network. When you select and fund a savings product offered by a credit union, there is an additional step of becoming a member. SaveBetter makes that process quick, easy and free. You still have one SaveBetter login and can view all your savings products in one convenient dashboard.
Using SaveBetter
We recently made a slight adjustment to interest posting timelines to improve your account statement experience that may cause you to see two interest postings on your monthly statement for March 2023.
Previously, interest earned would appear in your account on the first day of the following month; now, interest earned will post on the last day of that month. Due to the timing of this change, any interest earned in February 2023 will be dated March 1, 2023. Any interest earned in March 2023 will be dated March 31, 2023.
For future statements, please expect to only see one interest posting on the last day of that month.
Please do not hesitate to reach out if you have any further questions on how and when interest posts to your account.
Log in to your SaveBetter account, check the Account Overview page, and click the arrow on the right-hand side to see all your options.
You can decide how you would like to proceed before the CD matures. (The equivalent product offered by a credit union may be named "certificate.") Log in to your SaveBetter account and select your desired choice from the available options, or contact customer service. Depending on your specific product, if you do not make a selection before your CD matures you will either be automatically renewed into the same product and term at the current offered interest rate (or dividend rate for credit union products) or your full deposit, including the interest you earned, will be transferred to your external bank account on file with SaveBetter.
SaveBetter accounts do not have bank account numbers or routing numbers. You can access your account with your email address and SaveBetter password. Your linked bank account is the source of all deposits and the destination for all withdrawals.
Your statements are contained on the Documents section of our site.
Yes, provided you earned $10 or more in interest on SaveBetter during the calendar year. You will be notified by SaveBetter via email when your year-end tax statement is available. Please note that Lewis & Clark Bank will appears a Payer on your tax documentation. Only primary account holders have access to tax documents; secondary account holders on joint accounts do not.
The current APY for your savings products can always be viewed on the Account Overview page when you are logged in to SaveBetter. This information also appears on monthly statements.
You cannot currently link your SaveBetter account to a third-party app, but we may offer this feature in the future. For now, you will not be able to link your selected savings product to a third-party app even if the bank or credit union offering that product does so outside of the SaveBetter platform.
Yes, but SaveBetter makes the process quick, easy and free. SaveBetter customers who select and fund a savings product from a credit union within our exclusive network of financial institutions will be prompted to accept the credit union's membership documents before proceeding. SaveBetter customers do not pay membership enrollment fees when accessing credit union savings products through our platform.
Please email us at [email protected].
Joint Accounts
If you’re only seeing a button to withdraw funds, it is likely because you are a secondary account holder. Currently, only primary account holders are able to deposit funds directly.
Yes! It’s easy to open a joint account with SaveBetter. For step-by-step instructions, click here.
If you are unable to add an external account to your SaveBetter profile, it is likely because you are a secondary account holder. Currently, only primary account holders can add an external account to their profile.
If you are a secondary account holder on a joint account, you will be unable to view tax documents directly. Currently, only primary account holders have access to this feature.
Please email us at [email protected].
Additional Questions
In the event a SaveBetter partner bank fails, your funds deposited with that institution remain insured up to the FDIC limit, respectively. This is typically up to $250,000 per depositor, per insured institution, per account ownership category. Keep in mind that all deposits you have at a bank — whether made through SaveBetter or otherwise — count toward this deposit insurance limit.
In the event of a failure, your funds would likely be temporarily frozen while the FDIC works toward resolving the failure, either through issuing payment to the depositor directly by check up to the insurance balance in each account (typically within a few days of the bank closure) or through the purchase of the failed bank by a healthy bank.
In the event a SaveBetter partner bank is sold, you would still have access to your funds; they would just be deposited at the assuming bank. You would be able to then deposit or withdraw your funds as needed.
Contact us
You can reach us at:
Email: [email protected]
Tel: 844-994-EARN (3276)
646-933-7700
(Monday to Friday from 9 a.m. - 4 p.m. ET)
For press or partnership inquiries:
Email: [email protected]
The SaveBetter name and logo are trademarks of Raisin US LLC. The Raisin Solutions US name and logo are trademarks of Raisin GmbH, used with permission. All other trademarks, logos, marks, and brand names are the property of their respective owners - used with permission
© 2023 Raisin US LLC. All rights reserved.
APY means Annual Percentage Yield. APY is accurate as of {todayDate}. Interest rate may change after initial deposit. Minimum opening deposit is $1.00.
Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodian Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through SaveBetter.com. The Custodian Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered through SaveBetter.com. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Lewis & Clark Bank is the Custodian Bank.