Raisin New Account Bonus: How To Get up to $1200

If you’ve been thinking about moving your savings to a higher-yield account, now could be a good time to do it. Raisin, the savings marketplace that lets you compare and open high-interest accounts from multiple banks and credit unions, is offering new customers up to $1,200 when they open a qualifying high-yield savings account or CD by July 31, 2026.

The bonus is split into two parts: You’ll earn an initial cash bonus after opening a qualifying account and meeting the minimum deposit requirement, then a second bonus by making at least two additional deposits.

Here’s what you need to know about Raisin’s cash bonus, including how to qualify for it, how much you can get and when the offer ends.

To secure your base cash bonus, open a Raisin account and use promo code SUMMER26 to sign-up, then deposit at least $10,000 within 14 days. The bonuses are tiered, based on how much you deposit.

Step 2: Add an extra boost

To earn an additional reward, set up a recurring deposit within 14 days of your first deposit and complete at least two more deposits within 90 days.

Your qualifying initial deposit determines your maximum reward tier: You can match that level to get the full boost, or choose any option up to your unlocked amount. So, setting up a recurring deposit greater than the required threshold for your base bonus tier won’t qualify you for a higher boost bonus.

Step 3: Get rewarded

You’ll need to maintain your balance for 90 days. After all the promotional requirements are met, your total cash bonus will be credited to your account within 30 days.

Before you take advantage of Raisin’s sign-up bonus, there are a few things to keep in mind:

You must be a new customer: Cash bonuses are intended to attract new business, so you’re not eligible for the bonus if you already have an account with Raisin or closed one within the past 12 months. Existing customers may be able to earn a $100 referral bonus for each new customer they refer who makes a qualifying deposit of at least $10,000.

You must meet the enrollment requirements: To receive any cash bonus, you must make an opening deposit of at least $10,000 during the promotional window. To take advantage of the bonus boost, you must also make two recurring deposits totaling at least $100 and keep the funds in your account for 90 days.

You might not get the best rate: While Raisin works with many banks and credit unions, you might find a higher APY with an institution outside its network. The bonus should be one factor among many, not the main reason to choose Raisin.

Raisin, formerly known as SaveBetter, is a free financial platform that lets you shop for, open and manage high-yield savings accounts, CDs and money market accounts from more than 100 smaller banks and credit unions — including CNBC Select picks like Western Alliance HYSA and EverBank Performance℠ Savings.

There are no fees, no minimum balance requirements (if you’re not trying to get a bonus) and all their accounts have above–average APYs.

You can manage all of your accounts through a single, secure login and track your combined balances and earnings, as well as move money between accounts as rates change.

Raisin isn’t a bank or credit union: It’s not insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) and it doesn’t hold customers’ funds. While Raisin manages customers’ savings, federally insured banks and credit unions directly hold their deposits. Customers get FDIC or NCUA insurance through Raisin’s partner network, subject to certain conditions.

If you want to make a cash withdrawal, you have to transfer your money to your Raisin Cash Account and then transfer it again to a linked external deposit account with ATM access.

Here’s how you can use Raisin to help you set up and manage bank accounts:

1. Choose a savings product on the Raisin platform and click “Save now.”
2. Create your login credentials and submit your application, using promo code SUMMER26.
3. Sign the electronic communications agreement and get your identity verified.
4. Link your Raisin account to the checking or savings account you’ll use to transfer funds.
5. Transfer money into your new Cash Account.
6. Transfer money from your Cash Account into the savings product you’ve selected.

You’ll receive a monthly statement showing your activity on all your accounts, as well as balances and earned interest.

Being able to move funds as APYs fluctuate is convenient, but Raisin does have some drawbacks.

Pros

• Raisin is linked to dozens of smaller banks and credit unions with high returns
• There are no monthly maintenance fees
• You only need a $1 to open an account
• One login can access accounts at multiple institutions
• By spreading deposits across multiple institutions, you get more than $10 million in FDIC or NCUA protection, rather than the standard $250,000

Cons

• You are limited to the 100+ institutions Raisin has partnerships with, so you may miss out on a higher return someplace else
• Raisin may offer lower rates on some accounts than what you’d get going directly through the bank or credit union
• Transferring money in and out of the platform can take several business days
• There are no physical branches and customer service is limited

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every banking article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of deposit accounts. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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