You may be wondering, 'What is SaveBetter?' Well, SaveBetter is an online marketplace where you can access deposit products from a nationwide network of banks and credit unions. It offers a curated selection of savings solutions in one place with one account, login and statement.
Through one account, you can fund and manage savings accounts, money market accounts (MMAs), and certificates of deposit (CDs), building a savings strategy that fits your needs.
SaveBetter is part of Raisin, which has been offering customers across Europe and the United States innovative and competitive ways to save since 2012.
How does SaveBetter work?
SaveBetter is a marketplace where banks and credit unions offer savings products (savings and MMA accounts as well as CDs). The banks/credit unions are all FDIC/NCUA insured, and the money you deposit is held with them, covered through pass-through FDIC/NCUA insurance.
SaveBetter acts as a middleman that manages money transfers (deposits and withdrawals to/from your accounts), pools your money with other savers, and puts it into the savings product you have selected with the actual bank/credit union.
Opening a SaveBetter Account
When opening your account with SaveBetter, you select one nominated account with another external bank (usually your regular checking account), which will be the only account you can make deposits to SaveBetter from, and any withdrawals will be transferred back to that account.
Your SaveBetter account is not an individual account with a bank/credit union, soit does not have a routing and account number. You cannot link them to other accounts for ACH transfers or third-party finance management apps.
If the banking product you select through SaveBetter is offered through a credit union, you will become a member of that credit union. SaveBetter does all the paperwork, and you have nothing to do - accounts with banks and credit unions work in the same way on the SaveBetter platform.
More information can be found at SaveBetter.com under About Us and in the FAQs.
