I think it is analogous to brokered CDs. The issuer makes a deal with the middleman to bring in clients instead of directly advertising. Raisin answers that in the FAQs--the banks pay them a fee.

And like brokered CDs, you cannot find or get the same deals directly with the bank. Just like UFB and VIO when the actual bank does not have the same good deals as their online-only branch.

Oh, and they have MANY no-penalty CDs, which are hard to find yourself. Ex: Western Alliance Bank No-Penalty CD, 16 month, 5.40%. Check their web site---they are a small business bank and don't even have consumer accounts. WAB has a brokered CD available via stock brokers (and raisin), 12 month 5.5%, 90-day early withdrawal penalty.



My experience with opening bank checking or savings accounts is that the process isn't much more inconvenient

Just wait. In the last couple years I have opened several high-yield savings accounts, and 3 of them got denied. Most banks use ChexSystems -- which is like a Experian but for bank accounts -- and you can get blacklisted if you open too many bank accounts in a short period of time.

And just now I accidently discovered a bank, PopularDirect, that pays 5.25%. Open an account with them or with raisin?

CIT, Discover, Ally, Axos, SFGI, BRIO, dollarsavingsdirect .... all at one time had the best rates, and all have subsequently fallen behind.

Oh, cr*p! Brio is now 5.35%. Too bad I closed that account.