Harborstone Credit Union (from Raisin) Money Market Account Review 2024
Discover the benefits of Harborstone Credit Union’s money market account, in collaboration with Raisin, offering a competitive annual percentage yield (APY) without monthly fees.
With a minimal $1 deposit requirement, this account provides accessibility for those embarking on their savings journey. Explore the pros and cons and compare it to alternatives like CIT Bank and Ponce Bank.
Harborstone Credit Union Money Market Account At-a-Glance
Harborstone Credit Union's money market account features a solid rate. Here's what else you should know if you're considering this account.
Overall Impression
A Harborstone Credit Union money market account might be attractive if you’re looking for a higher APY with no fees. You’ll need to be comfortable opening your account with Raisin versus directly through the credit union, as that’s necessary to earn the advertised rate. A low minimum deposit of $1 makes this account highly accessible for people just getting started with saving.
Where to Find the Best Money Market Accounts
We’ve made finding the bank with the best money market account to meet your goals easy by compiling the list below. Explore our listing and find the best money market account for you.
Harborstone Money Market Account Pros and Cons
There are always advantages and disadvantages associated with any bank account. Here’s how the pros and cons of this account compare.
Pros
- Low opening deposit requirement
- No monthly fees or hidden fees
- Easily online account opening
- NCUA-insured deposits
- No minimum balance requirements
Cons
- No ATM card or debit card
- No check-writing privileges
- Accounts must be opened through Raisin
Compare to Others
Harborstone Credit Union isn’t your only option for money market savings accounts. Here are three other banks you might consider when deciding where to save.
CIT Bank Money Market Account
CIT Bank offers money market accounts, checking accounts, high-yield savings accounts, and CDs. You’ll need $100 to open a money market account here and start earning interest.
The APY is not as good as what you could get with Harborstone, but you don’t have to go through Raisin to open your account. Deposits are FDIC-insured, and you can manage your accounts through CIT’s online and mobile banking options.
Ponce Bank Money Market Account
Ponce Bank also offers a money market account through Raisin. The APY is slightly higher than you could get with Harborstone, but not by much.
The same $1 minimum opening deposit applies, and no monthly or hidden fees exist. You can manage your money through the Raisin website, and the Raisin app is available in the App Store.
Patriot Bank Money Market Account
Patriot Bank is another bank that partners with Raisin to offer money market savings accounts. Patriot Bank’s pay is the lowest of the three Raisin-offered accounts. But it’s still much better than what you could get with CIT.
There are no monthly fees and no minimums. Deposits are FDIC-insured.
Who Is the Harborstone Credit Union Money Market Account For?
The Harborstone Credit Union account offered through Raisin could be a good fit for anyone who wants to earn a great rate on savings. This account may be ideal for people who:
- Want to get one of the highest rates possible on savings balances
- Don’t want to pay steep banking fees
- Need a lower minimum opening deposit requirement
- Don’t mind managing their accounts online only
This account isn’t a great fit for people who want a money market account offering a debit card, ATM card, or checks. Raisin doesn’t make any of those things available for its partner bank accounts.
Rating the Features & Products
When shopping for a new bank account, looking at the features and products in-depth is a good idea. Since this review focuses on the Harborstone Credit Union money market account offered through Raisin, we won’t dive into everything Harborstone offers. But we will cover the most important things to know about this account.
Mobile Banking
You can download the Raisin app in the App Store if you have an Apple device. However, the app has a two-star rating, which suggests most users aren’t very satisfied with its features and functionality.
You can always log in to the Raisin website to manage your accounts. Account access is available online 24/7.
Customer Service and Experience
Raisin customer service is available by phone or email. You’ll need to contact Raisin support for any accounts you open through the site. If you’re opening accounts directly through Harborstone Credit Union, you will contact their customer service instead.
Fees
One of the best reasons to open a Harborstone Credit Union money market account through Raisin is to avoid fees.
There are no monthly maintenance fees or hidden fees. Raisin doesn’t charge fees, a nice change from the fees that banks and credit unions often pile on.
Rates
The rates you can get through Raisin are on par with what you’ll find at top online banks. That is to say, the rates are much higher than what you’d get if you were to open a savings account at a traditional bank or credit union.
When comparing rates through Raisin, it helps to look at the same types of accounts. For example, you’d compare credit union money market accounts to credit union money market accounts or online savings accounts to online savings accounts.
That can give you a better idea of which account has the best rates overall.
Tools, Extras
Since you’re opening your account through Raisin, there aren’t a lot of extra bells and whistles. For example, you can access no automatic savings tools or goal trackers.
However, that may not matter much if your main priority is adding to your balance.
Access
You can access your Harborstone Credit Union money market account through the Raisin website. As mentioned, you can also download the app from the App Store.
There’s no ATM card or debit card offered with this account. And you won’t get check-writing privileges either.
Safety and Security
The National Credit Union Administration insures deposits made to a Harborstone Credit Union account through Raisin. That means that in the rare event of a credit union failure, your deposits are protected up to $250,000.
Raisin implements standard security measures for protecting customers’ personal and financial information. You can feel comfortable saving here if safety is a concern.
Minimum Deposit
The minimum deposit to open an account with Harborstone through Raisin is $1. That’s much less than what other banks require, which is great if you have a limited amount of money to start saving with.
Frequently Asked Questions (FAQs)
Raisin isn’t a bank. Instead, it’s a legitimate financial marketplace that partners with banks and credit unions to offer consumers savings, money market, and CD accounts.
When you open a Raisin account you’ll need to link it to an external bank account to make your first deposit. Once your accounts are linked, you can transfer money back and forth between them to make withdrawals.
Money market accounts can offer flexibility since you can withdraw money using a debit card or writing checks. CDs, on the other hand, require you to keep the money in your account for a time period or face a penalty for early withdrawals. But a CD account could potentially offer a higher rate, so it’s essential to consider what you need and want most from a savings option.
