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NexBank Review: Why This Raisin-Backed High-Yield Account Stands Out

Review Updated
Brooklyn Sprunger
Author: Brooklyn Sprunger
Brooklyn Sprunger
Brooklyn Sprunger
Content Manager

Brooklyn Sprunger is a full-time Content Manager and Personal Finance Writer at Motley Fool Money, where she oversees product reviews and ratings while also writing about credit cards, bank accounts, investing, auto insurance, and other personal finance topics. She has worked in financial content since 2018, including more than four years at The Motley Fool. When she’s not writing or editing, Brooklyn is likely hiking and watching the Tennessee Vols.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

With a 4.26% APY, the NexBank High-Yield Savings Account from Raisin is one of the highest rates we recommend. It's perfect for savers who want serious returns without jumping through hoops.

Raisin's secure online platform gives you 24/7 access to your funds, and there's even a cash bonus opportunity if you deposit $10,000 or more within 14 days -- higher deposits earn bigger rewards, up to $1,000. It's a set-it-and-forget-it way to grow your savings at a top rate.

Rates as of Oct 01, 2025

NexBank High-Yield Savings Account from Raisin

Member FDIC.
4.60/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.60/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Limited-time Offer
New customers: Earn $75-$1,000 bonus with deposits of $10k-$100k+ with code EASY Circle with letter I in it. New customers: earn up to $1,000 when you open a savings account through the Raisin platform with code EASY and make a qualifying deposit within 14 days of your first deposit. Bonuses are tiered: $75 for deposits of $10,000–$24,999, $250 for $25,000–$49,999, $500 for $50,000–$99,999, and $1,000 for deposits of $100,000 or more. To receive the bonus, deposits must be maintained for 90 days. Offer ends November 30, 2025.
APY
4.26%
Min. To Earn APY
$1
  • High APY
  • No monthly service fee
  • Unlimited ACH transfers
  • FDIC insured
  • Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limited to one linked external account)
  • No checking account offered through Raisin
  • No branch access; online only

With a 4.26% APY -- one of the highest rates on any account we recommend -- the NexBank High-Yield Savings Account from Raisin stands out for savers who want serious returns with minimal effort. You only need $1 to open, and FDIC insurance through NexBank keeps your money protected. Raisin's secure online platform gives you 24/7 access to funds, and there's even a cash bonus opportunity if you deposit at least $10,000 within 14 days -- with higher deposits earning bigger rewards, up to $1,000. It's a no-fuss, set-it-and-forget-it option for growing your savings at a top rate.

At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:

  • APY
  • Brand and reputation
  • Fees and minimum requirements
  • Accessibility and features

Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:

  • APY
  • Brand and reputation
  • Fees and minimum requirements
  • Accessibility and features

Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Bonus Next Steps
up to 4.50%
Rate info Circle with letter I in it. Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it. Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
3.50%
Rate info Circle with letter I in it. 3.50% annual percentage yield as of October 1, 2025. Terms apply.
Min. to earn: $0
N/A
4.10%
Rate info Circle with letter I in it. The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
N/A
Disclaimers

The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.

What is Raisin?

Raisin is an online platform that connects you with banks and credit unions offering top savings rates. Instead of hopping from bank to bank, you can open and manage multiple accounts in one place. The platform is free to use, and your deposits go directly into an FDIC-insured account at the partner bank (in this case, NexBank).

Why it's safe

A big question with any online marketplace is whether your money is protected. With Raisin, the answer is yes:

  • FDIC insurance: Deposits are held at NexBank and insured up to the standard $250,000 per depositor.
  • No middleman risk: Raisin isn't a bank, it simply provides the portal. Your funds remain in your NexBank account, not with Raisin itself.
  • Established players: Raisin partners only with federally insured banks and credit unions, so you're not taking a chance on unregulated institutions.

What I like about NexBank

Competitive APY

NexBank offers one of the highest interest rates on any account we recommend through Raisin, often higher than what you'll find on its direct site. That means your money grows faster without you having to hunt for special promotions.

Low barrier to entry

You only need $1 to open the account, making it accessible to almost anyone. There's no minimum balance required to start earning interest, so you can begin saving immediately.

No monthly fees

The account comes with no monthly maintenance fees, which is a big plus if you're trying to maximize your savings. You don't need to worry about maintaining a high balance just to keep your money earning interest.

FDIC protection

Even though you're managing your account through Raisin, your money is still held at NexBank and protected by FDIC insurance. That means up to $250,000 of your deposits are federally insured, giving you peace of mind.

Bonus opportunity

If you deposit at least $10,000 within 14 days of opening, you can earn a cash bonus, with larger deposits unlocking bigger rewards -- up to $1,000. It's a nice perk for savers with extra funds ready to deploy.

Downsides to consider

Online-only banking

NexBank doesn't have physical branches for in-person support. If you like walking into a branch for help or depositing checks face to face, this account might feel limiting.

Rates can change

The APY you see today may not stay the same indefinitely. High-yield savings rates fluctuate with the market, so you'll want to monitor the rate to ensure your account remains competitive.

Limited product offerings

NexBank through Raisin focuses primarily on savings accounts, so if you're looking for a full suite of banking services like checking, loans, or credit cards, you'll need to go elsewhere.

Bottom line

If your goal is to grow your savings with minimal effort, NexBank's high-yield savings account via Raisin is hard to beat. You get a strong APY, FDIC protection, no monthly fees, and easy online access, plus the potential for a cash bonus. It's a straightforward, secure way to earn more on your money without the usual hassle.

FAQs

  • Yes. Deposits are held at NexBank and insured by the FDIC, giving your money full federal protection.

  • You manage your NexBank savings account through Raisin's online platform, which allows 24/7 access to balances, interest, and transfers.

  • No. The account has no maintenance fees, so you can earn interest without worrying about balance requirements or hidden costs.