Rakuten Users: Get a $50 Cash Back Bonus When You Open a Raisin CD

New customers to Raisin can score a $50 bonus when they open an eligible CD or high-yield savings account through the cash back app Rakuten.

The offer is available to new Raisin customers -- those who don't have a Raisin account yet -- who make a minimum $100 deposit in an eligible bank account. The $50 cash back will be deposited into your Rakuten account, not Raisin, so you'll need to activate the offer on Rakuten's page first. You can find the offer on Rakuten's promotional page.

This is a quick way to earn cash back, especially if you're in the market for a CD or savings account. Currently, one of the best accounts eligible for this offer is a 3-month CD through Western Alliance Bank. This CD currently earns a 5.26% APY, making it one of the most competitive we've found for its term.

Woah, woah, slow down. What's Raisin?

Raisin is a financial marketplace where you can find high-yield savings products. It partners with dozens of insured banks and credit unions to provide savers with competitive rates on CDs and savings accounts. Normally, you only need $1 to open accounts on Raisin's platform. But if you want to get the Rakuten bonus, you'll have to deposit $100.

For its part, Rakuten is a free app that helps you earn cash back on your purchases. Cash back is paid out quarterly (you need at least $5.01 to redeem it), and you can transfer it to your PayPal account or have it mailed to you as a paper check.

Although you might have to wait to transfer your cash back, you won't have to wait long to get this $50 bonus. After you open a new Raisin account through Rakuten, the cash back will be added to your account the following day. You can only earn one bonus per person, so whichever Raisin account you open first will be the one that earns the $50 reward.

Raisin has great rates, but not all products are competitive

Right now, this offer is available for a small number of Raisin accounts. Some have great APYs, like a high-yield savings account from Mission Valley Bank (5.12% APY). Others, however, are not competitive and may not be the best place to put your money.

For example, you can earn a $50 bonus when you open an mph.bank 15-month CD. Although you're earning the bonus, the CD has a lackluster 3.00% APY, which is low compared with the best CD rates available.

Raisin's minimums are low enough, however, that you could reasonably deposit the minimum just to get the bonus. For example, you could deposit $100 in the 3-month CD from Western Alliance Bank. This will earn you the $50 reward, plus give you a generous APY. If you then wanted to invest in long-term CDs, like those with 15-month terms, you could explore Raisin's platform for more lucrative products -- even if those accounts don't earn the bonus.

All in all, if you're in the market for a high-yield savings account, getting a $50 bonus is just icing on the cake. Check out Rakuten's page for more details and see which accounts will net you the most cash.