Harborstone Credit Union Money Market Deposit Account from Raisin Review: Great APY From a Third-Party Partner

Harborstone Credit Union is a small, local organization in Washington State. But, through a partnership with fintech platform Raisin, the Harborstone Credit Union Money Market Deposit Account from Raisin offers an APY that can compete in the big leagues. See how it works, and whether it's worthwhile, in our complete Harborstone Credit Union Money Market Deposit Account from Raisin review.

Top perks

High APY: The account through Raisin has a very competitive 5.25% APY. Not only is it much higher than the rate you'd get directly from Harborstone, but it's comparable to the rates on our favorite money market accounts.

No account fee: You don't need to worry about how to avoid a costly account fee; there isn't one.

Low initial balance requirement to open: One thing that tends to give savings accounts the edge over money market accounts is the opening requirement, but that's not the case with the Harborstone Credit Union Money Market Deposit Account from Raisin. You only need $1 to open an account.

Online banking through Raisin: When you get an account through Raisin, you don't deal with the bank that has your money. Instead, you'll manage your account through your Raisin dashboard, which provides 24/7 access to your account.

NCUA insured: While your account is managed through Raisin, your money is kept at Harborstone Credit Union, which is part of the NCUA (National Credit Union Administration). The NCUA insures your deposits similarly to how the FDIC insures deposits at banks; it even has the same $250,000 coverage.

What could be improved

Missing out on the credit union experience: The Harborstone Credit Union Money Market Deposit Account from Raisin is only available through Raisin, meaning you won't find it on the Harborstone website. And while you'll still need to join the credit union, you won't enjoy many of the benefits you'd typically experience. For example, you'll manage your account through Raisin, so the in-person services from a Harborstone branch won't be available.

Can only transfer to/from one account: When you set up a Raisin account, you'll need to link an outside bank account. That's the only way you can fund your Raisin account. It's also the only way you can move money out of your Raisin account. This is a huge drawback, especially since one of the main benefits you usually have in a money market over a savings account is quicker access to your money.

Must be a member of the credit union: You need to be a member of the Harborstone Credit Union to open any of its accounts. On the plus side, Harborstone has more relaxed requirements than many credit unions, as any resident of Washington State can join.

Since this account is managed through Raisin, you're limited on how you can access your money.

Deposit options

You only have one way to add money to your Raisin account:

• ACH transfer from your linked bank account

Any cash or check deposits, or money from other banks accounts, will need to route through your linked account.

Withdrawal options

Same with deposits, you're limited to a single way to get your money out of a Raisin account:

• ACH transfer to your linked bank account

While transfers are typically completed within a day or two, this isn't exactly quick access.

Folks who live in Washington, want a high APY, and don't mind going through a third-party company to get it may like this product. It's certainly a better rate than you'd get going through Harborstone's own website.

However, you're missing out on many of the perks of being part of a credit union, and you're really limited on how you can access your funds. If you'd rather deal directly with the people who hold your money, look at our top-rated accounts with high APYs offered by the banks themselves.

Keep reading about Harborstone Credit Union

• Harborstone Credit Union Review

Our money market account methodology

At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

• APY: 60%
• Brand and Reputation: 15%
• Fees and Minimums: 15%
• Perks: 10%

Learn more about how The Motley Fool Ascent rates bank accounts.