I would respectfully disagree. The FDIC clearly states that they do not guarantee Raisin, but only the accounts that Raisin deposits into. You ask, “what’s the difference?” As a consumer, you have no way of knowing if your funds have moved from a Raisin account to the custodial account (shared with all Raisin customers) at the FDIC insured bank. So you’re trusting that Raisin is being properly managed and won’t be run into the ground due to fraud or incompetence.
You compare Raisin to Fidelity, Schwab and Vanguard. I would say that’s a stretch. If any of those three went under with funds that were supposed to be in insured accounts but were not, the federal government would almost certainly step in and make consumers whole. I don’t think you can say the same thing about Raisin.
In short, even if the risk is minimal, why take on any risk at all when you can deposit your funds directly with an FDIC insured institution like CIT Bank and their online savings account currently paying 5.05%?