Raisin Bank

abechan

Anyone here have any experience using Raisin Bank? Do you recommend them for savings?


The only thing I can find online about them is here:
https://www.moneyguideireland.com/raisin-com-offering-better-interest-rates-for-irish-savers.html

JTMan

I have used Raisin.

They offer some of the highest term deposit rates. But no big return.

Experience was good with Raisin.

Some of the banks that work with Raisin are not big names so small risk needs to be considered, albeit all products are covered under deposit guarantees up to 100k.

AndrewJRenko

Any further updates on Raisin?

Sconsey

https://www.boards.ie/discussion/comment/119192241#Comment_119192241

I can give my two cents on Raisin, the deposit rates are the best out there by a mile. I checked-out some of the banks that will be holding the deposits, none are really what you would call high-street banks, they seem more like credit institutions or something. Having said that, they are registered as banks in their respective countries and appear to be covered by their countries deposit guarantee schemes.

I opened a Raisin account, process was very smooth, and after transferring some money I opened a deposit account. Whole thing took about a week, biggest delay was my bank limiting the amount I could transfer for security reasons (fair enough).

I have an IBAN for the Raisin account, my biggest concern is I have received documentation from the bank I have the deposit with, but I have not received an IBAN (yet) for that account. So I cannot say for sure that the deposit account is mine, though it appears to be in my name. I still have a slight concern that if Raisin went kaput, will I be able to access the deposit account. I will not be opening any more deposit accounts until I get an IBAN for the deposit account. Anyone else out there with deposit accounts care to share their thoughts on this?

Customer service is fairly non-existant, so bear that in mind, they appear to be swamped. If you run into problems you may have issues getting customer support.

Overall, great rates, smooth process for setup, deposits appear to be secure but not 100% convinced yet about ownership of the account and no real customer service.

dickface

Have you looked under My Raisin Account Mailbox > Documents menu ?

There should be a Deposit conformation item like below SS and inside that you will see your IBAN for that account.

Sconsey

https://www.boards.ie/discussion/comment/120284808#Comment_120284808

Hmmm yeah, I have a document called 'Opening Confirmation' and the title on the document when I open it is Deposit Confirmation, but only has the Raisin IBAN, I will give it another few days, maybe a new document will arrive.....

dickface

Oh, I just checked and I do have an account with Younited and for them i don't seem to have an IBAN like i do for Privata Banca Leasing, just the "Opening Confirmation"one...

blade1

How're u finding this now Op (or anyone)

I'm debating whether to put money I've withdrawn from state savings into this.

One thing I don't like when people have my money and are slow to respond if I need to know anything so how are they to deal with?

blade1

Probably will go ahead with this.

Waiting for state savings to give me my cash back.

14 working and still don't have.

FazyLucker

Do they do currant accounts?

blade1

https://www.boards.ie/discussion/comment/120479905#Comment_120479905

You'd have to find a different branch for that.

Heraclius

https://www.boards.ie/discussion/comment/120479905#Comment_120479905

Very witty:)

blade1

Thinking of putting money in a french bank through Raisin.

7. Risks is making me not so willing.

the_amazing_raisin

Can someone explain to me what the story is with Raisin bank and DIRT tax?

Do they deduct at source like an Irish bank or will I need to pay it separately?

In general, how are people finding the service? Doesn't seem brilliant for instant access accounts but it might be good for 1-2 year deposit accounts

blade1

https://www.boards.ie/discussion/comment/120515780#Comment_120515780

You'll have to declare it to revenue.

Also watch out for withholding fees.

Different countries have different rules so you may need to fill out extra paperwork to prove you are a full time Irish resident.

That's why I'm thinking of going with a french bank

A little less interest but no withholding fees so less forms involved.

Apt username btw.

the_amazing_raisin

https://www.boards.ie/discussion/comment/120515821#Comment_120515821

Ha, yeah I'll need to add a disclaimer that I'm not affiliated 😁

Good to know regarding the tax situation, will definitely have to balance any savings against the additional paperwork involved

dickface

https://www.boards.ie/discussion/comment/120515118#Comment_120515118

I am making an assumption here but i doubt you will find a savings service that does not have these risks. They are required by law to have that. I am just a lay person but that wouldn't put me off anymore than an Irish bank...if you read the fine print i would think similar wording would be there.

blade1

https://www.boards.ie/discussion/comment/120516287#Comment_120516287

You'll be called more than dickface if you're wrong! 🤪😂

dickface

I want to make clear the "assumption" part, I certainly don't know for sure.

blade1

Trying to transfer money from Boi to raisin there and BOI have a limit of €1000 a day for new payees

Anyone know is there a way around this?

It'll take way too long that way. 🙄

the_amazing_raisin

https://www.boards.ie/discussion/comment/120520115#Comment_120520115

I think if you go into a branch the limit is a lot higher

blade1

https://www.boards.ie/discussion/comment/120520366#Comment_120520366

Cheers!

I'll go in and tell them they'd want to be raisin the limit 😂

the_amazing_raisin

https://www.boards.ie/discussion/comment/120520377#Comment_120520377

Raisin it to an amazing level? 😉

Sconsey

https://www.boards.ie/discussion/comment/120520115#Comment_120520115

I am fairly sure that limit goes away after two or three days, the payee is no longer considered 'new'.

blade1

https://www.boards.ie/discussion/comment/120520393#Comment_120520393

Ooh, I certainly hope so. Thanks

fletch

Anyone having issues logging in? I use a password manager so I definitely didn't enter my password incorrectly. I did "Forgot Password" a few times and I still can't access my account. I emailed support but no response yet.

blade1

https://www.boards.ie/discussion/comment/120549872#Comment_120549872

Mine is working anyway.

Bass Reeves

https://www.boards.ie/discussion/comment/120520393#Comment_120520393

Limit increases by 1K/day up to a max of 20K after 20 days. If you want to do a large transfer you can do it in a bank branch

blade1

https://www.boards.ie/discussion/comment/120556035#Comment_120556035

My limit on line raised to 20k after 2 days

homer911

https://www.boards.ie/discussion/comment/120290213#Comment_120290213

did you get your bank account IBAN @Sconsey ?

Furze99

I wonder should a lot more people be looking to shift their savings out of Irish banks?

Seems to be little competition and they are taking the proverbial piss with the gap between what they are now lending at and what they are giving depositors.

A good kick up the arse could be in order.

Once you lose customers, it's hard work to get them back.