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.

dxhound2005

They would love that. They are stuffed to the gills with money that nobody wants to borrow. There is zero reason to offer higher deposit rates, when so many people are happy to keep piling in the deposits, even with such paltry returns.

Even worse are the Credit Unions, who only announce at the end of the year whether they will pay any interest. And in recent years it is usually zero. Doesn't stop vast sums rolling in.

Sconsey

https://www.boards.ie/discussion/comment/120558518#Comment_120558518

No not for the Youniited account, I will chase-up with them.

Yillan

Looking at Raisin as an option. There's a French 'bank' with no withholding fees called Younited with a good rate.

It seems that they are a FinTech company looking for investment rather than a bank offering deposit interest rates. That's my understanding of what the business is, but I'm open to correction.

Articles around raisin talk about them being an alternative to the extremely low interest rates in Ireland, but if i get a deposit account in ptsb, I'm earning interest. If i deposit with Younited it moreso feels like I've invested in a Fintech start up.

Sconsey

https://www.boards.ie/discussion/comment/120608079#Comment_120608079

Yeah you are not wrong really, I had the same impression when I was researching them. The distinction is that while it feels like an investment, it is still treated like a deposit. Which means your money is protected by national guarantees, unlike an investment would be.

Who knows in reality what would happen if the bank crashed and we tried to get our deposits back, but in theory anyway they are protected just as much as a deposit in PTSB.

j.s. pill II

Is it possible to take out multiple fixed term deposits with Raisin Bank for the same bank/product?

For instance, if I had 300k to i wanted to put on 1 year deposit, could I take out 3x Younited 1 year deposits? Or, would I need to spread across different products from seperate banks?

Unable to find this informaiton on Raisin.ie - Thanks

Sconsey

https://www.boards.ie/discussion/comment/120608768#Comment_120608768

I found this, looks like no you cannot exceed 100k, this is in the product description of each deposit I looked at, may not be in all of them:

The maximum amount of funds deposited at the Bank cannot exceed EUR 100,000.00. If you already have funds invested with Bank, the maximum amount that can be invested for the purpose of this term deposit is lowered (maximum deposit would therefore be EUR 100,000.00 minus the amount of funds already invested).

So it looks like you could not even exceed the 100k by buying different products, your overall total cannot exceed 100k.

You would be taking a fairly big risk exceeding the 100K anyway as the deposit guarantee would not cover anything over that amount.

the_amazing_raisin

Somewhat OT, but I wonder if the deposit guarantee is cumulative across different EU banks

As in if I had €100k in a bank in Ireland and another €100k in a bank in France, am I insured for €100k or €200k?

If it isn't cumulative and you were in the enviable position that you have several hundred thousand in the bank then presumably you'd try to split the deposits into €100k chunks across as many banks as possible to give you the absolute minimum risk

Of course if several major banks collapsed at the same time to the point where all your savings were at risk then I kinda suspect the deposit guarantee might be in trouble as well

Sconsey

https://www.boards.ie/discussion/comment/120609650#Comment_120609650

I am fairly sure it is the national guaranteed amount per bank...so if the national deposit guarantee amount is 100k, then you are covered for the first 100k in each bank in that country, assuming the bank falls under the guarantee scheme. If you were sitting on a few hundred thousand then you would have to split it out over a number of banks to ensure it is all covered.

And as you say, if more than a few banks blow-up at the same time then all bets are off as I think the guarantees are backed by funds that do not come anywhere near a fraction of the total deposits. In Ireland's case, in 2022, just over a half of one percent. I've no idea what would happen if more than that was needed to cover lost deposits.

https://www.eba.europa.eu/regulation-and-policy/recovery-and-resolution/deposit-guarantee-schemes-data

the_amazing_raisin

https://www.boards.ie/discussion/comment/120611926#Comment_120611926

Yeah much like car insurance is based on the idea that everyone isn't going to crash their car at the same time

Like I said, bit of an OT thought, hopefully some day I'll have enough money that this might actually be a consideration 😂

Bass Reeves

https://www.boards.ie/discussion/comment/120611926#Comment_120611926

Most banks go under because of liquidity and poor management very few go bust because they have not got the money

Usually the issue is that too many people demand there money of banks have it lend out they cannot get it back.

I think technically now banks do not lend deposits. They lodge them with the ECB. The ECB then allows them to draw money down to lend out. They must have a certain amount of liquidity and bonds to co wr a percentage of the funds they have.

The recent collapse of a few banks in the US was because they had depositors money in government bonds to allow them to kay an interest rate. As interest rates rose the bonds were worth less than there face value 1-2-5 or however many years they were for. Technically they had depositors money they just couldn't access it

j.s. pill II

https://www.boards.ie/discussion/comment/120609337#Comment_120609337

Thanks for that. This text appears in the product information sheets for the individual providers (see Raisin Bank product information for Younited here for instance: 78751.pdf (raisin.ie))

Under EU rules for Deposit Guarantee Schemes, all EU member states are obliged to establish bank-financed deposit guarantee funds. Cover must be up to €100,000 and apply per person per institution. So yes, this means that if I was to buy different deposit products from the same institution, my deposits are only protected up to the first 100k. My reading is that if my deposits are held with multiple institutions (Younited, BFF, Blue Or etc.), the guarantee applies to each deposit product held by me with coverage for me per institution up to 100k. Raisin bank are not a 'bank' in this instance, more of an intermediary linking me with banks/institutions.

Below IT article (behind paywall) offers a good overview of consideration to take in to account for deposits in EU banks outside Ireland (like withholding tax & DIRT). Not very much on deposit guarantee however:

Getting a 2%-plus return on your savings? It’s not straightforward but it is possible – The Irish Times

j.s. pill II

Is anyone aware of any platforms similar to Raisin Bank that allow Irish residents to take out EU fixed term deposit products?

the_amazing_raisin

https://www.boards.ie/discussion/comment/120617374#Comment_120617374

I guess in theory you can just go to the banks directly, although obviously this will create some difficulties. I don't think any EU bank can legally refuse you, but they can make it practically difficult (like you have to go to the branch in person to setup the account)

Raisin seem to operate like a broker and comparison site for those banks in the sense that they do the legwork for you

blade1

I like how it gives you a progess bar so you can check every single day until the jackpot 😂

imissvivanderson

Was going to transfer my savings to raisin bank this week but saw loads of horrific reviews on trustpilot and am now completely spooked and don't feel it's worth the risk/hassle. Has anybody else used them?.

caviardreams

I just set up an account a few weeks ago and found it VERY painless including transferring the money over - was a bit concerned but has worked great so far. Went with the Younited rate for 1 year so I can get out after a year if I have concerns about safety etc or get spooked myself. Didn't want to lock it away for longer to start with until i am more comfy with it

There is a €50 referral bonus for Raisin accounts so PM me with your name and email if you want a referral (50 for referrer and 50 for the new customer)

herbalplants

You would be mad to move your money to Raisin. Most of the reviews are from people who cannot access their cash now.

Bass Reeves

https://www.boards.ie/discussion/comment/120677619#Comment_120677619

Is that because the money is on deposit for a fixed period. If you deposit money for a fixed period you may not be able to access it until the end of that term.

dickface

https://www.boards.ie/discussion/comment/120677619#Comment_120677619

enjoy your ~0% in Irish banks

dickface

https://www.boards.ie/discussion/comment/120677877#Comment_120677877

It's because his brain doesn't work in a reasonable manner.