Raisin Bank

harringtonp

I know nothing about banking or Fintech but looking at the banks they seem like a motley collection alright.

The younited website at https://www.younited-credit.com/ suggests that they are mainly a credit based bank. No mention of deposits or savings there which suggests that they fund through the likes of raisin

Regarding BPL https://www.bancaprivataleasing.it/ they do seem to offer deposit services but linkedin suggest they're small at about 150 employees

BluOr come across different altogether and https://www.bluorbank.lv/en/term-deposit suggests you can open a 1 year fixed term account with them directly. But the interest given is a little less than what you get through raisin. BPL on the other hand is offering it's own local customer 4.4% for 1 year fixed but there is no EU internet option:

https://www.bancaprivataleasing.it/conto-deposito/

And judging by one of the related reviews I read on trustpilot this is probably not a bad thing:

"lived a whole nightmare day just to make a transfer from the deposit account to my default account. I was no less than 7-8 hours (real, no exaggeration!) hanging on the phone, I had to make 7-8 phone calls (with relative average wait between 20 and 30 minutes each time) to different numbers, between remote acknowledgments , Secure calls, cross-checks, security questions... without finally succeeding in making a mere transfer from my Banca Privata Leasing account to the account of another bank, again in my person's name (where is the danger?). Operators available but malfunctioning IT systems and overly complicated security "cages" (probably devised by some management with little contact with reality) (eg. answer six personal questions to ensure safety and much more). A true example of inefficiency and bureaucracy to the nth degree. After overcoming many obstacles to make transfers, I without hesitation withdrew all my money"

Funny to read but I do feel for the guy

On another thread somebody showed an IBAN (redacted) for BPL. Can anyone who invested with younited confirm if they got an IBAN for them ?

dickface

You do not get an IBAN for younited

harringtonp

https://www.boards.ie/discussion/comment/121013956#Comment_121013956

That is consistent with them not appearing to do banking on their website. I wonder how the deposit guarantee scheme works when the institution doesn't seem to be holding deposits

AlmightyCushion

https://www.boards.ie/discussion/comment/121013512#Comment_121013512

Does anyone know how you deactivate it?

barkerj

https://www.boards.ie/discussion/comment/121013885#Comment_121013885

Thanks. I can't find anything to verify that online, but if anyone else could confirm, that'd be great. To "test" various scenarios, I set up a test form 11 on the Revenue website - I put in an example of €100 foreign interest, and claimed €30 was paid in foreign withholding tax. It didn't give me any errors when I did this - in fairness to the online form 11, it flags problems straight away and doesn't let you do anything that is outside the rules.

MercuryBoy

BFF have suddenly disappeared from Raisin's offering, strange as hey had just increased their rate to 4.4% on there

Hibernicis

I saw something about BFF being overwhelmed by the number of applications and not wanting any further new applications for a week or so.

Cavmac1

Banca Privata Leasing now offering 3.9% for 1 year term.

BluOr gone up to 4.21%, really makes you realise how useless Irish Banks are.

Cape Clear

https://www.boards.ie/discussion/comment/121011356#Comment_121011356

It is my understanding that the 4% PRSI doesn't kick in unless you have "unearned income" of €5K.

Explained in more detail here.

PRSI (shanahan.ie)

barkerj

https://www.boards.ie/discussion/comment/121026119#Comment_121026119

Interesting, thanks. I definitely get nowhere near 5k from interest, but stock options may be causing me to pass some threshold. Either way, the online form 11 is good for calculating, haven't found any discrepancies with it in recent years.

barkerj

https://www.boards.ie/discussion/comment/121022407#Comment_121022407

I applied to open an account with BluOr on 17th August, seemed to be stuck in some sort of limbo, so yesterday I contacted customer services (via my Raisin account mailbox) to give a nudge. Overnight, I got an email saying that they couldn't open my account - see below. What gives? There's no reason why they wouldn't based on who I am (I'm not dodgy in any way). Have they just maxed out on the number of accounts they can take? Anyone else have this issue?

"Unfortunately, your opening application could not be completed. We will credit your Raisin Account in full.

As an apology for the inconveniences caused, we will compensate you for the interest you would have earned until now had your application been confirmed. You will receive this compensation in your Raisin Account within 14 days.

Thank you for your understanding."

Hibernicis

@barkerj That’s very unsatisfactory, especially not being given a reason. The most obvious candidates are that you either failed an an AML test or BlueOr have reached capacity. I’ve also noticed that some of these online deposit takers appear to have less than robust procedures and systems and you may just have fallen foul of some procedural issue. If it was me I would certainly ask them to explain why the application failed, setting out the substantial reasons for this, and if necessary make a formal complaint. You want to be sure that your good name and reputation aren’t in any way compromised.

Although unrelated, I would also submit a request to the Irish CCR for an up to date copy of my record, but then I do that at least once a year anyway.

As a matter of interest, do you have other deposits with Raisin.ie ?

barkerj

https://www.boards.ie/discussion/comment/121045426#Comment_121045426

A few days after I applied for the BluOr account, I applied for a BFF (3 month) account, which was approved in about 3 or 4 days. No problems. I was aware that Raisin had sketchy customer support, and now I'm realising how bad it is - nobody has provided a response as to why it was cancelled. The only thing I can find in the FAQ is as below - perhaps they decided that the 4.02% rate at the time I applied wasn't as good as the 4.21% on offer now - fine, but they could just give me the higher rate (don't think anyone would complain about a bit more interest), or give me the option to amend my original application. Or at least explain that this is what happened. Now I'm just left wondering as to the reasons.

As for the CCR, surely not an issue as I'm not applying for a credit product. Do foreign deposits show up on the Irish CCR?

Hibernicis

As for the CCR, surely not an issue as I'm not applying for a credit product. Do foreign deposits show up on the Irish CCR?

@barkerj Correct that it shouldn’t be connected. But I check it regularly anyway and if i had a refusal like you received I would definitely do so. Just to reassure myself. It costs nothing apart from 10 mins it takes to complete the application.

Your supposition that your application was cancelled because the interest rate had changed makes sense. I had taken it based on your first post that you applied after the rate increase. Probably worth applying again and see what happens. You’ll find out that way faster than you ever will via Raisin.ie support.

dxhound2005

https://www.boards.ie/discussion/comment/121022407#Comment_121022407

If I am reading it right, you need to be certain that you can do without the money for a year. Because there is no way to get the money out early. Which makes me wonder why the rate is 0.01%, then 0.15% during the year, and only hits 4.21% at twelve months. If you have no access to the money before twelve months, what is the point of those lower rates?

https://www.raisin.ie/bank/blueorange-bank/

Availability Early termination not possible. (Details see Point 6)

6. Availability The deposit is not available during the term. 

Cavmac1

https://www.boards.ie/discussion/comment/121047485#Comment_121047485

Correct, you need to be certain you don't need the money for 12months.

Hibernicis

https://www.boards.ie/discussion/comment/121047485#Comment_121047485

These are separate contracts/terms. So you are locked in for the contract term, as follows:

3 month fixed term deposit, 0.01% AER

6 month fixed term deposit, 0.15% AER

1 year fixed term deposit, 4.21% AER

2 year fixed term deposit, 3.45% AER

3 year fixed term deposit, 3.49% AER

Why anybody would bother with the first two contracts is beyond me.

Almost all products on raisin.ie are fixed term with no possibility of early withdrawal. One bank, Alior, allows early termination with the caveat that early termination causes the rate to go to zero %.

So yes, your initial comment is correct, when dealing with Raisin you are locking your money away for the term of the contract.

Patsy167

Is there any way Irish based investors can buys these?

"NS&I, the UK government-backed savings body, has issued one-year fixed bonds paying interest of 6.2%, its highest rate of interest on guaranteed bonds since they were first launched in 2008 "

https://www.proactiveinvestors.co.uk/companies/news/1024956/ns-i-goes-all-in-with-6-2-one-year-savings-bonds-1024956.html

Daddy Ireland

I'd say ome needs a UK address. Perhaps open to some who has a child studying in UK and putting money in through the child.

What tax is payable on them in Ireland if such a case was possible ?

Currency risk though.

Hibernicis

Plenty of information here on investing with NS&I for those living outside the UK. Key requirement appears to be a sterling bank account with a UK bank. Based on a quick reading a UK address doesn’t appear to be a requirement, however it may turn up in the small print.

https://www.nsandi.com/help/join-nsandi/using-nsandi-outside-uk

I considered Premium Bonds in the past but decided not to because of the currency risk, especially in the context of the political instability in the UK.

Bass Reeves

https://www.boards.ie/discussion/comment/121062888#Comment_121062888

Add to that sterling is 3ish cent above it 5 year average trading figure. That is 2% factor against the interest figure.

robbie67

I am trying to open a bank account with Raisin Bank but it keeps saying my mobile number is invalid (it's not) I have tried 087xxxxxxx 35387 xxxxxxx and 353087xxxxxxx none of them work thanks

AlmightyCushion

Have you tried +353

robbie67

That worked thanks AlmightyCushion

blade1

https://www.boards.ie/discussion/comment/121107684#Comment_121107684

Not just your average cushion that poster. 😁

daheff

https://www.boards.ie/discussion/comment/121022407#Comment_121022407

i would add one word of caution, is that beware of banks offering above average rates. The question should always be asked as to why they are offering such rates? ECB pays 3.75% overnight as comparison. Are these banks using deposits like this to fund their operations?

Last time i saw something similar was when Northern Rock were doing similar in Ireland back in early 00s- and we all remember how that ended. NI were using deposits (short term) to fund their business (long term). Mismatch in funding was eventually copped on. A bank run happened and this caused the bank to collapse.

Now not saying any of these banks on Raisin are doing similar, but do your own research on who you are placing money with. At least now there is a deposit guarantee in place.

Twofeet

For those of you thinking of investing with Raisin, here's my two-pence worth. I hope it will prepare you for what's ahead. Setting up an account can be a little confusing but not difficult. Once your account is set up, and you have transferred your funds, you can sit back and relax until your investment matures, but I'm not there yet. Now for the 'bit' between my teeth about Raisin and my experience to date. After setting up my account, I went to my Bank to make a SWIFT transfer but wasn't sure which bank details to put on the form. Raisin is an intermediary bank acting on behalf of a plethora of banks. They also have two addresses, one in Frankfurt, and the other in Berlin. So I left the bank with the form and sent an email to Raisin asking for clarification. They took 3 weeks to respond. To describe their customer service as s-l-o-w, would be an understatement. Email is the ONLY way to communicate with them but don't hold your breath for a prompt response. By the time they reply, you will have forgotten what your email was about. Don't bother calling Raisin Bank, Ireland either. You will be greeted by an answerphone and referred to the FAQ and their BOT. Still need help? You'll be invited to leave a message "after the bleep", which never comes, and then you're cut off. Should your money get lost "in transit" —which is what has happened to me—you'll be waiting a very long time to know where it went. Still waiting. On this point, let me assure everyone, that I transferred the bank online from my bank account to the Raisin IBAN-BIC account and triple-checked the code to make sure it was correct. I sent numerous messages to Raisin informing them of this and even supplied the OBPAY reference my bank gave me to prove the transfer had been sent to them. No response. I logged on to the Raisin site so many times to check for a response that I am now logged out of my account. Is it worth the hassle? Only you will be able to answer that when they "spit" you out the other side, clutching your hard-earned interest. Still, better, you might say, than letting it sit in an Irish Bank earning 0.01% interest? Yea. True. I can't say for sure, until I too, have been 'spat' out the other side. All I can say for now is that investing with RAISIN Bank should come with a health warning: if you are of a nervous disposition, suffer from heart problems or are prone to insomnia, it may not be for you! Good luck all the same, to all you brave souls who have taken the plunge. Slainte!

Cavmac1

https://www.boards.ie/discussion/comment/121114562#Comment_121114562

Good information thank you Two feet, another consideration may be Lightyear who are paying 3.25% interesting on the first of each month for uninvested cash. Very easy set up and you can see you interest accumulate each month. Free deposit into account up to 500euro and after that there is a charge

Twofeet

Thank you for the recommendation. Need to get my money out of there first. Hopefully, without losing my shirt ...

Twofeet

I regret ever hearing about Raisin Bank. Their whole cumbersome operation hinges on inadequate customer service. You cannot talk to anyone if you have a problem. My experience to date has been nothing short of frustrating. Money has gone missing. Investment for six months was confirmed for 12 months. The worst part is that there is NO ONE to talk to. The only number they give on their website, 016862651, invites you to leave a message, then cuts you off before you can. If you have questions to clarify or need advice, UNDERSTAND that you won't get it. Their whole operation is a joke, and a very bad one, at that. The interest I'll earn can never make up for the amount of time and energy I have wasted chasing them for answers to questions they have yet to respond to.