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Raisin Bank

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  • Registered Users Posts: 5,475 ✭✭✭caviardreams


    Haven't used BPG but just be aware there is witholding tax so you need to claim this credit against DIRT you declare and pay here in your tax returns. Some other raisin banks don't charge any witholding tax (e.g. United). It is just another paperwork hoop though, no material difference in the money involved or tax paid.

    If you want a referral (we can both earn 50 euro) DM me



  • Registered Users Posts: 31 barkerj


    The 20k minimum deposit was a bit off-putting for me!



  • Registered Users Posts: 29 joebert80


    Was just thinking what protection is in place, if you held funds in your Raisin client account and they became insolvent.

    I see that Raisin Bank AG are a credit institution according to the BaFin website (https://portal.mvp.bafin.de/database/InstInfo/institutDetails.do?cmd=loadInstitutAction&institutId=100112) so Raisin Bank AG are covered by the German DGS.

    But is your Raisin client account held with Raisin Bank AG in your name? I was thinking if it's some other Raisin entity thats an investment firm and not a credit institution, then they wont benefit from the DGS in the event of an insolvency.. And then it got me thinking.. In the case of insolvency, secured creditors rank first.. So is it possible you may not receive the full amount you deposited to your Raisin client account?



  • Registered Users Posts: 14,160 ✭✭✭✭retalivity


    Anyone opened a Morrowbank Demand Deposit accounts through Raisin? 3% interest...



  • Registered Users Posts: 2,621 ✭✭✭Cape Clear



    Not yet. There is currently 3.25% available from Ligthyear & 4% from Trade Republic. If those rate fall below Morrow I will consider it. I've notice it takes 1-2 days for funds to co0me back to my current account from these two platforms. How long would it take to get funds returned from Morrow via Raisin? I recently had a matured term deposit returned from Privatbanka via Raisin which took 4 days. Probably worth bearing this in mind if you require funds in a hurry. Still a competitive rate for a demand deposit none the less.



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  • Registered Users Posts: 14,160 ✭✭✭✭retalivity


    I've already got accounts with TradeRepublic & Bunq, so looking at Morrow as another to diversify around, without the need to tie it up for 3/6/9/12 months.



  • Registered Users Posts: 1,482 ✭✭✭Hibernicis


    According to the Raisin Product Information Sheet 2 days to get from Murrow to your Raisin A/C (plus whatever time it takes to get from Raisin to your ultimate destination)

    5. Availability

    Your funds are available within 2 banking days without notice period.

    In the event of termination, the repayment of the entire investment amount, including interest, will be transferred to your Raisin Account in 2 banking days. Partial withdrawals are also possible and will be made within 2 banking days.

    You can terminate the account via your online banking at any time.




  • Registered Users Posts: 5,475 ✭✭✭caviardreams


    I just set one up with Morrow - very seamless and gives you the option to state how often you think you will withdraw or top up etc

    100k guarantee

    I have a few other raisin accounts with different banks to spread risk - hoping Morrow might expand into fixed term at higher rates

    Have a 50 euro raisin referral if you PM me your name and email i can send one



  • Registered Users Posts: 20,895 ✭✭✭✭dxhound2005


    With the guarantee scheme there is no need to open more accounts. Unless you mean to spread more than €100K around?

    https://www.raisin.ie/deposit-guarantee/

    • €0 lost – Since the introduction of the EU deposit guarantee scheme in 1994, depositors have not suffered any losses within the protection limit of €100,000.




  • Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,279 CMod ✭✭✭✭Nody


    Correct but if a bank goes under you don't get your cash back the next day; hence multiple banks to not risk the one bank you bet on goes under and it takes you 6 months to get it back.



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  • Registered Users Posts: 14,160 ✭✭✭✭retalivity


    Already a raisin customer, just looking at demand rather than term deposit



  • Registered Users Posts: 5,475 ✭✭✭caviardreams


    Yes, the flexibility is a draw with this imo. Hoping the rate doesn't drop after they get cash in. Plus the ease of signing up for new accounts when you are already set up on raisin is great



  • Registered Users Posts: 12,283 ✭✭✭✭blade1


    I see blu banks rates are dropping on 26/2.

    Might be better getting a fixed term if it's a sign of things to come.

    Will things get interesting if the the time comes when it's not worth investing and there's a stampede with people wanting to withdraw their funds? 🤔



  • Registered Users Posts: 809 ✭✭✭FLOOPER


    So have set up a Trade Republic account but not yet deposited.


    So would i be better off with Raisen or TR for ease of use and ability to access when needed.


    Im going to transfer shares i have with Goodbody anyway to TR.


    thanks



  • Registered Users Posts: 12,283 ✭✭✭✭blade1


    I have both. Trade republic probably more straightforward and currently better interest rate.

    Up to 50k



  • Registered Users Posts: 5,475 ✭✭✭caviardreams


    If you have a larger amount raisin is a better choice as you can split it between banks and blend term lengths etc



  • Registered Users Posts: 5,475 ✭✭✭caviardreams


    Some good rates with a new Spanish bank A&G - 1 year @ 3.5%


    https://www.raisin.ie/bank/ag-banco/



  • Registered Users Posts: 28,858 ✭✭✭✭AndrewJRenko


    Do you really want to add currency risk to your investment portfolio?


    Did they take all your paragraphs too?



  • Registered Users Posts: 12,283 ✭✭✭✭blade1


    Less than two months to go before my year with Younited is up and raisin send me these options.

    I think I'm gonna switch to a Swedish bank with a slightly higher interest rate and withdraw the interest I've made.




  • Registered Users Posts: 31 barkerj


    Wondering if anyone could advise on taxation of interest from Morrow Bank. I'm looking at setting up a demand deposit account with them, but as they're based in Norway, would interest have to be declared as "Non-EU Deposit Interest" on an Irish tax return? As I'm currently preparing my 2023 return, I put in a nominal €100 as Non-EU interest, and it increased my tax payable by €44. It seems, as per the Revenue website, that anyone who pays the higher 40% rate on general income will have to pay a DIRT rate of 40% on non-EU interest. It also adds 4% PRSI as well (but it does this anyway when I declare my Irish and EU interest). A 44% rate on savings is a bit of a kicker, to be honest.

    I'm curious as to whether Norway is a participant in any scheme which would allow it to be considered a sort-of EU country for this purpose. EEA countries, like Norway, participate in many EU schemes, e.g. SEPA, Schengen, and although not member states, they function as de facto EU members for practical purposes. Could this allow me to bundle Norweigan interest into the EU pool, saving 7% tax?



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  • Registered Users Posts: 1,115 ✭✭✭Stephen_Maturin


    Have only just begun to look into this so apologies if this is a very basic question

    If there is a withholding tax, I need to claim the credit and declare DIRT earned to revenue

    If there is no withholding tax I still declare DIRT to revenue in my tax return, but I just don’t have to claim the credit? Or does this happen automatically if there’s no withholding tax? Thank you



  • Registered Users Posts: 31 barkerj


    It's all part of the same process really. Below is a screenshot from a Form 11, where you'd declare everything. If you don't submit a Form 11, there is an equivalent on the Form 12 (where you'd claim medical expenses etc.). In the example below, you earned €100 interest, and paid a withholding tax of €20. The way it works is it charges you DIRT on the €100, then gives you a tax credit for the €20 you already paid (so you only actually end up paying the difference). Not sure if I misread your question, but you don't need to approach Revenue separately to claim a credit. If you paid no withholding tax, then you put 0.00 in (b) below, and you just pay DIRT on the €100 with no credit for tax paid elsewhere.



  • Registered Users Posts: 1,115 ✭✭✭Stephen_Maturin




  • Registered Users Posts: 12,283 ✭✭✭✭blade1


    Could someone please tell me if I can pay dirt straight away on interest I'll be receiving in 4 weeks time.

    I'd rather pay it then, than it hanging over me until next year as by then it'll just feel like another bill.

    Also, I'll bet be paying pay dirt on interest earned on trade republic in 2023 so can I lump it all in in one go on my tax returns.

    No need to be spelling out it's from separate earnings??



  • Registered Users Posts: 5,475 ✭✭✭caviardreams


    The one received in 2023 needs to go in your 2023 income return. The raisin one for 2024 goes in your 2024 return



  • Registered Users Posts: 12,283 ✭✭✭✭blade1


    yes but I think there's an option to pre pay next year's tax this year



  • Registered Users Posts: 12,283 ✭✭✭✭blade1


    My 12 month term was up yesterday.

    got my deposit plus interest back in my raisin account today.

    I decided to put the initial amount in for another year with a different bank and withdraw the interest to my Irish bank.

    Seems straightforward enough.

    both transactions are as of now pending.

    And for any not prolonging their existing term and are switching banks, let them know two weeks in advance because they'll be looking for a recent proof of address and raisin are slow to communicate.

    Edit: And we're off for another year

    Post edited by blade1 on


  • Registered Users Posts: 31 barkerj


    There seems to be a new demand account offering [Nordax], with identical interest to Morrow, and since it's based in Sweden, you'll pay less tax on your interest.



  • Registered Users Posts: 12,283 ✭✭✭✭blade1


    So my interest that I transferred to my Irish bank account arrived this morning.

    Overall experience was pretty flawless.



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  • Registered Users Posts: 4,411 ✭✭✭Deep Thought


    do you all set up a Raisin account first and then select the offers?

    The narrower a man’s mind, the broader his statements.



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