Back in April 2016, we saw the launch in Ireland, and several other European countries, of Raisin.com – which described itself as an online deposit marketplace.
In December 2016 Raisin stopped accepting new Irish customers because the Central Bank of Ireland said that Raisin would require a licence under the Investment Intermediaries Act.
In late 2019 Raisin started up again in Ireland using the banking licence obtained following their takeover of former partner MHB-Bank.
On 2 and 3 year fixed rates , with Raisin – you can get almost double the best interest rates paid by banks in Ireland.
Raisin itself is not a bank – but it allows Irish savers to get access to better interest rates on their savings from several banks in the EU instead of accepting lower rates here in Ireland.
Raisin is based in Germany and they say their aim is to …
“disrupt the financial sector by offering an extensive product portfolio of banking products from our partner banks to customers across the EU/EEA and Switzerland. ”
With Raisin – it is all operated online and deposits are 100% protected up to amounts of €100,000 per bank. At the moment there are 6 partner banks available in Ireland – but this number is expected to grow in the coming months.
The 6 banks are :-
Alior Bank from Poland
J&T Banka – a Czech bank
Euram from Austria
BFF Banking Group from Italy.
BlueOrange Bank from Latvia
Younited Credit in France
At the end of January 2020 the highest interest rate available on Raisin was 1.14% (3-year term).
On 2 and 3 year fixed rates you can get almost double the best interest rates paid by banks in Ireland.
See how they compares to the Irish banks and State Savings on our current list of the Best Buys on Savings accounts here
Customers just need to register once with Raisin and then transfer funds to a Raisin Account. Customers can then open and manage one or more deposits with the Raisin partner banks without having to register again. ID will be required for registration – such as a copy of your passport.
The EU banks will normally deduct taxes on deposit interest – but Irish residents will be liable for DIRT here in Ireland and can avoid paying tax in the country where the deposit is held if they can provide proof of Irish tax residency. Gross deposit interest and any withholding tax paid will need to be declared to the Revenue in Ireland.