Back in April 2019, we saw the launch of Raisin Bank in Ireland , which describes itself as an online deposit marketplace.
On 2 and 3 year fixed rates , with Raisin – you can get more than double the best interest rates paid by banks in Ireland.
Raisin Bank holds a full banking license under the German Banking Act- and it allows Irish savers to find better interest rates on their savings from several banks in the EU instead of accepting lower rates here in Ireland.
Raisin Bank enables customers to open savings accounts in several countries across Europe where interest rates are higher- such as France, Latvia , Poland Austria and Italy.
On Raisin Bank’s deposits marketplace, Irish savers can choose from over 40 different savings accounts from 9 European banks. All the banks involved are covered by EU bank guarantees – so all funds up to €100,00 are safe.
In January 2023 the highest interest rate available on Raisin was 3.35% (Before DIRT)
Customers can 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 for each bank. ID is required for the initial registration – such as a copy of your passport.
There seems to be some delays in accounts being opened at the moment – but this is probably because they are busy because of the good rates on offer.
An alternative to Raisin is the smartphone-based German investment company called Trade Republic.
They are currently paying 2% interest on deposits upto €50k with instant access and no minimum deposit.
See how these rates compare to other Irish banks on our page of the Best Buys on Savings Accounts.
The EU banks linked to Raisin will normally deduct the tax on deposit interest (DIRT). But Irish residents will be liable for DIRT 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.
Find out More out at Raisin.ie