Raisin Bank Ireland – a Summary

Raisin Bank in Ireland , was launched in 2019 . It describes itself as an online deposit marketplace.

Raisin Bank holds a full banking license under the German Banking Act-. It is is authorised by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany and is regulated by the Central Bank of Ireland for the conduct of business rules.

Raisin Bank allows Irish savers to get better interest rates on their savings from several banks in the EU instead of accepting lower rates here in Ireland.  Raisin does not charge any fees.

Raisin has over a million customers around the world and has invested more than 53 billion euros on their behalf. Raisin is backed by investors including Deutsche Bank, Goldman Sachs and PayPal Ventures.

With Raisin – you can get interest rates that are more than treble some of the interest rates paid by banks in Ireland.


Raisin Bank enables customers to open savings accounts in “partner banks” in several countries across Europe where bank interest rates are higher than Irish rates – such as France, Portugal , Spain , Latvia and Italy.

Is Raisin Bank Safe ?

On Raisin Bank’s deposits marketplace, Irish savers can choose from almost 50 different savings accounts from 9 European banks.   EU bank guarantees cover all of the banks involved – so all funds up to €100,00 in each bank are safe.

Most accounts at Raisin are fixed-term – but a new bank on the platform started offering instant access or “demand deposit” accounts with an interest rate of 3.05% . (Morrow Bank from Norway) . See how this compares to other Demand Deposit Rates in Ireland

See how Raisin’s fixed-term rates compare to other Irish banks on our page of the Best Buys on Savings Accounts.

Customers can register once with Raisin and then transfer funds to a Raisin Account.
The Raisin Account serves as a settlement account for payment orders between a reference account (typically the salary account of the customer) and accounts of the Partner Banks.

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 just required for the initial registration – such as a copy of your passport.

Bonus Payments

Until June 15th 2024 – new Raisin customers can qualify for a bonus of up to €100 .

  • If you deposit between €5,000 and €20,000 you get €25 bonus
  • If you deposit between €20,000 and €50,000 you get €50 bonus
  • If you deposit between €50,000 and €85,000 you get €75 bonus
  • If you deposit more than €85,000 you get €100 bonus

To qualify for the bonus of up to €100, you must sign up for a Raisin Account by June 15, 2024 using the promotional code RAISINBANK100 (enter the code in the “promotional code” box when completing your registration).
After registering, you must open a savings account with Raisin Bank and fund this account with a minimum deposit of €5,000. A term deposit must have a minimum term of at least 6 months, or in the case of a demand deposit must be funded for at least 6 months. The savings account must be fully funded by June 30, 2024, to be eligible for the bonus.

So if you deposit €85,000 for 6 months at 3.5% interest . You would get €1487 interest plus €100 bonus.

Banner - Raisin IE - up to ?100 bonus

DIRT on Raisin accounts

Some of the EU banks linked to Raisin may deduct withholding tax on deposit interest. (TFBank , Younited and Banca Privata Leasing do not deduct any withholding tax) .

Irish residents will be liable for DIRT in Ireland and may be able to claim tax relief from Revenue of any withholding tax paid in another EU country.   Gross deposit interest and any withholding tax paid must be declared to the Revenue in Ireland.

If you receive interest from an account in another EU Member State, you must include the details of this on your annual tax return.

Deposit interest from EU countries will be taxed at the current DIRT rate of 33% if you make a timely tax return.

Find out More out at Raisin.ie

7 thoughts on “Raisin Bank Ireland – a Summary

  1. Since none of their partner banks are offering accounts in Ireland, isn’t the interest you earn subject to income tax at 40%, instead of DIRT?

    • If you receive interest from an account in another EU Member State, you must pay the current DIRT rate on the interest income. You must include the details of this on your annual tax return. The income will be subject to a higher rate of 40% tax if it is not returned on time.

      Deposit interest from non-EU countries will be taxed at the current DIRT rate if you:

      are a standard rate taxpayer
      have made a timely return.

      If you are a higher rate taxpayer or you have not made a timely return, a DIRT rate of 40% will apply on non eu deposit interest.

    • No, unfortunately, it is not possible to open a joint account with Raisin Bank. The same is true for deposit accounts with their partner banks.

  2. Hi

    Would holding a deposit account in an EU country trigger a requirement to file a tax return in that country? IE., if I open a Portuguese deposit account care of Raisin, might I be required to file a Portuguese tax return?

    • If you earn interest on savings held in a foreign country, you will generally be liable for tax on that income in the country where you live.

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