Back in April 2016, 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 almost double the best interest rates paid by banks in Ireland.
Raisin is not a bank itself – but 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 countries across Europe where rates are higher- such as France, Austria and Italy.
On Raisin Bank’s deposits marketplace, Irish savers can choose from over 45 different savings accounts from 8 European banks. All the banks involved are covered by EU bank guarantees – so all funds up to €100,00 are safe.
In August 2020 the highest interest rate available on Raisin was 1.36% (5-year term).
At Raisin you can get more than double the best interest rates paid by other banks in Ireland on 2 and 3-year fixed term deposits
All new customers at Raisin get a welcome bonus of up to €100.
Details of Bonus Amounts Below
|€5.000 to €9,999||€10|
|€10,000 to €39,999||€25|
|€40,000 to €74,999||€50|
|More than €75,000||€100|
See how Raisin compares to the 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. 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 registration – such as a copy of your passport.
The 8 banks available to Irish customers at Raisin 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
PrivatBanka in Bratislava, Slovak Republic
Banco Português de Gestão in Portugal
The EU banks 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.