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Raisin deposit accounts (no referrals)

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Comments

  • #32
    JTMan
    Registered Users, Registered Users 2 Posts: 5,542 ✭✭✭JTMan


    Jim2007 wrote: »
    No not any problem, in the event of a very specific problem - a bank going bankrupt.

    If a bank does bankrupt, then depositors are paid up to 100k per person from the relevant countries deposit insurance scheme.


  • #33
    Bhangraman
    Registered Users, Registered Users 2 Posts: 282 ✭✭Bhangraman


    JTMan wrote: »
    Raisin is not available for new Irish applicants.

    On separate "Ulster Bank introducing transition charges" thread, you mentioned this. Can you please define "new applicant" as I registered with them in Jan 2016 but haven't applied to any savings products?
    Would you recommend I proceed with them? They got relatively good offers it seems: https://www.raisin.com/our-offers/


  • #34
    JTMan
    Registered Users, Registered Users 2 Posts: 5,542 ✭✭✭JTMan


    Applications were open for Irish residents for a short while after Raisin opened. I have an account with Raisin from back then and term deposits.

    If you registered then, but did not do anything beyond registration, then perhaps you can open term deposits. When you log into your account can you view the list of term deposit market offerings?

    The returns are great. The tax side requires extra steps. The risk is low.


  • #35
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    I just had a look there and Atlantico in Portugal was offering the best rate for 1 year. I know Raisin won't let me sign up with Irish details but I could sign up directly with Atlantico.

    I haven't and I won't be but if someone does a bit more research into that , they might be happy doing it that way.

    Obviously won't get the bonus though.


  • #36
    Bhangraman
    Registered Users, Registered Users 2 Posts: 282 ✭✭Bhangraman


    JTMan wrote: »
    When you log into your account can you view the list of term deposit market offerings?
    Wheety wrote: »
    I just had a look there and Atlantico in Portugal was offering the best rate for 1 year. I know Raisin won't let me sign up with Irish details but I could sign up directly with Atlantico.

    Yes, I can see the offers:

    rhUbex.jpg

    JTMan wrote: »
    The tax side requires extra steps.

    Did you already have to go through that? What steps exactly are entailed?

    Wheety wrote: »

    Obviously won't get the bonus though.

    What do you mean by that?


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  • #37
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    Bhangraman wrote: »

    What do you mean by that?

    I presume the bonus here is a Raisin bonus. I don't see it on the Atlantico website.

    HCllRAb.jpg


  • #38
    JTMan
    Registered Users, Registered Users 2 Posts: 5,542 ✭✭✭JTMan


    Regarding tax, the steps vary from country to country. Ireland has different tax arrangements with different countries. For Poland, and Raisin offer term deposits with Alior Bank in Poland, there are 2 tax steps. 1 you need to get a letter from Revenue before the term deposit matures stating that you are a tax resident of Ireland. This means that you will get a reduced rate of tax. 2 you need to declare the deposit interest via a form 11/12 and pay any remaining taxes which is the differential between the DIRT rate and the Polish applied reduced rate.

    Going direct with any of these banks means you do not have access to the English language speaking Raisin customer care.


  • #39
    Bob24
    Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    JTMan wrote: »

    Going direct with any of these banks means you do not have access to the English language speaking Raisin customer care.

    Also it is likely that banks will not offer the same deals to direct customers than they do through Raisin (as Raisin serves a specific purpose for them).

    For exemple AIB currently only pays 0.10% to its direct customers for a 1 year term deposit account: https://aib.ie/our-products/savings-and-deposits/Deposit-Rates

    And they are paying 0.50% for a similar 1 year term deposit account on Raisin’s German website: https://www.weltsparen.de/angebote/aib001/?rt=1s

    Yes, an Irish bank is paying 5 times more in interest to German depositors through an intermidery which takes a commission than they are paying to their direct customers in Ireland.


  • #40
    JTMan
    Registered Users, Registered Users 2 Posts: 5,542 ✭✭✭JTMan


    On the tax point, I should add that Raisin customer care are good at helping with the process in terms of documentation needed with the bank.

    @Bob24 - Yeah, The Irish Times pointed this out before. AIB defended this on the basis that only a tiny percentage of their customers are via Raisin and the fact that they are experimenting with Fintech links. But yeah it's a significant difference in rates.

    Hopefully Raisin find a way to operate here for new customer accounts soon.


  • #41
    Bob24
    Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    JTMan wrote: »
    AIB defended this on the basis that only a tiny percentage of their customers are via Raisin and the fact that they are experimenting with Fintech links. But yeah it's a significant difference in rates.

    Yeah as I said for them it serves a very specific purpose and they have no interest in offering the same thing they are offering on Raisin to their standard retail customers.

    I assume the same would be true for most banks listed on Raisin - especially if you come in as a foreign small depositor who doesn’t speak the local language.


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  • #42
    JTMan
    Registered Users, Registered Users 2 Posts: 5,542 ✭✭✭JTMan


    Raisin are getting a banking license via acquiring a bank that has a license. Raisin say that this will enable expansion. Hopefully that includes Ireland.
    https://techcrunch.com/2019/03/06/raisin-acquires-mhb-bank/


  • #43
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,364 Mod ✭✭✭✭Jim2007


    JTMan wrote: »
    Raisin are getting a banking license via acquiring a bank that has a license. Raisin say that this will enable expansion. Hopefully that includes Ireland.
    https://techcrunch.com/2019/03/06/raisin-acquires-mhb-bank/

    If you know a bit about German banking and read the German text rather than the English, it comes of as more like taking over the local credit union in BallyGoBackwards.


  • #44
    JTMan
    Registered Users, Registered Users 2 Posts: 5,542 ✭✭✭JTMan


    Raisin Bank have re-launched in Ireland today.

    3 banks providing products via Raisin.ie including some better-than-Irish-bank rates from J&T.


  • #45
    Dardania
    Registered Users, Registered Users 2 Posts: 3,612 ✭✭✭Dardania


    JTMan wrote: »
    Raisin Bank have re-launched in Ireland today.

    3 banks providing products via Raisin.ie including some better-than-Irish-bank rates from J&T.

    I’ve lodged a test €1000 a few weeks ago for 3 months - be curious to see how it turns up


  • #46
    JTMan
    Registered Users, Registered Users 2 Posts: 5,542 ✭✭✭JTMan


    Dardania wrote: »
    I’ve lodged a test €1000 a few weeks ago for 3 months - be curious to see how it turns up

    Huh?

    How did you do it a few weeks ago when they only launched today? (Unless you have one of their non Raisin.ie offerings)

    Also, 5k is the minimum.

    I have had term deposits with Raisin.com for the last 3 years. I registered before the CBI put a halt on new Irish registrations.


  • #47
    Dardania
    Registered Users, Registered Users 2 Posts: 3,612 ✭✭✭Dardania


    JTMan wrote: »
    Huh?

    How did you do it a few weeks ago when they only launched today? (Unless you have one of their non Raisin.ie offerings)

    Also, 5k is the minimum.

    I have had term deposits with Raisin.com for the last 3 years. I registered before the CBI put a halt on new Irish registrations.

    Not resident in Ireland.

    I think the minimum is decided on a product by product basis.


  • #48
    JTMan
    Registered Users, Registered Users 2 Posts: 5,542 ✭✭✭JTMan


    Minimums are on a bank by bank basis with the lowest on Raisin.ie being 5k.


  • #49
    Twofeet
    Registered Users, Registered Users 2 Posts: 20 ✭Twofeet


    During a recent video call ID verification with Raisin Bank, I was asked to move my hand back and forth across my face with my fingers spread. I'm curious to know — should anyone have the answer — how this helps with the verification and if it's a common enough practice.



  • #50
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,093 Mod ✭✭✭✭AlmightyCushion


    https://www.boards.ie/discussion/comment/120812595#Comment_120812595

    I have done these video call verifications with a few different companies. They all get you to do something like that. I think it's just to ensure that your face isn't a picture or a deep fake type of thing.



  • #51
    Twofeet
    Registered Users, Registered Users 2 Posts: 20 ✭Twofeet


    @AlmightyCushion. Thanks for clarifying the process.



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