How does it work? Opening an account is an entirely online process. You start by registering for a Raisin Account, after which you can select the Starter Account and make a deposit ranging from €1 to €100,000. Your money will then earn a competitive interest rate for a set period of 3 months, with interest calculated daily.
What happens after 3 months? At the end of the 3-month term, you have complete flexibility. You can choose to seamlessly transfer your balance into another savings account available on the Raisin platform so your money continues to work for you without interruption, or you can withdraw your funds back to your Nominated Account.
Is the interest rate fixed? Yes. The account offers a fixed interest rate of 3.10% AER that is guaranteed not to change for the duration of the 3-month term.
Can I access my money during the 3 months? Yes, you can access your money at any time. The Starter Account operates as a flexible demand deposit account, meaning you can withdraw your funds whenever you need to with no penalties and no loss of interest for early withdrawals.
How do I open an account? Opening an account is quick, secure, and completely free. You begin by registering online and verifying your identity using a valid form of ID and proof of address. Once your identity is confirmed, you select the Starter Account offer and transfer your chosen deposit amount (between €1 and €100,000) into the account.
Who can open an account? The Starter Account is an exclusive offer available to new customers only. Generally, to open any savings account with Raisin, you must be at least 18 years old and be able to provide a valid ID along with proof of address.
Where are my savings held for the 3 months? Your savings are held with a licensed German partner bank (Deutsche Bank). Deposits are fully protected up to €100,000 per depositor under the German Deposit Guarantee Scheme. There are no hidden charges or fees, and tax is not withheld at source. Standard Deposit Interest Retention Tax (DIRT) applies, which you declare directly in your annual tax return in Ireland.
Funds are held in a direct bank deposit account not an investment account, money market fund, or equity product, meaning your principal is not exposed to market volatility or investment risk.