Raisin, Lightyear, Bunq, Trade Republic, Wise - online banks with good interest rates:

Revolut also apparently offers fairly attractive interest rates on deposits, but without being completely familiar with their specifics, there was a lot of "cryptocurrency" mentions in the terms-and-conditions.

Anyone use revolut to avail of their savings/deposit interest rates?

.......

Basically this is not "excess cash" I have to play with, like investing in Crypto or playing the stock market.

I wish to get better than 0.1% interest rates that Irish accounts up until recently have been offering.

I was absolutely against the idea of using an online bank like "Raisin", simply from a personal security and safety point of view.

Things go sideways, it's not like I can walk into a branch of take it up with their manager?
As I understand, you have to contact via e-mail, wait, etc.

When you're money is for, by example, college tuition, one wants to be 100% secure it's not going to go M.I.A.
Am I right?

......

Anyways, browsing Irish bank interest rates in comparison to what the titled mentioned institutions are offering, it almost seems foolish to NOT consider the online deposit options.

Given that I tried to login/sign-up to Raisin just now and, as per the thread active here also, it's currently out of commission, that's not particularly reassuring?

But - can anyone unequivocally vouch for these online banks as safe deposit investments for ones long and hard earned funds?

Also, on Raisin - being fixed term accounts:

Is it possible to have more than one in ones own name?

I, personally, rely on the relevant country's Deposit Guarantee Scheme. Hence, limit to €100k per bank. I would not be investing in banks I admit I know nothing about if not for the guarantee.

podgerodge said:

I, personally, rely on the relevant country's Deposit Guarantee Scheme. Hence, limit to €100k per bank. I would not be investing in banks I admit I know nothing about if not for the guarantee.

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Seems to be the conventional thinking.

But that's sufficient for you to invest none-the-less?

BrokeBroker said:

Seems to be the conventional thinking.

But that's sufficient for you to invest none-the-less?

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Yes. If the bank were to fail, the local DGS must repay me up to €100k within 7 days. If we can't rely on that, there are bigger problems.

I'm sure others on here will give a view on this too.

Does the Deposit Guarantee Scheme apply on Lightyear also?

Anyone here actually have money in a Lightyear account?

It may be protected up to 20 large?

Where can I find this in writing?

23. COMPENSATION​

23.1 The Investor Protection Sectoral Fund (investorikaitse osafond) is used in order to guarantee and compensate the investors, in accordance with the provisions of the Guarantee Fund Act (tagatisfondi seadus), for investments made through an investment firm registered in Estonia or the Estonian branch of a foreign investment firm. Investments are claims based on an agreement between the parties or on legislation, arising from which an investment institution is obliged to disburse to an investor money or transfer securities which are owed or which belong to the investor and which the investment institution has kept on the investor's account or disposed of with regard to the provision of investment services. Investments are guaranteed and compensated for to the extent of their value as of the compensation date, but not more than in the amount of 20,000 euros per investor in any one investment institution.
23.2 Please note, you will not be entitled to compensation purely based on the financial performance of your Instruments. This means that losing capital as a result of your investment activities will not automatically qualify you to receive compensation.

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This was all I could find re protection.

Sounds real good here, until:

When investing, please remember that your capital is at risk. Past performance is not an indicator of future success. Terms apply, seek guidance if necessary.

Click to expand...

BrokeBroker said:

https://www.*****************.com/lightyear-investment-platform.html

Sounds real good here, until:

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A standard warning, especially for the type of business they offer. Don't forget while they've gotten a lot of attention on AAM as a place to deposit money they are a trading and investment platform.

skrooge said:

A standard warning, especially for the type of business they offer. Don't forget while they've gotten a lot of attention on AAM as a place to deposit money they are a trading and investment platform.

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You mean that warning probably applies more to the trading/investment side to things?

"You may lose your deposited money", not so much?

BrokeBroker said:

You mean that warning probably applies more to the trading/investment side to things?

"You may lose your deposited money", not so much?

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- All deposits are held in segregated Client Money bank accounts that cannot be lent out unlike banks.
- First 20k is protected.
- It's standard with investments to warn that capital is at risk. The warning is pointing towards investments that could decline in value or potentially hit zero.

BrokeBroker said:

Revolut also apparently offers fairly attractive interest rates on deposits

Click to expand...

Revolut don't pay deposit interest in Ireland. Revolut do pay deposit interest in some other countries.

Similar with N26, no deposit interest in Ireland but N26 do pay deposit interest in other countries.

Bux(Dutch company) are another company similar to Lightyear that pay 2.3% currently, although they have a monthly account fee(€2.99) they introduced recently which is off-putting, especially for those of us averse to monthly fees !
But this sounds more reassuring thank some others out there...

• Deposits are stored at ABN AMRO Clearing Bank. In the event of the bankruptcy of ABN AMRO Clearing bank, your deposits will be protected up to €100.000. For more information on the Deposit Guarantee Scheme and your BUX account check out our homepage.

@Lightning You should update https://www.askaboutmoney.com/threads/instant-access-notice-deposit-accounts.102329/unread actually for Bux...from today they pay 2.3%

Thanks @Tomalong , that's updated.

​

The target banks on Raisin, 1) BFF and the 2) Portuguese bank;

Is there any additional advantage, security wise, in going with the bigger and apparently more well founded of the two? (BFF, apparently a major bank in Italy).

Anyone consider this when using Raisin for deposit accounts?

If you want the best security rating and no witholding tax, Younited are worth a look via Raisin. A lower rate but an AA rating

messyleo said:

If you want the best security rating and no witholding tax, Younited are worth a look via Raisin. A lower rate but an AA rating

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How did you determine the security rating?

It's hardly listed somewhere.... ?

I was just thinking also;

To save putting money in a deposit account and having to pay DIRT, could one avail of the AIB online saver,


and simply funnel in 1000 each month - taking advantage of the 2% per month up to however many months.

Presumably DIRT isn't payable on regular savings accounts?

And access is still there to be had, money isn't locked away.

Am I missing something?

.....

If one were going to save say, 18k, over 18 months at 1.5% as per pTSB;


There'd be better interest at 2% on 1000 per month (20 euro interest per) = 360 for the 18 months, no DIRT (as it's not a deposit account, right?).

Versus 1.5% = 405 - DIRT for 18 months.

The credit rating is listed on the Raisin site

All savings accounts that pay interest are liable for DIRT including regular savings accounts

BrokeBroker said:

I was just thinking also;

To save putting money in a deposit account and having to pay DIRT, could one avail of the AIB online saver,

AIB Savings & Deposits - Deposit Rates

aib.ie

and simply funnel in 1000 each month - taking advantage of the 2% per month up to however many months.

Presumably DIRT isn't payable on regular savings accounts?

And access is still there to be had, money isn't locked away.

Am I missing something?

.....

If one were going to save say, 18k, over 18 months at 1.5% as per pTSB;

https://www.permanenttsb.ie/globalassets/pdf-documents/deposit-rates/DEPOSIT-Interest-Rates-June_2023/

There'd be better interest at 2% on 1000 per month (20 euro interest per) = 360 for the 18 months, no DIRT (as it's not a deposit account, right?).

Versus 1.5% = 405 - DIRT for 18 months.

Click to expand...

DIRT is payable on all savings. I haven't worked out the interest, but you seem to be calculating based on all the funds being in there for a full 18 months, which they aren't, or it would be a lump sum deposit.