Recommendations for guaranteed deposit account with European access

I apparently posted this in the wrong thread earlier - apologies to the mods, but I'm not sure which is the correct forum. "Deposits" to me sounds like a bank account where I won't have easy access to the money, so maybe what I'm looking for is a "current" account? Honestly, I'm not sure of the difference. The key thing is that the account has the 100k government guarantee.

I'm currently a Bank Of Ireland customer. I am about to come into a small windfall that will put me over the €100,000 deposit guarantee, so I would like to open another bank account that has the deposit guarantee. I am also planning to move to Europe (Italy) in the near future, so would like something that won't have "issues" when I move there.

What providers would people recommend? I must admit I am a little out of touch with the current providers.
Thanks in advance.

You should check out @Lightning's excellent best buys lists:

Thanks, that is very helpful. Should I reply with further questions over on that thread or here?
For example it's not clear which ones are bricks and mortar?
Also I don't really understand how banks operate between European countries - is it OK to have e.g. and Italian address with an Irish bank etc? So any advice from people who are already doing this would be helpful.

sublime1 said:

Should I reply with further questions over on that thread or here?

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Here.

sublime1 said:

For example it's not clear which ones are bricks and mortar?

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Very few of them these days. A quick look at their websites should clarify. Why does it matter?

sublime1 said:

Also I don't really understand how banks operate between European countries - is it OK to have e.g. and Italian address with an Irish bank etc?

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Yes. Tax may be issue in some cases and is touched on in the best buys list and the many existing threads about deposits in foreign banks/Fintechs.

Thanks again. I guess I'm just old fashioned about customer service, hence my question about bricks and mortar - I do remember reading some complaints about difficulties getting customer service from Raisin for example. Maybe it shouldn't matter too much. I'm a bit shocked by how few of those names I recognise on Lightning's thread!

Regarding the Ireland-Italy question, great to know I can have an Italian address. Would be great to hear from people who are actually doing this in practice, and to hear real life experiences.

sublime1 said:

I guess I'm just old fashioned about customer service, hence my question about bricks and mortar

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In this day and age bricks and mortar presence isn't necessarily a guarantee of good customer service. On the other hand some of the online only Fintechs do seem to have issues with customer service. You'll have to make your own mind up on this based on the many existing threads dealing with others' experience with such institutions and maybe third party reviews.

sublime1 said:

Regarding the Ireland-Italy question, great to know I can have an Italian address.

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I presume that you live in Ireland? Why would you want to open an EU bank account with an Italian address rather than your (presumed) Irish PPR address?

Yes, I live in Ireland, but am planning to move to Italy (probably next year), so was just querying if there would be an issue with that when I need to change the address on the account. As you can see, I'm pretty clueless about banking.

sublime1 said:

As you can see, I'm pretty clueless about banking.

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Maybe a Money Makeover would be appropriate?

sublime1 said:

Thanks again. I guess I'm just old fashioned about customer service, hence my question about bricks and mortar

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sublime1 said:

Yes, I live in Ireland, but am planning to move to Italy (probably next year)

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Presumably, then, what you're looking for is a bank with a bricks-and-mortar presence in Italy?

I would ignore the move to Italy for now. If your main priority is to keep within the €100,000 deposit limit after you get the windfall and you want to stick with bricks and mortar institutions, then you're probably limited to AIB and PTSB. There is an An Post savings account, but that doesn't have internet access.

E.g. AIB saving account - https://aib.ie/our-products/savings-and-deposits/personal-demand-deposit
As far as I can see, you don't need an AIB current account to open this. I think PTSB have something similar.

You can then consider your move to Italy. I would ask BOI if there is any issues with keeping your current account open and operative if you have an Italian address. I think most people who move abroad (temporarily) simply keep their (parents) Irish address on their account. That's what I did when I was younger. Once you get to Italy, you can then open a bank account with a bricks and mortar Italian bank. You can then transfer money from your Irish account(s) across to it.

EU law does require larger banks in all EU countries to offer a "basic bank account" to anyone resident in any EU country, so an Irish resident can open an account with an Italian bank. The OP doesn't have to wait until he gets to Italy to open an account there if he doesn't want to.

On the plus side:

• the account will be covered by the €100k deposit guarantee that applies in all EU countries
• it's a current account, so will provide the instant access which the OP wants
• it will be charge-free for basic services — lodgments, ATM withdrawals, payments using a debit card, transfers to other accounts, bill payments, standing orders, direct debits.

On the negative side:

• it won't pay any interest, which is a big deal if the OP is depositing a large sum.

The OP could open a basic bank account in Italy which he could use for banking and payment purposes in connection with his move to Italy. Then, when he has made the move, he would have an established relationship with an Italian bank which should smooth they way for him to open a deposit account that will pay interest.

Having moved to Italy, if the OP wishes to retain a bank account in Ireland for convenience (and if Bank of Ireland doesn't wish to continue his present account) he can open a basic bank account with BofI, AIB or PTSB.

Thanks everyone, this is all super helpful info. I have been looking at Lightning's list and I noticed that Raisin do have some deposit accounts with Italian banks e.g. CA Autobank which could be ideal. It's not clear to me though if my relationship is directly with CA Autobank, or if it would be mediated through Raisin. Not sure of the advantage of using Raisin here. Maybe as TomEdison points out, I myself would only be able to open a basic account with CA Autobank, whereas Raisin give access to other types of accounts?

Your relationship is with Raisin. You log on to the Raisin website to access your funds. You never get direct access to the actual bank website.
The advantage of Raisin is that they offer an English-language service to open deposit accounts in banks that may not otherwise offer their services to foreign residents or in a foreign language.
If your Italian is good enough, you could always try to open account directly with some Italian bank, if you can find one that is willing to do it remotely.

sublime1 said:

is it OK to have e.g. and Italian address with an Irish bank etc?

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It depends a bit on the bank. It’s often not worth the risk for them to have customers outside the jurisdiction. Ask them.

If you live permanently in a country it’s better to have a bank there for things like cash lodgements and card replacements.

Ireland and Italy are in the euro area and SEPA. By October you will be able to make instant payments from one to another.