BluOr Paying 4.21% via Raisin for 1 year & 3.85% for 5 years Direct

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BluOr have offered term deposits via Raisin.ie for many years.

BluOr are now offering term deposits direct from their website at better rates than what is available via Raisin.ie.

Rates open to all EU citizens.

Rates below.
6 Months 2.00%
9 Months 2.75%
12 months 3.50%
24 months 3.43%
36 months 3.53%
60 months 3.85%

www.bluorbank.lv

Term deposit up to 3.85%

Deposit with BluOr Bank at a favourable interest rate. Deposit placement remotely without opening a current account.
www.bluorbank.lv

Minimum: 1,000 EUR.
 
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irishfinanceguy said:
This is great for those who are maxxed out at the 100k cap with raisin and 20k cap with lightyear
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Is it not the case that the effective cap in the case of Rasin can be a lot higher if you spread your deposits among the various banks, to a max of €100,000 each ?

Also, if you already have €100,000 with BlueOr via Raisin, the option to invest with BluOr directly does not appear relevant.
 
Freelance said:
Is it not the case that the effective cap in the case of Rasin can be a lot higher if you spread your deposits among the various banks, to a max of €100,000 each ?

Also, if you already have €100,000 with BlueOr via Raisin, the option to invest with BluOr directly does not appear relevant.
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My understanding is youre only covered for 100k with raisin regardless of how many banks you use, has this been clarified?
 
RedOnion said:
No. Its the DGS of the bank your funds are placed with that matters.

If you've already placed funds with Bluor via Raisin, and the open and account together, both amounts will be merged to calculate DGS limit.
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Thanks for clarification Mr Onion
 
Has anyone applied direct to BluOr? The information requested just to open a deposit, before I am approved as a client, includes bank IBAN and identification number. I'm somewhat nervous.
I have other deposits in Latvia via Raisin, but find Raisin's customer service sadly lacking.
 
Hi Gervan. I've been thinking about this as an alternative to Advanzia as I have had so much difficulty trying to get them to open an account, and like you I have funds with Raisin but their recent outage and handling of it makes me slow to give them any more money. Also maxed out with BUNQ. I'd prefer a demand account, but could live with 12 or 24 months I suppose.
I'm not too concerned about the Id questions they ask (bank account number and PPSN) given that these are on an online form. You'd hope that they have some decent of security around their web systems, and their Remote Identification process looks to be a lot more sophisticated and secure than some of their competitors.

I have a few questions:
Do they provide you with "proper" internet banking (i.e. being able to log on, monitor your accounts/balances/transactions, and execute transactions) ?
Would it be worth waiting a week or two to see if they up their interest rates, especially given that these are term deposits and their rates don't appear to have changed since Nov 22 ?
What exactly happens the term deposits at the end of the term ?
Are they well set-up to handle/support efficient withholding tax minimisation ?

Happy to share any other thoughts/experiences as this proceeds.
 
Is there withholding tax in latvia?

"In Latvia, a withholding tax of 20 % will be levied on interest payments from 1 January 2018, although this can be reduced. In order for the withholding tax to be reduced to 10%, the Bank must receive a certificate of residence no later than four weeks before the due date. This is then fully creditable against the capital gains tax in Germany" - So you pay 10% meaning BFF is just as good and less hassle.
 
I have an account with Raisin which I set up back in January. This morning I went to open an account with Blu Or and after filling out the online form it asked me to transfer the desired amount to Raisin. It has not asked me for any documents re tax status etc. Is this likely to come later or given I have already opened an account with Raisin and provided ID etc it won't be requested again?
 
Harvard said:
I have an account with Raisin which I set up back in January. This morning I went to open an account with Blu Or and after filling out the online form it asked me to transfer the desired amount to Raisin. It has not asked me for any documents re tax status etc. Is this likely to come later or given I have already opened an account with Raisin and provided ID etc it won't be requested again
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Freelance said:
I’ll just leave this here
So there shouldn’t be an issue offsetting the residual withholding tax of 10% against DIRT

Why would anybody pay DIRT twice ?? Not even sure it’s possible to do so.

Leaving “king” BFF a little naked on his throne perhaps.

Maybe ask what is you area of financial expertise read this advice from boards.ie from a so called financial guru.
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I read this advice from boards.ie, hence I asked you guys for input. I am glad to hear you only pay 33% with a little more hassle. Seems worth it, there may well be a new king in town.

It appears correct that you will pay tax in both jurisdictions; 10% in Latvia and 23% in Ireland. You could pay more if you don't follow the above instructions to the letter from Raisin.
 
I contacted revenue and advised I'd be paying 10÷ withholding tax to BluOr on the interest but they came back with a generic statement saying the rate for DIRT is 33÷.

So it looks like you have to pay 43÷ total.
 
Axelrose said:
I contacted revenue and advised I'd be paying 10÷ withholding tax to BluOr on the interest but they came back with a generic statement saying the rate for DIRT is 33÷.

So it looks like you have to pay 43÷ total.
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Maybe I am wrong but that does not sound like the Revenue told you to pay 43%.

Ireland has a double taxation treaty with Latvia. Normally you deduct interest already paid if there is a Double Taxation Agreement and pay a net of 33% tax.

Maybe ask the Revenue if you can claim relief for the tax already paid as there is a DTA agreement between Latvia and Ireland.
 
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