# Raisin Launch Pan European Deposit Marketplace including in Ireland



## Lightning (6 Apr 2016)

Raisin have gone live today. Raisin is a pan European deposit marketplace.

https://www.raisin.com/

At a quick glance:
- Only 2 banks participating at launch stage.
- J&T and Alior bank are taking part.
- Rates up to 2.20% AER fixed available (for 10 years).
- AIB are not included at this stage. (AIB are part of the separate German offering).


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## Lightning (6 Apr 2016)

Best buys updated.

More on the launch in a Business Insider report here.

WSJ report here (paywall). WSJ say that Raisin will be adding more banks to their marketplace soon.


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## Lightning (12 Apr 2016)

The Irish Times have run an article on Raisin today here.


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## Bravoed (13 Apr 2016)

Sick of low rates with the Irish banks so I registered for the Alior offer. Great news that we now have access to more deposit options.  

To register, you upload a photo of your passport and transfer 1 euro to your account. It is straight forward but takes a few days before your account becomes active. 

I have now transferred a lump sum today from my Irish account and I'm waiting to see it tomorrow in the Raisin online account.


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## Boyd (17 Apr 2016)

Is the tax situation clarified? Best buys thread says following:

"Tax: Irish tax residents need to provide documentation proving Irish tax residence to Alior Bank in order to reduce the Polish deposit interest tax from 19% to 10%. Irish tax residence also need to declare deposit interest earned with the Revenue and may be entitled to a tax deduction/credit for the 10% Polish deposit interest tax applied."

I dont like that "may" be entitled to a refund. We could end up paying 51% DIRT if Revenue decide not to give a credit! (or worse 60% if both the Poles and Revenue dont play ball). Sounds fairly risky for a couple of extra hundreths of a percent?


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## Lightning (17 Apr 2016)

What is clear:
- Polish deposit interest tax is 19%.
- Polish deposit interest tax is reduced to 10% for non-Polish residents once documentation is supplied to the bank.
- The deposit interest earned needs to be declared with the Irish Revenue.
- There is a double taxation agreement in place between Ireland and Poland.
- The deposit interest is earned in the EU. An EU resident should not be taxed twice on EU income.

What is a little unclear (hence, the word "may"):
- I'm told that the Irish Revenue give either a tax deduction or a tax credit for the 10% tax already paid. Can anyone confirm the Revenue's approach?

With regard to return for 1 year term deposits: 
- Alior Bank pay 1.60% AER fixed.
- The next best is 1.10% AER fixed with KBC (and a current account required).
- A massive difference of around 33% more interest earned with Alior Bank.


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## Boyd (17 Apr 2016)

Thanks Ciaran........how would you rate 4 years of Alior's 1.6% AER against the four year NTMA bond, at 0.99% AER, tax free? You say that you need to get 1.65% AER to match the bond over the four years. Wouldnt the NTMA saving be much easier here, and the results comparable?


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## Lightning (17 Apr 2016)

The duration is different so the rates are not directly comparable.


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## aidank (29 Apr 2016)

CiaranT said:


> What is clear:
> - Polish deposit interest tax is 19%.
> - Polish deposit interest tax is reduced to 10% for non-Polish residents once documentation is supplied to the bank.
> - The deposit interest earned needs to be declared with the Irish Revenue.
> ...



where would I get one of those tax residency certs ?


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## aidank (29 Apr 2016)

username123 said:


> Is the tax situation clarified? Best buys thread says following:
> 
> "Tax: Irish tax residents need to provide documentation proving Irish tax residence to Alior Bank in order to reduce the Polish deposit interest tax from 19% to 10%. Irish tax residence also need to declare deposit interest earned with the Revenue and may be entitled to a tax deduction/credit for the 10% Polish deposit interest tax applied."
> 
> I dont like that "may" be entitled to a refund. We could end up paying 51% DIRT if Revenue decide not to give a credit! (or worse 60% if both the Poles and Revenue dont play ball). Sounds fairly risky for a couple of extra hundreths of a percent?



if they do play ball how much is the interest ?

sounds like I pay 10% DIRT in poland to the polish government

whats the situation in ireland do I have to pay the irish government tax ?, sounds like I shouldn't


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## Lightning (29 Apr 2016)

aidank said:


> where would I get one of those tax residency certs ?



Any document from the Revenue with your PPS number and address should suffice.


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## Lightning (29 Apr 2016)

aidank said:


> if they do play ball how much is the interest ?



Legally they have to play ball. 



aidank said:


> sounds like I pay 10% DIRT in poland to the polish government



DIRT is an Irish tax. You will pay 10% deposit interest tax to the Polish government but you will get this back via the Revenue. 



aidank said:


> whats the situation in ireland do I have to pay the irish government tax ?, sounds like I shouldn't



You declare the deposit interest with the Revenue and pay 41% tax and get a credit / deduction for the 10% tax already paid in Poland.


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## Boyd (30 Apr 2016)

Isn't this still a "may" give a refund of Polish tax? Nobody from Revenue has clarified this AFAIK?


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## Lightning (30 Apr 2016)

The Revenue website states [broken link removed] that there is a double taxation agreement between Poland and Ireland which includes interest. The purpose behind a double taxation agreement is to prevent tax been applied twice. I would be very surprised if the Revenue refuse to allow a tax credit/deduction when their own website states that Poland can apply 10% tax and that a double taxation agreement applies meaning the only way to get the 10% back is via the Revenue.


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## aidank (8 May 2016)

trying to register with Ramisin here and having a bit of bother, can't find my street address, I live in the country so maybe that explains that, how did everyone else come around it ?

do they have an irish phone number by any chance I can only see a 0049 number


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## Lightning (8 May 2016)

I have no issues with the address section. 

I suggest that you email Raisin. Their customer service is good.


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## Lightning (10 May 2016)

Raisin have advised of the below. Little time left to pick up the higher rates. 



> If you would like to open a term deposit with Alior Bank the changes will be effective as of Monday, May 16th. The order must be completed by Thursday, May 12th (by 12:00 CET). By Tuesday, May 17th the money has to have arrived on your Raisin Transaction Account and the account opening form must be submitted.
> 
> For J&T Banka the order must be completed by Friday, May 13th (by 12:00 CET) and the money has to arrive on the Raisin Transaction Account by Tuesday, May 17th. J&T Banka interest rates were among the highest with up to 2.2%, so take advantage of these rates before it's too late!


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