Raisin.ie Offering Deutsche Bank Savings with 1 Million Protection

[Lightning]

Raisin.ie have started offering deposits under the brand name "EuroExtra".

Deposits placed with EutoExtra via Raisin.ie are deposited with Deutsche Bank.

The DB/EuroExtra instant access account has a 1 million maximum balance and pays 2.20% AER.

Deposits with Deutsche Bank are protected by the:
- Statutory deposit protection of 100,000 EUR and
- Voluntary deposit protection detailed below:

The guarantee limit for compensation will be 8.75% of the bank's liable capital (at least €438,000) from January 1, 2025. This guarantee limit is also limited to the highest possible compensation amount:
• For private savers, the maximum protection amount is €3 million.
• For protected companies, the maximum protection amount is €30 million.

Starting January 1, 2030, private savers will be protected up to a maximum of €1 million, and protected companies up to €10 million. Even after 2030, the protection limits will therefore be significantly higher than those of the deposit guarantee schemes of all other European countries.

Might be of interest to anyone with a large deposit to place.

 

[ClubMan]

Starting January 1, 2030, private savers will be protected up to a maximum of €1 million

The thread title seems a bit misleading given that this protection won't be available for another 5 years...?

 

[Lightning]

The extra protection is €3 million right now. (3.1 million in total).

The extra protection will drop to €1 million from 2030.

The thread title says €1 million because the maximum deposit is €1 million in this account. Hence, the maximum protection you can get is €1 million because that is the account maximum deposit.

 

[ClubMan]

Sorry, I misread it and thought that the €3M protection was for companies. But the way that they describe the protections is a bit convoluted.

 

[Lightning]

No worries, yeah, it is a convoluted description.