Raisin Launch Pan European Deposit Marketplace including in Ireland

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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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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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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.
 
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?
 
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.
 
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?
 
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.
- 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.
Click to expand...

where would I get one of those tax residency certs ?
 
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?
Click to expand...

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
 
aidank said:
if they do play ball how much is the interest ?
Click to expand...

Legally they have to play ball.

aidank said:
sounds like I pay 10% DIRT in poland to the polish government
Click to expand...

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
Click to expand...

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.
 
Isn't this still a "may" give a refund of Polish tax? Nobody from Revenue has clarified this AFAIK?
 
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.
 
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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I have no issues with the address section.

I suggest that you email Raisin. Their customer service is good.
 
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!
Click to expand...
 
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