Those with deposits in Raisin, Lightyear - anything to report, issues, all good, etc?

[ashambles]

Thank you @ashambles.

I presume the 4% PRSI is due to interest being over €3,810? Are both DIRT and PRSI taxed on the gross interest or is one charged after the other?

From what I remember as soon as you're on the Form 11 radar you need to pay PRSI on interest earnings regardless of the amount.

I think for regular taxpayers the only way to not pay PRSI on interest is to not do either a Form 11 or Form 12. However if your non-PAYE is over 5000 euro (think that 3810 euro/3000 pound was replaced by 5000) you must do a Form 11. And I think you must at least do a Form 12 for non-Irish bank interest (if you don't do the Form 11). So basically any amount of non-Irish (EU) interest will be taxed at 37%, not 33%.

 

[j4vier]

Can I ask a question about Raisin?

Reviews on glassdoor seem terrible, couls any end users here share their experience?

 

[bigcity22]

Can I ask a question about Raisin?

Reviews on glassdoor seem terrible, couls any end users here share their experience?

I like them so far. They respond to emails so far within 2-3 days and the callback service number listed on their website usually gets back to me in a day or so. I had called on a Friday so at first I was frustrated they were only responding to me Monday but the agent told me they follow bank scheduling. My email also was filtering some emails from them into my spam/junk so I asked them to message me with the website inbox they offer so I get messages. Those ones I get notifications from in my email. They said their tech team is looking into it.

The customer agent seemed pretty pleasant and he seemed to understand my fears of security. I’m always iffy about trusting bad reviews, good information sometimes but you very rarely hear good stuff at all. I was looking at their trustpilot which spooked me by then it seemed some of them were people who were staying they hadn’t used it but we’re still rating it negative?

Anyway I’m feeling a bit better about moving forward cause they’ve been transparent. But gonna wait to make my final outlook on them. High interest rates seem appealing and the phone agent was confirming Raisin is getting popular due to the crap rates at domestic banks.

I’ll update though if I hear anything more

 

[messyleo]

Nothing bad to report about raisin - again, found them very efficient and the accounts have all gone smoothly

 

[bigcity22]

Nothing bad to report about raisin - again, found them very efficient and the accounts have all gone smoothly

That’s good to hear. It’s always a bit scary at first to use these kind of sites haha. I like the freedom it gives by being self service to so I don’t have to place orders on the phone or in person. Less pressure to make an immediate decision, I can do more research on the deposits they offer first. I opened an on demand deposit account, are you on a fixed deposit account?

 

[messyleo]

Yes - 2 fixed term deposits - first one has about 6 months left to run

 

[bigcity22]

Yes - 2 fixed term deposits - first one has about 6 months left to run

A fixed term is what I’m considering for my next one. Testing the waters comfort wise with the on demand account and then going with a fixed term next year. Let us know how things go upon the six month mark

 

[liam bourke]

I think they're saying Deposit interest from non-EU countries will be taxed at 40% for higher rate taxpayers. Raisin are EU banks only (?) so that doesn't apply.

The bullet point referring to standard rate tax payer is clearly for non-EU, the following reference to higher rate tax payer is likely a follow on clarification to that point, though unfortunately as formatted is back in the section dealing with both EU and non-EU.

Incidentally I've filled in EU interest into my form 11 and saw they do charge 33%+4%PRSI.

Do you need to fill in this form at the end of the year or every time your term deposit ends ?

 

[ACER10]

This may have been reported before. I haven't had time to read back. Just received this email from Raisin. I have only partially set up account. This info may or may not be useful to some of ye.

"Banco Português De Gestão has informed us about an upcoming interest rate decrease on 22.12.2023. As your application to open a deposit account with Banco Português De Gestão has not yet been confirmed by the bank, please note that to ensure you receive the current interest rate of 4.25%, you must have forwarded any additional documentation required by the bank no later than the banking day before 22.12.2023 and the funds you wish to invest must be in your Raisin Account by then. You can check whether the product you have selected requires additional documentation in the Product Information Sheet that you will find in your online banking under My savings > My deposit accounts > Details. Otherwise your deposit account will be opened at the new rate of 4.1%."

 

[Freelance]

Can I ask a question about Raisin?

Reviews on glassdoor seem terrible, couls any end users here share their experience?

The bad:

• Support is very poor. e-mail only and usually takes at least two days to get a response, and when a response does arrive the quality is very variable. They removed their support phone number from the website mid 2023 and weren't answering it prior to this anyway. It was recently reinstated however the IVR/Messaging system that answers the call isn't reliable.
• Documentation leaves a bit to be desired. Documents tend to be copied from one bank to another, sometimes leaving references to the original bank or its country in place.
• Raisin is apparently covered by the DGS (German) up to €100,000 per customer. They have been less than clear about the status of some of the institutions they deposit with, e.g stating that "all our banks" are covered by their respective DGS, which is fine but YouNited for example isn't a bank and doesn't have a banking licence, nor does it issue IBANs. (This has been debated at length here, and many believe Younited to be covered by the French DGS. I don't wish to reopen that discussion, I'm merely highlighting that the status is less than clearcut. It would be much more satisfactory if somewhere it was stated that deposits held with Younited via Raisin Bank are covered up to 100,000 per customer)
• The raisin.ie website fell over in July 2023. It took 48 hours to come back on-line. Raisin allegedly said that a large part of the reason for the delay was that they didn't know it had fallen over. This kind of thing doesn't inspire confidence.
• And like any online only fintech, you don't have the option to head into a bricks and mortar branch, storm up to the counter and demand your rights, for all the good that would be likely to do you.

The good:

• I have the max covered by the DGS with them, and don't loose sleep at night, irrespective of the above
• Rates are consistently good
• They make an effort in relation to advising on withholding and other tax issues
• I have had no issues with transfers to them, and none with cash transfers from them to my Irish bank account

At the end of the day it's a call each of us has to make. The rates offered are attractive, but so is a good night's sleep. If you are a worrier or given to seeing the downside, maybe evaluate other options.

 

[bigcity22]

The bad:

• Support is very poor. e-mail only and usually takes at least two days to get a response, and when a response does arrive the quality is very variable. They removed their support phone number from the website mid 2023 and weren't answering it prior to this anyway. It was recently reinstated however the IVR/Messaging system that answers the call isn't reliable.
• Documentation leaves a bit to be desired. Documents tend to be copied from one bank to another, sometimes leaving references to the original bank or its country in place.
• Raisin is apparently covered by the DGS (German) up to €100,000 per customer. They have been less than clear about the status of some of the institutions they deposit with, e.g stating that "all our banks" are covered by their respective DGS, which is fine but YouNited for example isn't a bank and doesn't have a banking licence, nor does it issue IBANs. (This has been debated at length here, and many believe Younited to be covered by the French DGS. I don't wish to reopen that discussion, I'm merely highlighting that the status is less than clearcut. It would be much more satisfactory if somewhere it was stated that deposits held with Younited via Raisin Bank are covered up to 100,000 per customer)
• The raisin.ie website fell over in July 2023. It took 48 hours to come back on-line. Raisin allegedly said that a large part of the reason for the delay was that they didn't know it had fallen over. This kind of thing doesn't inspire confidence.
• And like any online only fintech, you don't have the option to head into a bricks and mortar branch, storm up to the counter and demand your rights, for all the good that would be likely to do you.

The good:

• I have the max covered by the DGS with them, and don't loose sleep at night, irrespective of the above
• Rates are consistently good
• They make an effort in relation to advising on withholding and other tax issues
• I have had no issues with transfers to them, and none with cash transfers from them to my Irish bank account

At the end of the day it's a call each of us has to make. The rates offered are attractive, but so is a good night's sleep. If you are a worrier or given to seeing the downside, maybe evaluate other options.

They do offer a callback service as I’ve chatted with them on the phone twice now. The number is listed on their website under Contact Us. At least when I’ve talked with agents they’ve been really knowledgeable and apparently are ramping up staff.

Raisin makes it very clear also that Younited is covered under the deposit guarantee scheme and you can see that they are registered on French Deposit Scheme websites. There are two different versions of Younited, and it appears customers work with the one covered. As law mandates they have 10 (now 7 in 2024) days to return funds if a bank crashes, I’m sure they would be careful to not get in trouble by opening with a bank that doesn’t follow the scheme, no? They also give you a deposit reference number.

 

[Freelance]

As I said in my post, having removed the phone number in July, they did reinstate it subsequently. It's operation remains inconsistent and unreliable.

It's interesting that you say "There are two different versions of Younited, and it appears customers work with the one covered." This is exactly the sort of uncertainty that I dislike. Note that I didn't say that deposits with Younited via Raisin are not covered, rather that the position is open to uncertainty and interpretation, and this is what is unsatisfactory. It should be 100% clear and unambiguous.

 

[bigcity22]

A person I know attempted to open a Raisin.ie account using a valid in-date driving licence as ID. They wouldn't accept it. Is this their policy. I can't find any information on their website.

It’s ID Now’s policy to have a passport

As I said in my post, having removed the phone number in July, they did reinstate it subsequently. It's operation remains inconsistent and unreliable.

It's interesting that you say "There are two different versions of Younited, and it appears customers work with the one covered." This is exactly the sort of uncertainty that I dislike. Note that I didn't say that deposits with Younited via Raisin are not covered, rather that the position is open to uncertainty and interpretation, and this is what is unsatisfactory. It should be 100% clear and unambiguous.

I’m just confused by your statement with the callback number. They say they call back within two business days if you leave a voicemail and each time I’ve called they call back within the two days. Are you saying they haven’t called you back within that time frame personally? Because I’ve called three times with no issues.

It seems like you are a very particular person so let me adjust my language . I guess I shouldn’t have said appears because I should have said it stated. Again, it is 100% clear because they have in legal writing on their website on FAQ that states all the partner banks are covered, it’s EU law that banks must follow this, and you can find Younited on the relevant relevant scheme websites and regulation pages. I found all of this when I did my research online. I don’t know how more unambiguous you can get then that.

I’m not trying to go to bat for them, I know they’re not perfect, but I’m just confused by the information being provided here

 

[ACER10]

Anyone know what to do on this page? Apparently I need to send a copy of the required proof of your professional status... but how do I link to this PDF download.

 

[irishfinanceguy]

As I said in my post, having removed the phone number in July, they did reinstate it subsequently. It's operation remains inconsistent and unreliable.

It's interesting that you say "There are two different versions of Younited, and it appears customers work with the one covered." This is exactly the sort of uncertainty that I dislike. Note that I didn't say that deposits with Younited via Raisin are not covered, rather that the position is open to uncertainty and interpretation, and this is what is unsatisfactory. It should be 100% clear and unambiguous.

I agree it is not ideal but form personal experience I find it relatively effective to use although your concerns are valid

 

[bigcity22]

View attachment 8231

Anyone know what to do on this page? Apparently I need to send a copy of the required proof of your professional status... but how do I link to this PDF download.

This is the form you send if you want to send opening documentation by post to Raisin. They just need a proof of your profession to send with your application. If you want do it faster just look at the banks product information sheet under the details of the deposit and they have a list of accepted documents. Make sure it has your PPS number on it. You can also contact their support for the list probably. Then just email it to customer service to attach to your application. Was getting the processed talked through with me from their customer service yesterday cause I was looking into a fixed term deposit with them. I might go with Banca Privata though, just less work and no withholding tax like Banco Portugal

 

[ACER10]

This is the form you send if you want to send opening documentation by post to Raisin. They just need a proof of your profession to send with your application. If you want do it faster just look at the banks product information sheet under the details of the deposit and they have a list of accepted documents. Make sure it has your PPS number on it. You can also contact their support for the list probably. Then just email it to customer service to attach to your application. Was getting the processed talked through with me from their customer service yesterday cause I was looking into a fixed term deposit with them. I might go with Banca Privata though, just less work and no withholding tax like Banco Portugal

I figured it out eventually. Raisin do reply back, but as messages out of sync it was confusing to start with. I'm still waiting for account to open (BPG) and even though funds sent, and all paperwork done, its confusing when out of sync emails arrives. Thank you though.

I asked revenue for the 'registration document' and they were super fast replying.

 

[Tobyboy]

I have been trying address issues raised on here as to if Younited are part of the DGS in France, as an earlier poster said there is conflicting info on the Younited website. I have asked Raisin straight out a number of times if a deposit is in an actual bank account with them, as there is no French IBAN and thus is it even considered to be part of the gov DGS. Their answer in roundabout terms was'ish.. "your funds are attached to an open savings deposit product with Younited". Is this a bank account and considered part of the DGS? they say it is, but I don't know as they would say that. I could not get them to say my money was in a 'deposit account'. If it's not a deposit account but rather some other kind of investment I would be dubious if it's covered. May explain why there's no French IBAN! They simply refuse to answer questions, just sending copy and paste answers.. Worrying!

 

[bigcity22]

I have been trying address issues raised on here as to if Younited are part of the DGS in France, as an earlier poster said there is conflicting info on the Younited website. I have asked Raisin straight out a number of times if a deposit is in an actual bank account with them, as there is no French IBAN and thus is it even considered to be part of the gov DGS. Their answer in roundabout terms was'ish.. "your funds are attached to an open savings deposit product with Younited". Is this a bank account and considered part of the DGS? they say it is, but I don't know as they would say that. I could not get them to say my money was in a 'deposit account'. If it's not a deposit account but rather some other kind of investment I would be dubious if it's covered. May explain why there's no French IBAN! They simply refuse to answer questions, just sending copy and paste answers.. Worrying!

That was their response to you? I’ve enquired about Younited and they’ve provided the following information:

• YOUNITED SA is a member of the Fonds de Garantie des Dépôts et de Résolution (FGDR) and contributes to the Fonds de Résolution Unique (FRU). Deposits collected by YOUNITED CREDIT in the form of term deposit accounts and the securities it holds are covered by guarantee mechanisms managed by the FGDR under the terms and conditions defined by article L. 312-4 et seq. of the French Monetary and Financial Code. For further information, please visit the website of the Fonds de Garantie des Dépôts.
• Younited SA operates in many different capacities. It has been authorized by the Autorité de Contrôle Prudentiel et de Résolution as a Credit Institution and Investment Services Provider under number 16488.
• The Younited listed on our site is Younited SA, which is covered under the deposit scheme and offers savings deposit products.

It also confirms that information on their website under the name information. In general, under EU law, all institutions offering fixed term deposits have to follow the deposit scheme as is my impression.

Raisin Ireland offers fixed term deposit accounts so I’m assuming they’re confirming that your saving deposit product is open.

They also confirmed with me they send Opening Confirmation Statements to customer inboxes. You get an FDA number.

What copy and paste answers are they giving? Surprised they didn’t go into more detail with you as they were really thorough when I pressed. I also think we all came to the conclusion that Younited is covered under the scheme after the debate on here

 

[Moses82]

!!