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

I hit a very annoying snag today with Raisin....I setup a deposit with BluOr Bank (Latvia) just under a year ago. In August I did the rig-ma-role with the tax forms, the process took about a month between printing, sending to revenue, me sending back to Raisin.

Anyway I got a mail from Raisin, in September, when it was complete saying it was all good. Today I get a message from Raisin saying BluOr cannot accept my signature since it is printed not written in 'wet ink', I did sign the pdf with a touch pen on the screen and then print the document. I have to go through the whole process again from the start. But my deposit is maturing in a month, there is no way I will get the new documents to them in time. What is pissing me off is BluOr waited over four months to tell me that they will not accept the document, too late for me to get updated docs to them.

So I guess I will get caught for 20% Latvian tax, am I still liable for 33% Irish tax on top or 13% Irish?
 
I got that blurb as well. But I asked them 2 clear straight forward questions and all they could give me was that blurb from the website.
However I picket out that quote to post, when I eventually got it from pressing them - ("your funds are attached to an open savings deposit product with Younited") as it is particularly worrying.

My understanding of the GDGS is that for a start you have to have money on deposit in a bank account. For that I assume I would have a bank account number. You don't with Younited but rather with raisin bank with is a German IBAN. But they say your covered in France. If they said it was the German SGS I would be less worries as it would stack up with what I see when I log in.

The statement I quoted from them seems to suggest these deposits via rainsin maybe pooled perhaps somehow. I just wanted to know do I even have a bank account with Younited. Yes or No? I just got a fudge of an answer copied and pasted as above. Not a yes or a no!

I also asked them, allowing I don't have an IBAN with that bank in France am I definitely covered with the French DGS, as even on the Younited website, they say investments with them may rise or fall, and funds are at risk. I don't seem to have an account with them so is it deemed an investment? They again just gave me generic pasted answer that all accounts with them are covered by DGS, and ignored addressing the question directly.

You have to wonder do the French goverment's DGS definitely cover these Raisin accounts, if you dont have an account in France!

I don't doubt that Younited bank function under the French scheme and has deposits covered by it. But I have got no evidence or detailed explanation from Raisin bank if they know what is and what is not. If you ask do the French government cover deposits that don't have account number or IBANs, they just ignore you and say 'all their accounts are covered. That's not answering the question directly and on purpose in my view. This needs to be teased out properly as there is a lot of money going through them.

They tried to suggest that the institutions people were inpositing in are AAA or AA+ when these ratings are for the countries these banks are in and not the banks. Younited bank has no credit rating what so ever !
How many customers of Raisin think they have deposited with a AAA bank? The Sunday times highlighted this last week. You have to look twice to notice it.
 
I don't think there is any question that Raisin deposits with Younited Credit are deposits, they are not investments. It has been pointed out that Younited Credit only offer investment products through their website but they are doing deposits with Raisin. It is also clear that deposits in Younited Credit are covered by the French guarantee scheme. The question is still remains are all the Raisin deposits in one big account and thus only covered for 100K when there is likely millions in there? I kind of doubt it but cannot say for certain.
One posted got this message from Raisin which talks about 'per customer' guarantee, and that made me remember the Irish guarantee is 100K per customer per institution. So maybe does not matter if it is all in one account if the customers are individually identified?
All deposits with our partner banks are guaranteed up to a maximum amount of €100,000 (or the equivalent amount in the respective national currency) per customer and per bank. Across Europe, national Deposit Guarantee Funds must meet the minimum requirements laid out (see Directives 94/19/EC, 2009/14/EC and 2014/49/EU).
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..and how are they identified with no IBAN? Your IBAN is German. If they said I was covered there it would make more sense. I have had accounts in French banks before and they are very particular. I had to be there in person as a non resident. I have nothing to say I have any connection with this bank apart of course from Raisin marketing material.
 
There is a Term Deposit ID for the account with Younited or whichever bank you choose, this is supplied when you open the account. IBANs are used to make international transfers easier. There'll only ever be two transactions on the account, one deposit and one withdrawal at the end of the term. Both of these transactions will be to the Raisin account. There's no need for an IBAN for the deposit account as you can't do anything with it.
You also receive the Terms and Conditions for the term deposit as shown below.

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Hi - I have a Raisin question.

If I 'Prolong' a term deposit at the end of the term do I get the original APR for the new term?
I will have a situation where my term is at 3.9%APR and the current rate by the same bank is 3.4%APR.

Which rate would I get if I prolong?
 
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Uafásach said:
Hi - I have a Raisin question.

If I 'Prolong' a term deposit at the end of the term do I get the original APR for the new term?
I'm will have a situation where my term is at 3.9%APR and the current rate by the same bank is 3.4%APR.

Which rate would I get if I prolong?
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You will get the current rate.
 
Uafásach said:
Hi - I have a Raisin question.

If I 'Prolong' a term deposit at the end of the term do I get the original APR for the new term?
I'm will have a situation where my term is at 3.9%APR and the current rate by the same bank is 3.4%APR.

Which rate would I get if I prolong?
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You will also have to meet any other new or changed conditions e.g. minimum or maximum deposit amount (caused me a problem with prolongation).
 
By any chance did anyone with an existing Raisin.ie account that they've had for a while just get a Welcome to Raisin.ie email earlier today congratulating you on opening the account?

I phoned them up asking what was going on and forwarded the email for them to look into it.
 
eie2003 said:
By any chance did anyone with an existing Raisin.ie account that they've had for a while just get a Welcome to Raisin.ie email earlier today congratulating you on opening the account?

I phoned them up asking what was going on and forwarded the email for them to look into it.
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Yes. I called them. This e-mail was inadvertently sent today to all customers due to a Raisin IT failure. There was no breach and there is nothing to be worried about. They will be contacting all customers.
 
eie2003 said:
By any chance did anyone with an existing Raisin.ie account that they've had for a while just get a Welcome to Raisin.ie email earlier today congratulating you on opening the account?
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Yes, but I have had so many inaccurate emails from them over the year I just took it as normal. The number of emails I have had saying they have just received my documentation! I will be very relieved to get my deposits back into in account I can trust.
 
I find the Raisin interface and communication to be fairly poor.

A deposit account I had with younited matured recently and when I logged in raisin asked if I would like to open my first deposit account.

Im sure it isn't a reflection on their ability or competence, it just made me pause before continuing which makes it a bit more likely to move to a competitor
 
someCitizen said:
I find the Raisin interface and communication to be fairly poor.

A deposit account I had with younited matured recently and when I logged in raisin asked if I would like to open my first deposit account.

Im sure it isn't a reflection on their ability or competence, it just made me pause before continuing which makes it a bit more likely to move to a competitor
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I have to agree on communication from Raisin the company/frustration with IT. Overall, no big problems with my money yet but when you get automated emails that are wrong or the higher ups take a long take time to handle more complicated things it can be frustrating or concerning. That being said, I do have to give credit to the customer service agents I can talk to. They’ve always been friendly, helpful, and I get the impression they really are trying to help as much as they’re allowed. They seem on my side and are honest about how things are going with my account. Still, they need their higher level/investigation team to match that. Otherwise if competitors are offering good rates, it will make me hestitant to only want to invest a lot of my money with them.
 
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Does anyone have any experience with Raisin deposits to non-euro countries?

I have used Raisin to take up an offer with a Swedish bank for a decent rate. This will obviously be converted to SEK for the duration and then back to Euro on maturity (I assume). Is there a chance currency fluctuations could seriously affect the amount in euro received back?
 
Max321 said:
Does anyone have any experience with Raisin deposits to non-euro countries?

I have used Raisin to take up an offer with a Swedish bank for a decent rate. This will obviously be converted to SEK for the duration and then back to Euro on maturity (I assume). Is there a chance currency fluctuations could seriously affect the amount in euro received back?
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I'm assuming you've taken out a euro denominated account with a Swedish bank but perhaps you could clarify what exactly you've taken up.

Assuming it is euro the only risk I would imagine you face is if the bank failed and you were reliant on the Swedish deposit guarantee scheme.

The following is taken from one of their product sheets:
"The protection limit in Euro is determined on the SEK/Euro conversion rate applicable at the time of the compensation event, thus making it susceptible to currency fluctuations."
 
skrooge said:
I'm assuming you've taken out a euro denominated account with a Swedish bank but perhaps you could clarify what exactly you've taken up.

Assuming it is euro the only risk I would imagine you face is if the bank failed and you were reliant on the Swedish deposit guarantee scheme.

The following is taken from one of their product sheets:
"The protection limit in Euro is determined on the SEK/Euro conversion rate applicable at the time of the compensation event, thus making it susceptible to currency fluctuations."
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Yes it does appear to be Euro denominated - Its with TFBank. I would have thought they would convert into SEK given the Swedish bank address but I can't find anything about that. If it's euro I guess there is little to no currency risk except in the event of the guarantee scheme being activated.
 
Max321 said:
Yes it does appear to be Euro denominated - Its with TFBank. I would have thought they would convert into SEK given the Swedish bank address but I can't find anything about that. If it's euro I guess there is little to no currency risk except in the event of the guarantee scheme being activated.
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I am planning to use TF Bank and I reached out to Raisin about this. They confirm that euro deposits will be in euro and it will not be affected by currency rate fluctuation. With regards to the Deposit Guarantee Scheme, they said that as TF Bank is protected under the Swedish Deposit Guarantee Scheme, the payout would be in euros however to allow for the conversion, the maximum investment allowed is €85,000 with TF Bank to ensure that all funds are covered in the unlikely event of insolvency.
 
I had an investment of 30k in raisin for 6 months at 4% with BFF back.
Interest returned was 597.75euro instead of 600euro
anybody know is there some other charge?
 
liam bourke said:
I had an investment of 30k in raisin for 6 months at 4% with BFF back.
Interest returned was 597.75euro instead of 600euro
anybody know is there some other charge?
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Interest is daily so there was probably a few days less than exactly 6 months. e.g. A months worth of interest for February isn't the same amount as a month's worth of interest for March. So, depending on what months your 6 months will cover will depend on how much interest you get.
 
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