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

BrokeBroker said:
Their credit ratings ……..
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If you are referring to the credit ratings on the raisin.ie website you need to stop right there as those ratings are the ratings of the country in which the outfit(bank) is based, not the ratings of the outfit you are giving your money to. As such the ratings are irrelevant, unless you are talking about the security of the country’s DGS.
 
Freelance said:
If you are referring to the credit ratings on the raisin.ie website you need to stop right there as those ratings are the ratings of the country in which the outfit(bank) is based, not the ratings of the outfit you are giving your money to. As such the ratings are irrelevant, unless you are talking about the security of the country’s DGS.
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Yes, to those ratings I refer.

So, they're the ratings of the countries DGS? I wasn't aware of that.

Latvia is superior to France and Italy?

As to the outfit we're giving money to however, Blu Or is a very well established Latvian bank, right?

YouNited is some upstart small time building society?

Is one not preferable over the other.

Those who invested with YouNited or Banca Privata Leasing, you were confident in that outfit, no fear of loss etc?
 
PS: anyone looked at the interest rates on Raisin lately?

YouNited and the Portugese institutions have raised their rates?

In my case, looking for no withholding tax, YouNited would be the relevant choice.
 
The Raisin website are quite transparent about Younited and do state "Younited Credit has not yet received its own rating from the major rating agencies Moody’s, S&P and Fitch. However, banks are not obliged to do so either."

As for trust - I guess it's a matter of if you trust the country's relevant Deposit Guarantee Scheme.
 
I know this topic has been doing the round on several threads here, but I'm wondering why Trade Republic and Lightyear - neither are banks - both are online brokers - how are TR deposits covered under a Deposit Guarantee Scheme for 100k but Lightyear covered for 20k under an Investor Guarantee Scheme.
 
Lisboa said:
I know this topic has been doing the round on several threads here, but I'm wondering why Trade Republic and Lightyear - neither are banks - both are online brokers - how are TR deposits covered under a Deposit Guarantee Scheme for 100k but Lightyear covered for 20k under an Investor Guarantee Scheme.
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TR does not have a DGS. Their partner banks do. TR themselves have investor compensation scheme, covering 90% of 20k. They muddy the waters in their communications.

I've explained it here as clear as I can: https://www.askaboutmoney.com/threa...on-deposits-up-to-€50-000.229783/post-1844018
 
BrokeBroker said:
So, they're the ratings of the countries DGS? I wasn't aware of that.
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That’s absolutely not what I said. They are the rating for each country, not the rating for the country’s DGS. Totally different things.

BrokeBroker said:
Latvia is superior to France and Italy?
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If you are asking about their S&P Credit Ratings then you appear to be misinterpreting them. They rank as follows: France (AA), Latvia (A+), Italy (BBB). But as I said in my previous post, a country’s credit raising is almost irrelevant to this conversation.

BrokeBroker said:
As to the outfit we're giving money to however, Blu Or is a very well established Latvian bank, right?
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If you say so. I certainly didn’t. BluOr has been around for twenty years, in different guises if that’s what you mean by very well established. Latvia has an interesting banking history. Based on your interpretation Parex Bank, ABLV, Baltic International Bank among others would probably be considered to be established Latvian banks, and look what happened to them. Similarly, you could if you chose to do so consider Anglo Irish and Irish Nationwide to be (or more correctly to have been) very well established Irish banks.

BrokeBroker said:
YouNited is some upstart small time building society?
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Not sure they have anything to do with mortgages or other typical building society type activity. They describe themselves as a “credit provider”. Their business description is here. Not sure why you didn’t bother to look it up yourself as part of your due diligence research.

BrokeBroker said:
Is one not preferable over the other.
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Yes, probably. But that is for you to research and decide.

BrokeBroker said:
Those who invested with YouNited or Banca Privata Leasing, you were confident in that outfit, no fear of loss etc?
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I can’t answer for others, but frankly, despite having a substantial sum invested with Younited through Raisin, I certainly can’t answer ”Yes” to that. The various DGS are the fallback that most people rely on, but you’d have to wonder about this.

For example, Raisin state that Younited “ Deposits - including accumulated interest - are guaranteed up to an amount of EUR 100,000 per customer and bank (sic) by the French deposit guarantee fund.“. However there is no reference to the French DGS anywhere on the Younited website. And on Younited-Credit website, they say this (which may or may not be relevant to money deposited with Younited via Raisin): “Investing in Younited’s funds involves a risk of total or partial loss of capital and a risk of illiquidity.” And the only reference to Younited on FGDR’s website is in the section headed “NOT COVERED BY THE DEPOSIT GUARANTEE SCHEME”. Now I’m not for a moment accusing Raisin of being anything other than truthful, but in the absence of evidence confirming Younited’s inclusion in the French DGS you’d have to wonder, wouldn’t you.

To be clear, I’m not singling Younited out. You mentioned them and it’s a useful example. Any research I’v done into other Raisin partners has left me with similar doubts.

In your many posts on here, you appear to be searching for certainty, guarantees and cast iron assurances. There is a reason the outfits on Raisin are on that platform, offering higher than normal rates. I keep saying that many of these fintech offerings are not for the faint hearted, those of a nervous disposition, those with money they cannot afford to loose, light sleepers etc. You need to understand the risk-reward tradeoff, do your due diligence research, and make whatever decision is right for you and yours. I’d respectfully suggest that constantly banging off quickfire questions and half absorbing the responses you receive will get you nowhere other than more confused.
 
BCP is advertising SocGen and NatWest rates in a half-page business post ad today.

Very clear that they are not DGS-protected and targeted at larger depositors.
 

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Dr Strangelove said:
BCP is advertising SocGen and NatWest rates in a half-page business post ad today.

Very clear that they are not DGS-protected and targeted at larger depositors.
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Insteresting. SocGen have been cropping up a lot recently with offers along these lines, though this one isn’t their best offer. Already took the plunge and I think I have enough with them. I like the NatWest offer of 4% AER over 5 years. Pity it is not available to individual investors.
 
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Dr Strangelove said:
BCP is advertising SocGen and NatWest rates in a half-page business post ad today.

Very clear that they are not DGS-protected and targeted at larger depositors.
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How is it very clear?
I can't see anything in the attached ad that says this.
 
Probably in the small print at the bottom of the page, most of which was missed in the scan. It certainly was stated very clearly in the prospectus for previous offers.
 
Freelance said:
That’s absolutely not what I said. They are the rating for each country, not the rating for the country’s DGS. Totally different things.


If you are asking about their S&P Credit Ratings then you appear to be misinterpreting them. They rank as follows: France (AA), Latvia (A+), Italy (BBB). But as I said in my previous post, a country’s credit raising is almost irrelevant to this conversation.


If you say so. I certainly didn’t. BluOr has been around for twenty years, in different guises if that’s what you mean by very well established. Latvia has an interesting banking history. Based on your interpretation Parex Bank, ABLV, Baltic International Bank among others would probably be considered to be established Latvian banks, and look what happened to them. Similarly, you could if you chose to do so consider Anglo Irish and Irish Nationwide to be (or more correctly to have been) very well established Irish banks.


Not sure they have anything to do with mortgages or other typical building society type activity. They describe themselves as a “credit provider”. Their business description is here. Not sure why you didn’t bother to look it up yourself as part of your due diligence research.


Yes, probably. But that is for you to research and decide.


I can’t answer for others, but frankly, despite having a substantial sum invested with Younited through Raisin, I certainly can’t answer ”Yes” to that. The various DGS are the fallback that most people rely on, but you’d have to wonder about this.

For example, Raisin state that Younited “ Deposits - including accumulated interest - are guaranteed up to an amount of EUR 100,000 per customer and bank (sic) by the French deposit guarantee fund.“. However there is no reference to the French DGS anywhere on the Younited website. And on Younited-Credit website, they say this (which may or may not be relevant to money deposited with Younited via Raisin): “Investing in Younited’s funds involves a risk of total or partial loss of capital and a risk of illiquidity.” And the only reference to Younited on FGDR’s website is in the section headed “NOT COVERED BY THE DEPOSIT GUARANTEE SCHEME”. Now I’m not for a moment accusing Raisin of being anything other than truthful, but in the absence of evidence confirming Younited’s inclusion in the French DGS you’d have to wonder, wouldn’t you.

To be clear, I’m not singling Younited out. You mentioned them and it’s a useful example. Any research I’v done into other Raisin partners has left me with similar doubts.

In your many posts on here, you appear to be searching for certainty, guarantees and cast iron assurances. There is a reason the outfits on Raisin are on that platform, offering higher than normal rates. I keep saying that many of these fintech offerings are not for the faint hearted, those of a nervous disposition, those with money they cannot afford to loose, light sleepers etc. You need to understand the risk-reward tradeoff, do your due diligence research, and make whatever decision is right for you and yours. I’d respectfully suggest that constantly banging off quickfire questions and half absorbing the responses you receive will get you nowhere other than more confused.
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Great reply.

In relation to due diligence, yeah I'm not a finance wizard and only recently have began to take an interest in the area.

So based on this idea of a Deposit Guarantee Scheme, I had somewhat assumed that as Raisin had in their descriptions said, "covered under Country X's DGS", that it was covered and fail safe up to 100 large.

In addition to reading contributors here had indeed deposited money with these institutions, as well as being mentioned in the financial times, recommended by our finance minister Pascal, and listed on sites like bonkers - I had kind of concluded that ultimately it was going to be a safe undertaking.

Having looked more thoroughly, your post outlines that some of these claims in relation to DGS coverage, may not have been made in good faith (or certainly not as iron clad as initially contended).

“Investing in Younited’s funds involves a risk of total or partial loss of capital and a risk of illiquidity.” And the only reference to Younited on FGDR’s website is in the section headed “NOT COVERED BY THE DEPOSIT GUARANTEE SCHEME”
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Naturally, this is most concerning.

So contrarily making these inquiries does not leave me more confused but in fact, better informed.

Cross referencing with the research, decisions and due diligence of others is always a worthwhile endeavour, as has been the case here.

I keep saying that many of these fintech offerings are not for the faint hearted, those of a nervous disposition, those with money they cannot afford to loose, light sleepers etc. You need to understand the risk-reward tradeoff, do your due diligence research, and make whatever decision is right for you and yours.
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However, if it's a case of, "do your own research bruh, instead of depending on that of ours", I suppose I kind of get that.

But in relation to this quote, it stands so starkly at odds with the inclinations of others which seemed more firmly pointed in the direction of, "Raisin is awesome, DGS covered, no worries of losing money, you're a chump if you don't take advantage".
 
Younited code 16488 is listed on the French website https://www.garantiedesdepots.fr/si...8/BASE PDF LISTE ADHERENTS ENG 30.06.2022.pdf
When you invest with Younited via raisin, the information sheet provides all the guarantee information and contacts. Here is an extract
Deposits in France are protected by:
Fonds de Garantie des Dépôts et de Résolution (“FGDR”), the statutory deposit guarantee scheme of France.
Inquiries regarding the FGDR should be directed to:
Fonds de garantie des dépôts et de résolution (FGDR) 65, rue de la Victoire
75009 Paris, France
Tel: +33 0158 18 38 08
E-Mail: contact@garantiedesdepots.fr
More information:

The Fonds de Garantie des Dépôts et de Résolution - FGDR

Its public interest mission: to protect customers of the banking and financial sector and intervene to guarantee deposits, securities and performance bonds.
www.garantiedesdepots.fr www.garantiedesdepots.fr
 
carmel65 said:
Younited code 16488 is listed on the French website https://www.garantiedesdepots.fr/sites/default/files/2022-08/BASE PDF LISTE ADHERENTS ENG 30.06.2022.pdf
When you invest with Younited via raisin, the information sheet provides all the guarantee information and contacts. Here is an extract
Deposits in France are protected by:
Fonds de Garantie des Dépôts et de Résolution (“FGDR”), the statutory deposit guarantee scheme of France.
Inquiries regarding the FGDR should be directed to:
Fonds de garantie des dépôts et de résolution (FGDR) 65, rue de la Victoire
75009 Paris, France
Tel: +33 0158 18 38 08
E-Mail: contact@garantiedesdepots.fr
More information:

The Fonds de Garantie des Dépôts et de Résolution - FGDR

Its public interest mission: to protect customers of the banking and financial sector and intervene to guarantee deposits, securities and performance bonds.
www.garantiedesdepots.fr www.garantiedesdepots.fr
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Screenshot 2023-10-12 191957.png


Did I input this wrong?
 
The search didn’t work for me either, but go into their list and Younited is last on the list
 
carmel65 said:
The search didn’t work for me either, but go into their list and Younited is last on the list
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Do you feel, in light of @Freelance 's post above, completely confident your money is protected under the French DGS, in the event of liquidity etc (despite what's stated on the YouNited website, as per the quotes in the aforementioned post)?
 
BrokeBroker said:
And the only reference to Younited on FGDR’s website is in the section headed “NOT COVERED BY THE DEPOSIT GUARANTEE SCHEME”
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That publication is from March 2022 so something could have changed since then. It also seems like Younited and Younited-Credit could be two separate entities. More homework is needed.
 
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