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


Bizarre how their website claims the opposite.

I should really take the initiative myself and contact both Raisin and YouNited to, how you say...... see what's up?
 

What are the risks associated with term deposits?​

  • 3 months ago
  • Updated
Term deposits are the financial products with the lowest risk and they are protected against the possible insolvency of a credit institution through the national Deposit Guarantee Scheme. According to current EU regulations, member states must establish a national Deposit Guarantee Scheme covering up to a maximum amount of €100,000 per depositor and per bank, or the equivalent amount in the respective local currency.
If the deposit exceeds the maximum amount covered by the Deposit Guarantee Scheme, the exceeding amount is subject to an insolvency risk on the part of the partner bank in the case of its bankruptcy.
There is no business risk as the interest payment is not subject to business growth as in the case of stock options.
Political risks, such as the restriction of free movement of capital, are controlled by the European Union.
As long as you invest in a term deposit in the same currency (e.g. EUR), there is no foreign currency risk. For term deposits made in a foreign currency, however, such risks can arise. It is in your own interest to bear in mind that deposits made in foreign currencies may entail losses (exchange rate risks).
Other risks may arise from different legal and tax systems, as well as from using a different language.


Is the money I deposit at Raisin Bank's partner banks protected?​

  • 3 months ago
  • Updated
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).
For more information on the harmonisation of the Deposit Guarantee Scheme (DGS) in the European Union, please visit our dedicated webpage.

.......

It all sounds very positive and protected.
 
Lisboa said:
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.
Click to expand...

It is appearing that YouNited-Credit (links @Freelance posted) is different from YouNited.

They have two different websites:

Younited: instant credit solutions for retailers, banks and fintech

Younited is Europe's leading instant credit provider. Offers credit solutions for retailers, telcos, banks and fintechs.
younited.com

Investing with Younited Credit

Attractive risk-adjusted returns, low correlation to traditional asset classes
www.younited-credit.com
 
Looking at the websites I am inclined to think that they are both the one organization and Younited-credit is just a different arm of the same company. I am not an expert of course but the legal bits on both websites both seem to say they are the same company.....
Lega description at top of this page
legal description
They both share the same details including the same Paris Trade and Companies Register N°: 517 586 376. The also both share the same company name/legal name (Younited SA)
This seems significant to me but someone that knows about company law might be able to clarify.

/Edit: also found this at the Younited-credit page:
YOUNITED SA is a member of the Deposit Guarantee and Resolution Fund (FGDR) and contributes to the Single Resolution Fund (RUF).
Deposits collected by YOUNITED CREDIT in the form of time deposit accounts and the securities retained by YOUNITED CREDIT are covered by collateral mechanisms managed by the FGDR under the conditions and in the manner defined by Article L. 312-4 and subsequent MMFs. These modalities can be consulted here.

/Final edit
Younited and younited-credit both Younited SA, both share the same ECB Credit Institution License N°: 16488, which is the number listed in the site that confirms institutions that are covered
https://www.garantiedesdepots.fr/fr/verifier-la-protection-de-mon-etablissement?q=YOUNITED
 
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BrokeBroker said:
It is appearing that YouNited-Credit (links @Freelance posted) is different from YouNited.
Click to expand...

I wasn’t attempting to set out a definitive position in relation to Younited. Quite the opposite in fact. I was trying to show that it’s quite a muddle, deliberate or otherwise, and attempting to assist you in your enduring quest for certainty by showing that there isn’t any. Money you give to Younited via Raisin may or may not be covered by the French DGS. Raisin say that it is. Per my previous post I certainly have my doubts. If you are willIng to live with the element of risk in return for the elevated rewards, then you can do so. If you want certainty around capital guarantees then you might be better looking elsewhere.
 
I don't think there is any doubt at this stage that money deposited with Younited-credit is covered by the French guarantee scheme. What makes you think it is not covered?
 
I’m not making a call one way or the other. Simply saying that I’d be a lot less certain that my deposits with Younited via Raisin are covered under a DGS than I am in the case on my deposits with AIB, BOI, PTSB, BUNQ etc. I set out the reasons for my doubts in a previous post in this thread.
 
Even when it is now crystal clear that Younited-credit deposits are covered by the French deposit guarantee scheme?
 
Toastin said:
I don't think there is any doubt at this stage that money deposited with Younited-credit is covered by the French guarantee scheme. What makes you think it is not covered?
Click to expand...
Well, it's still in bolded writing you YouNited's webpage, "your investment carry's risk, it is not covered by the DGS".

That does cast potential doubt on the matter.
 
BrokeBroker said:
Well, it's still in bolded writing you YouNited's webpage, "your investment carry's risk, it is not covered by the DGS".

That does cast potential doubt on the matter.
Click to expand...
Yeah fair enough, but that is referencing their investment product, some kind of managed fund, not their deposit product. Their website also says:

"Deposits collected by YOUNITED CREDIT in the form of time deposit accounts and the securities retained by YOUNITED CREDIT are covered by collateral mechanisms managed by the FGDR under the conditions and in the manner defined by Article L. 312-4 and subsequent MMFs."

I think I noticed this a while back, they are not great at clearly differentiating deposits versus investments in some of their communications, maybe it is down to translating.
 
Just out of curiosity, do you have a deposit with YouNited or other partner bank on Raisin?
 
Last edited:
Reply from Raisin, questioning this information on YouNited web page:

Thank you for your email.
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). The information you saw on the Younited might be referring to any amount of money above 100,000 euro. The French Deposit Guarantee Scheme appears to be from 2022, so it might have been a change within the last year.

For more information on the harmonisation of the Deposit Guarantee Scheme (DGS) in the European Union, please visit our dedicated webpage.

Kind regards,
Your Raisin Bank Team
 

"Harmonization" of DGS's across Europe?

As per that link: https://www.raisin.ie/deposit-guarantee/

“These new rules will benefit all EU citizens: not only will their savings be better protected, but they will also have the option to choose the best savings products available in any EU country without having to worry about any differences in the level of protection.”

Info within that link re French DGS: contact@garantiedesdepots.fr

I e-mailed this now to inquire about YouNited's status with them.
 
Last edited:
  • €0 lost – Since the introduction of the EU deposit guarantee scheme in 1994, depositors have not suffered any losses within the protection limit of €100,000.

Is this correct?

Wasn't someone second guessing some kind of fail-safe gone sideways re a Latvian bank, earlier in the thread?
 
BrokeBroker said:
The information you saw on the Younited might be referring to any amount of money above 100,000 euro. The French Deposit Guarantee Scheme appears to be from 2022, so it might have been a change within the last year.
Click to expand...
That's the response Raisin sent you?!

YouNited Credit (one of the trading names of YouNited S.A.) do NOT offer deposits directly to the market. The product they offer directly to market, and mentioned on their website, is not a deposit, and is not covered by deposit guarantee.

They only offer deposits through intermediaries, such as Raisin.

YouNited has been one of Raisin's partners in Ireland since January 2020. Nothing changed their licence during 2022.
 
Where are you quoting from?
It's factually incorrect. A common €100k was only introduced in 2010.

Deposit guarantee schemes

EU legislation protects deposits in case of bank failure.
finance.ec.europa.eu

While there were steps to harmonize schemes from 1994 they were different to what we have now.
It was only in the run up to the financial crisis that Ireland increased its limit to 100k before this you were covered for 90% of your deposits up to €20k.

Ireland raises state guarantee on Irish deposits

Ireland's finance minister Brian Lenihan said on Saturday the government had raised the state guarantee limit on Irish deposits to 100,000 euros (78,700 pounds) from 20,000 euros previously.
www.reuters.com
 
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