German bank will let you put money in accounts across EU
A German bank is expected to shake up the savings market here by offering people with deposits options to put their money in bank accounts across Europe.
Raisin Bank is hoping to capture a slice of the €109bn in deposits by offering savers a better deal.
Its online platform offers access to savings accounts across the eurozone. Savers register with Raisin.ie and a list of the rates from banks are displayed on the website.
It says it offers access to 25 savings products from around Europe with rates up to 1.2pc.
However, rates at that level are only for those prepared to lock away funds for five years.
Raisin says savings are covered for amounts up to €10,000 under the deposit guaranteed scheme.
The savings platform's business development manager for the Irish market, Alejandro McCormack, said savers in this country were getting the lowest interest rates in Europe.
Mr McCormack claimed his company aimed to "democratise deposits" by putting more money into savers' pockets.
It comes as it was recently revealed that most banks are paying so little interest to savers that most accounts are failing to beat inflation.