Raisin Bank: Helping Irish savers find better deposit interest
Raisin is offering Irish savers access to top EU interest rates and greater control of their financial futures.
The good news is that Ireland continues to be a nation of savers, with deposits last year reaching over €170 billion.
The bad news is that the vast majority of that hard-earned cash continues to languish in deposit accounts earning less than 1%.
Data released by the Central Bank of Ireland in 2025 indicated that Irish households sacrificed potential earnings of €800 million by keeping their money in low-interest accounts, eaten away by inflation.
Raisin Bank wants to change this cycle of low returns – offering Irish savers access to top EU interest rates and greater control of their financial futures.
“Irish consumers are very conscious of saving money on everyday costs like shopping or insurance, but in many cases paying less attention to what low interest rates mean in real terms,” explains Eoghan O’Hara, country head for Raisin Ireland. “When savings are earning little or no interest, their spending power is gradually eroded by inflation, and over time that can amount to millions of euros in lost value across households.”
Faced with limited competition within the domestic banking market, Irish savers on the Raisin platform can access an array of significantly more attractive rates across the EU.
“Raisin’s model is built around choice and simplicity. Instead of relying on a single domestic bank, Irish savers can access a wide range of savings products from across Europe through one online account,” Mr O’Hara explained. “That includes more than 30 partner banks and over 100 different savings accounts, all in one place. People want choice, and that is what we are providing.”
Since its launch in 2012, Raisin has successfully helped more than one million customers to earn more than €4 billion in interest on their deposits and savings.
According to the European Central Bank, saving abroad is increasing across the Eurozone.
From the beginning of 2020, the share of household savings deposited in other Eurozone countries has increased substantially by €95 billion, to a total of €151 billion in August 2024 – an increase from 1.2 percent to 1.6 percent of all private household deposits.
Raisin works with banks located exclusively in the European Union, which means that they are members of their respective national deposit guarantee schemes. As a result, savings are protected up to €100,000 per depositor, per bank.
“But security is of the utmost importance to us,” stresses O’Hara. “We only allow customers to save up to the €100,000 per depositor, per bank deposit guarantee limit so that they can be fully confident that their nest egg is protected under the relevant national deposit guarantee scheme. Deposit protection is harmonised at €100,000 across the Eurozone, meaning an Irish saver enjoys the same coverage level whether saving with an Irish, German, French, or Swedish bank.”
Raisin Bank is a fully licensed German bank regulated by the German Federal Financial Supervisory Authority.
Additionally, for Irish customers, Raisin is authorised by the Central Bank of Ireland for conduct of business rules. All banks on the Raisin platform are fully regulated institutions, authorised in their home country and permitted to operate in Ireland under EU freedom of services rules.
“We put all our partner banks through a stress test and all have a presence in their home countries. We only work with fully regulated banks that operate under EU and European Economic Area law. Ultimately, it’s about making your money work harder for you without needing to change your bank or complicate your finances. A quick check-in on your savings strategy could be worth hundreds, even thousands, over the years.”
While this still represents a relatively modest share of overall household savings – around 2.26% of the estimated €170 billion total – it marks the highest proportion ever recorded.
“Savers need to overcome their inertia and look for the best deals out there,” concludes Eoghan O’Hara "Whether this is with a bank in Ireland or in the EU, or even just shifting money into a term deposit, the vast majority of savers are able to get more each and every year by investing just half an hour of their time every few months to compare the best offers out there. Active savers are smart savers who benefit from increasing competition.”
