The savings platform Raisin has been active for a couple of years now in the Netherlands — but what is Raisin? And what can it do for your savings?
We’ve answered some of your top questions about using Raisin from the Netherlands. 👇
This post might have affiliate links that help us write the articles you love, at no extra cost to you. Read our statement.
1. Why should I opt for Raisin over a Dutch bank?
For the most part, life in the Netherlands is good. The country has great infrastructure, plenty of bustling cities, and a liberal lifestyle.
However, one thing it really doesn’t offer is good interest rates on savings accounts.
Even the largest banks in the Netherlands offer low interest rates when compared to their international counterparts.
That’s where Raisin steps in. Raisin offers residents of the Netherlands access to international banks with savings accounts that offer much higher interest rates.
Just how much higher are we talking? For example, ABN AMRO, one of the Netherlands’ biggest banks, offers just 1.5% interest on its savings accounts. By comparison, you can access savings accounts with interest rates as high as 3.26% on a flexible savings account and up to 3.65% on a term deposit through Raisin.
READ MORE | This online savings platform is the solution to the Netherlands’ stingy savings rates
By opening an account through Raisin, you will have access to a savings account that will allow your savings to grow in value and tackle inflation.
What’s more, Raisin offers you access to 40+ banks, all through one login, meaning you will never need another savings account outside of the Raisin platform.
Once you open your central Raisin account, you can choose from as many flexible savings accounts and term deposits as you want.
2. What are the best interest rates that Raisin is offering right now?
The best fixed-term and variable interest rates in August 2024 that you can enjoy with Raisin are below.
Fixed-term savings accounts
Savings accounts with a fixed term are not freely withdrawable. This means you must keep the money you deposit in the account for a fixed period of time.
While you can’t freely withdraw money whenever you want, you do benefit from fixed high interest rates. Here are some of the most popular fixed-term interest rates offered by Raisin.
| Bank | Duration | Fixed-term interest rates on savings accounts |
|---|---|---|
| Banca CF+ | 6 months | 3.52% |
| Banca Progetto | 1 year | 3.70% p.a |
| Klarna | 1 year | 3.40% p.a |
Freely withdrawable savings accounts
If you need more flexibility with your savings and want to be able to withdraw money whenever you like, then you can opt for a freely withdrawable savings account with a variable interest rate.
This means the interest rate is not fixed, but it’s still strong — and you can take out money from the account as you see fit.
Here are the current highest freely withdrawable savings accounts offered by Raisin.
| Bank | Variable interest rates on savings accounts |
|---|---|
| Distingo | 3.26% |
| HoistSparen | 3.23% |
| Collector | 3.23% |
3. Is my money safe at Raisin?
Raisin works exclusively with banks that fall under national deposit guarantee schemes.
This means that any money you save using the bank accounts offered through Raisin is guaranteed up to €100,000 (or an equivalent in the local currency).
As of January 1, 2024, in the case where a Deposit Scheme refund takes place, the payback is completed within seven working days.
4. Can I transfer money between my Raisin account and my Dutch account?
Yes! When you set up an account with Raisin, you will be asked to choose one external bank account to link to Raisin.
Through this external account, you will make withdrawals and deposits to your savings accounts.
What does this mean? For example, If you link your ABN AMRO account to your Raisin account, you will be able to transfer money from your Dutch account to your savings account at the French bank Distingo — all through Raisin’s platform.
Once you transfer money to or from your international savings account, it will take one to three days for funds to appear in your other account.
5. Does Raisin charge a fee?
Nope, Raisin doesn’t charge any fees to its customers!
6. Why is Raisin free?
Instead of charging customers a fee, Raisin earns money by receiving a fee from banks and credit unions for marketing its products.
And you know what’s better than the average Joe’s money? A bank’s money. 💶
7. What do I need to sign up for Raisin?
The requirements for signing up for Raisin are pretty simple. Once you fill out their registration form, you will be asked to:
- Supply your personal details (including your full name, address, and BSN)
- Upload proof of your address
- Verify your identity online
- Supply details of the external bank account you would like to link to
Raisin offers one way for internationals based in the Netherlands to avoid low savings interest rates, all while your money is protected by the Deposit Guarantee Scheme — and for that, we say dankjewel. 💪
Have you used Raisin before? Tell us about your experience in the comments below!
* Residents of the United States of America (USA), so-called Permanent Residents, as well as holders of a Green Card (anyone who is considered a “US person”) are not entitled to access the offers due to extensive regulations regarding the transfer of data under FATCA regulation.
* The interest rates mentioned in the article represent interest rates from 16.08.2024 and are subject to change, check out the Raisin website for the current offers.
