Interest rates in the Netherlands are at an all-time low with most Dutch banks only offering 0.01% and some even charging negative interest!
For those of us who have hoarded our cash, there are few options to earn money on our savings in the Netherlands — which is dang ridiculous.
But hol’ up, cash collectors! There’s a solution that has come to town. Raisin gets you access to the best interest rates across the EU — no joke. You can store your money where it can really grow!
What is Raisin?
First things first, allow us to introduce you. Raisin is a savings marketplace — and it’s perfect for internationals on the lookout for the EU’s best savings products.
We hear you: what the hell is a savings marketplace? Basically, Raisin is a savings broker that lets you put your savings into accounts of banks across the EU — without you having to leave your home, deal with language barriers, or remember login information for 10 different banks.
Let’s put it this way: you have money in the Netherlands, but most Dutch interest rates are not worth your money (yeah, that’s right, you do deserve better!) You join Raisin and find a bank somewhere else in Europe. Suddenly, you could be getting up to 35 times the Dutch interest rate!
Raisin has proven themselves popular because they give you access to these banks and their interest rates (without needing to worry about living in that country). Savings accounts can be opened and managed fully online, and they’ve even arranged deals with banks to offer their clients a collection of the best interest rates in the EU — baller.
Why should you use Raisin as an international in the Netherlands?
If you’re reading this article, you’re likely an international in the Netherlands, just like us! So here’s what attracted us to Raisin — and why it may just be the right option for you.
Get exclusive access to the best interest rates
With Raisin, you have a wide range of savings accounts to choose from and you can rest easy knowing that the deposited amount(s) will only ever grow — not decline. Raisin is tirelessly looking to find you the best interest rates that EU international banks have to offer.
Choose from a broad portfolio of savings accounts
Whether you’re looking for the security of high, fixed rates on term deposits, or good interest rates with maximum flexibility on overnight savings, Raisin can offer all of the above. Not sure what the heck any of that means? Let’s break it down for you.
Raisin offers three types of savings products for international savers:
Overnight money accounts
No, this isn’t somewhere for you to put your cash while you sleep. An overnight money account is essentially an account that you can open, add to, or withdraw from at any time, anywhere — and you can start using it immediately. It’s the most flexible option and is accessible to all as you only need €1 to open the account! (Checks back pocket, yep, we’re good to go!)
Currently, Renault Bank offers a freely withdrawable savings account with an interest rate of 0.25% per annum exclusively through Raisin — that’s 25 times the standard interest rate!
A term deposit account is slightly more structured and less flexible than an overnight money account. You deposit a fixed amount of money for a fixed amount of time. Usually, this means you cannot add or withdraw money from the account during the term but it also means that the bank is willing to offer you a higher fixed interest rate!
Savings accounts with conditions
Landing somewhere between the above two options in terms of flexibility is the option to open a savings account with conditions. With this option, you can deposit a fixed amount that can only be withdrawn in its entirety. There is no fixed term for the account but there is a short notice period if you do decide to withdraw the deposit.
Unsure of which account to take out? Check out this helpful overview and comparison.
What all three of the above options have in common is simple — some of the highest interest rates that EU banks have to offer!
Set up multiple savings accounts with banks across the EU
What’s more, through one single Raisin account, you can set up as many savings accounts with as many banks across the EU as you want — completely for free.
Yep, that’s right. There are no costs involved in setting up your Raisin account. In fact, they will even cover the costs of any international Euro transfers that you may have to make upon choosing a term deposit account!
Receive an extra €100 to get you started
In fact, not only is setting up an account going to cost you nothing, you will actually be given money! Raisin gets your savings off to a flying start by giving you up to €100 cash bonus when you open your first savings account.
All across the EU, your money is guaranteed up to €100,000
While your savings may be off backpacking in a (for example) French or Estonian bank account, you can take a relaxing breath and know that, while your savings are off getting cultured, they won’t disappear on you.
Anything up to €100,000 per account holder per bank (or the equivalent amount in local currency) will be protected by national, statutory deposit guarantee schemes in accordance with EU guidelines — no matter what happens to the bank where your money is lodged.
Allow your savings to grow — without the risk of investing
If we’ve learned anything in the past year, it’s that the world can be a pretty unpredictable place. It makes the prospect of investing in property or the stock market all the more unappealing.
However, it’s good to know that, thanks to high-interest rates, your money can continue to grow steadily in value once you place it in a savings account with Raisin. You can leave your money be, and watch your balance rise — and no rebellion on Reddit or a tweet by Elon Musk will change that.
Handle your savings completely online
If you’ve been an international with a bank account in a different country then you know the struggle of trying to update your personal information or making international transactions — things just aren’t as simple as using online banking.
With Raisin, you won’t be expected to fly across the world to handle simple matters — it’s all online, no trips to the bank needed.
Sign me up!
Finally found a place that your savings can call home? We’re glad. You can open up a free account with Raisin now in three easy steps.
- Create an account* — You can register your account by filling your details into the provided form.
- Login — Once you have selected your username and password, login and identify yourself.
- Send on your proof of address — Upload or email something that verifies your address.
Their website also offers all its key documents in Dutch and English, and you don’t have to worry about getting lost in translation — their customer service will operate in English if that’s your preference!
Listen, we know managing your finances is hard, especially when you’re trying to do so in a foreign country — but that’s why services such as Raisin exist. You got this! 💪
Have you tried 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.
Feature Image: AlleSerebrina/Depositphoto