Are European savings safe?

Leaving your savings in a traditional domestic bank often earns you next to nothing, yet moving money to European partner banks can still raise questions. Hesitation usually centres on three practical concerns: understanding how cross-border statutory deposit guarantees work, avoiding account holds during large transfers, and declaring interest to Revenue correctly. Here is how EU statutory protection works and how your savings remain secure and accessible at every stage.

Every partner bank on our platform operates under the statutory Deposit Guarantee Scheme (DGS) of its home country. Under harmonised EU Directive 2014/49/EU, national schemes legally protect your principal and accrued interest up to €100,000 per depositor, per banking licence, with mandatory reimbursement within 7 business days.

Because Raisin operates as a centralised marketplace, your money follows a transparent, regulated journey at every step:

• Step 1: Funding your Raisin Account
  You transfer funds from your bank account into your Raisin Account, held with Raisin Bank AG. As a credit institution supervised by BaFin and the ECB, your balance is fully covered up to €100,000 under the German statutory Deposit Guarantee Scheme.
• Step 2: Transferring to your chosen partner bank
  When your chosen deposit account is opened, for instance, with Achmea Bank in the AAA-rated Netherlands, funds move directly to that institution.
• Step 3: Home-state DGS protection
  Your deposit and interest are legally protected up to €100,000 by the partner bank's national statutory guarantee (such as the Dutch Deposit Guarantee for Achmea Bank).

If you have more than €100,000 to save, distributing your funds across multiple partner banking licences ensures every euro remains within full statutory protection limits.

Irish savers frequently manage large sums earmarked for key financial goals, such as building a home deposit, releasing stage payments, or funding a business transition.

When transferring substantial amounts, standard anti-money laundering (AML) and fraud-monitoring filters can prompt a request for source-of-funds verification. On many digital platforms, this triggers an automated hold managed by chatbots. At Raisin, you can speak directly with our customer support specialists by phone or secure messaging to review your documents, or for anything else you might need help with.

• Mortgage underwriter and broker-ready statements: Need to document your savings trail for an upcoming mortgage application with AIB, BOI or PTSB? Download consolidated statements directly from your dashboard showing complete IBAN transactions and account ownership.

Domestic Irish banks deduct 33% Deposit Interest Retention Tax (DIRT) at source. European partner banks do not make Irish tax deductions; they pay your interest gross at maturity.

Declaring this interest is straightforward and does not require complex accounting:

• 1-click annual tax certificate: At the start of each year, Raisin generates a single, consolidated tax statement across all your partner bank deposits.
• All the information you need: The certificate shows the exact figures you need when filling out your annual Revenue return, whether you file online via myAccount (Form 12) or ROS (Form 11).
• Clean tax clearance: Having an official, consolidated statement prevents reporting discrepancies, ensuring your tax affairs remain clear.