Raisin Netherlands has announced an expansion of its savings portfolio into the highly popular product category of overnight accounts. With the addition of new partner Nordax Bank, the platform’s first bank from AAA-rated Sweden, Raisin’s marketplace now features its first overnight deposit product enabling the savings broker’s customers to invest with maximum flexibility. Customers will be able to add or withdraw their savings at any time, or set up a savings plan with periodic transfers if desired. The Nordax Bank account also lowers the threshold of entry for potential savers, with a minimum investment of just one euro, while also offering a fully online process.
In the wake of news of the biggest Dutch banks lowering their floor for charging negative rates*, Dutch consumers may feel as if their home banks are pushing them away. Indeed, over-liquid large Dutch banks face steep penalties at the European Central Bank for the excess cash on their balance sheets, and are increasingly passing those fees along to customers. This means that some customers’ savings experience a net loss due to negative rates. With the new Nordax Bank overnight money Raisin.nl offers savers a competitive and fully available alternative.
“The largest Dutch banks continue to decrease their interest rates, reduce the deposits on offer, and lower the threshold for charging negative rates. At the same time consumers in the Netherlands are saving more. The mission of Raisin’s savings platform is providing them better options with easier accessibility,” says Eelco Habets, Raisin Country Manager Netherlands. “Expanding our product range into overnight accounts allows our customers to select for rate, country, the convenience of online access, and now also flexibility. We will be growing further in this direction in the coming months.”
Founded in 2003 and headquartered in Stockholm, Nordax Bank has customers in Sweden, Denmark, Finland and, through Raisin, Germany and now the Netherlands. The bank is regulated by the Swedish Financial Supervisory Authority (Finansinspektionen) and registered with the Dutch Central Bank for cross-border services. Nordax’s overnight accounts on the Raisin Netherlands platform are launching with an interest rate of 0.15%, five times the national average.
* See: https://www.raisin.nl/negatieve-rente/ and https://fd.nl/ondernemen/1380910/ook-de-volksbank-verlaagt-lat-voor-negatieve-rente-naar-een-ton
A trailblazer for open banking and the leading pan-European one-stop shop for online savings and investments, Berlin-based fintech Raisin was founded in 2012 by Dr. Tamaz Georgadze (CEO), Dr. Frank Freund (CFO) and Michael Stephan (COO). Raisin’s platforms — under the brand WeltSparen in the German-speaking world — are breaking down barriers to better savings for European consumers and SMEs: Raisin’s marketplace offers simple access at no charge to attractive and guaranteed deposit products from all over Europe, as well as globally diversified, cost-effective ETF portfolios and pension products (currently available in Germany). With one online registration, customers can choose from all available investments and subsequently manage their accounts. Since launch in 2013, Raisin has placed 33.5 billion EUR for 340,000 customers in 28+ European countries and 105 partner banks. Raisin was named to Europe’s top 5 fintechs by the FinTech50 awards and is backed by European and American investors such as btov Ventures, Goldman Sachs, PayPal Ventures, Thrive Capital, Index Ventures, Orange Digital Ventures and Ribbit Capital. Raisin UK in Manchester, banking-as-a-service provider Raisin Bank in Frankfurt, Raisin Pension, and Raisin Technology and Raisin U.S. all belong to Raisin.
Nordax Bank AB, headquartered in Stockholm, is a subsidiary of Nordax Group AB in Sweden. The bank, which was founded in 2003, has more than 100,000 customers in Sweden, Denmark, Finland and Germany and more than 200 employees. The bank’s focus is on private banking and investment banking, which includes investment advisory and portfolio management. Nordax Bank has already gained experience in these areas over a period of more than 15 years.
The bank is regulated by the Swedish Financial Supervisory Authority (Finansinspektionen) and is also registered in Germany with BaFin as a cross-border credit institution. In addition, Nordax Bank is a member of the Banking Association.