Today Raisin, the leading pan-European marketplace for savings products with over 150,000 European customers, is launching its platform www.raisin.nl, dedicated to Dutch savers.
Raisin is further expanding its reach in the Netherlands after introducing its distribution partnership with Dutch broker bank BinckBank earlier this year. As Dutch banks continue to reduce interest rates on savings – some already with 0% or negative rates – the award-winning FinTech firm will offer Dutch savers the alternative they have been looking for: higher interest rates on savings products across Europe, protected by deposit guarantees as they are in the Netherlands.
Savers can access the products of Raisin’s partner banks effortlessly and free of charge through a one-time online sign-up and remote identification. Since Raisin works exclusively with partner banks from the European Economic Area, all savings products are covered by their respective national deposit guarantee schemes, up to € 100,000 per customer per bank.
The Dutch savings mountain has kept growing, reaching a record € 354bn by the end of June 2018. Given the quick adoption of innovation by consumers and nearly 90% internet banking penetration, the Netherlands was an obvious next market for Raisin to enter.
Eelco Habets, Raisin country head for the Netherlands, explained: “Given the record low interest rates on savings in the Netherlands and the reluctance of the Dutch to move into alternative asset classes, it is the right moment for Raisin to bring more foreign banks in the market, increasing competition and offering Dutch savers easy access to higher returns on their savings across Europe.”
Raisin will soon offer a broad assortment of term deposit and overnight accounts to Dutch consumers, following the first bank Raisin.nl launches with, the Czech Republic’s J&T Banka, one of the largest private banks in the Czech-Slovak region. In addition to excellent financial results, J&T received numerous accolades in 2017 for its products and services, as well as defending its regional title of Private Bank of the Year.
To broker savings products in the Netherlands, Raisin obtained a license from the Dutch Authority for the Financial Markets, adhering to transparency and information standards that consumers in the Netherlands expect. The website, customer service, and documentation are all provided in Dutch. Aiming for the smoothest possible customer experience, Raisin keeps paperwork to a minimum so customers will be able to open accounts with most of its partner banks 100% online.
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