Digital wealth manager Scalable Capital will now offer fixed-term deposits from banks across Europe.
The move is part of a white label solution offered by Raisin that offers a choice of more than 20 different savings products. Since launch in 2012, the Berlin-based Raisin has brokered €16bn from savers to over 80 partner banks across Europe.
Customers from Scalable Capital can now deposit their funds with banks in Germany and the European Economic Area (EEA) at conditions that significantly exceed the current average interest rate in Germany of around 0 per cent. Under EU law, all savings products of European banks are protected by the respective national deposit insurance up to an amount of €100,000 per customer and bank.
"With this partnership we are complementing our product range with products that offer an attractive return without capital market risks. In addition to our automatically managed ETF portfolios for long-term wealth accumulation, our clients can now easily deposit their funds in European fixed-term accounts," says Florian Prucker, co-founder and co-CEO of Scalable Capital.
"We are happy to be working with Raisin. The founding spirit and business model fit together perfectly on both sides. The partnership is ideal for giving our clients access to fixed-term deposits throughout Europe."
The new service starts with a minimum of €500.