Raisin integrates with first private bank

By Daniel Lanyon on Thursday 19 March 2020

Alternative Lending

Raisin integrates with first private bank
Image source: Raisin

Raisin, the fintech savings marketplace,  has launched its first partnership with a private bank. 

The deal brings together Raisin with one of Germany's oldest private banks, Hauck & Aufhäuser, enables the bank's clients to move their cash deposits, up to €10m per customer, into more competitive deposit products at third party banks – without leaving Hauck's ecosystem.

With lower and lower interest rates at many western European banks, the move will allow customers to access high yield savings rates. Hauck & Aufhäuser clients wishing to invest in Raisin deposits will be assisted personally by their advisor at the bank. 

All Raisin savings products are protected by their respective national deposit guarantee schemes in accordance with the European Union’s guidelines, up to €100,000 per customer per bank. 

In addition, the voluntary deposit protection fund of the Association of German Banks (Bundesverband Deutscher Banken e.V.) applies to select German third-party banks.

The cooperation initially comprises overnight and term deposits with shorter maturities from third-party banks in Germany and other European countries. 

Dr. Holger Sepp, member of the Management Board, is responsible for private banking at Hauck & Aufhäuser: “The cooperation with deposits marketplace Raisin offers our customers another opportunity to achieve an interest rate on their liquidity holdings well above market average. It was important to us that the integration of this partner offering be simple and intuitive, and that we give our customers a familiar experience, all from a single source.”

Raisin CEO and co-founder Dr. Tamaz Georgadze concurred: “Our vision is to provide investors with simple, high-yield, cross-border deposit products. Through the partnership with Hauck & Aufhäuser, private banking customers will ultimately be able to access our marketplace without leaving the banking infrastructure they’re used to. There is no easier or more effective way to open the door to the better interest rates on the European deposits market.”

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