ieExplains: What is Raisin Bank and is it safe?

Is Raisin Bank's new starter account offering 3.1% interest too good to be true?

Founded in 2012, Raisin Bank is a German online financial platform that established itself in Ireland in 2019. (Photo illustration by Alexander Pohl/NurPhoto via Getty Images)

German-registered fintech platform Raisin Bank has launched its new Raisin Starter Account in Ireland which it says gives new customers more competitive rates than those currently on offer across the Irish market. 

The account offers a fixed interest rate of 3.10% AER for three months on deposits between €1 and €100,000.