Raisin is a German fintech platform that allows European savers to access bank deposits from across Europe through a single account. In Spain, it operates under the name Raisin ES and has gained popularity because it offers higher interest rates than traditional Spanish banks, backed by the European Deposit Insurance Scheme.
In this analysis, we answer the questions Spanish savers ask most often before opening an account.
Contents
- How Raisin Works
- Guarantees: Is my money safe?
- Best deposits available now
- Pros and cons
- Raisin vs. opening an account directly with a bank
- Frequently Asked Questions
How Raisin works
The process is simple: you open a free account with Raisin, complete the identity verification (online KYC), and from that account you can open deposits with any of the banks partnered with the platform. Your money moves from your regular bank account → Raisin account → destination bank. At maturity, the process is reversed.
No fees for the saver — Raisin charges the bank, not the customer. The platform is free for depositors.
Available deposits range from 1 month to 5 years, in euros, and come from banks in Germany, France, Portugal, Estonia, Latvia, Bulgaria, and other countries. Raisin currently operates in 31 countries and partners with over 150 banks.
Guarantees: Is my money safe?
Every deposit on Raisin is guaranteed by the Deposit Guarantee Fund of the country where the issuing bank is regulated. All EU guarantee funds cover up to €100,000 per account holder and institution, pursuant to Directive 2014/49/EU.
Some important details:
- If you open a deposit with SME Bank (Estonia), it is covered by the Estonian fund. If the bank fails, the Estonian fund provides compensation, not the Spanish one.
- Raisin acts as an intermediary—in the event of issues with the platform, your money remains at the issuing bank under the applicable DGF.
- The €100,000 limit is per bank, not per deposit. You can diversify across multiple Raisin banks to cover higher amounts.
Best deposits available on Raisin Spain (April 2026)
| Bank | Country | APR | Term | FGD |
|---|---|---|---|---|
| BTG Pactual | Portugal | 2.54% | 3 years | PT 100k€ |
| SME Bank | Estonia | 2.53% | 12 months | EE 100k€ |
| Achmea Bank | Netherlands | 2.80% | 7 years | NL €100k |
| Younited Credit | France | 2.40% | 12 months | FR 100k€ |
| Banca Sistema | Italy | 2.37% | 2 years | IT €100k |
Indicative rates as of April 1, 2026. Check raisin.es before signing up.
Pros and cons of Raisin
Advantages:
- Access to European banks with rates higher than the Spanish average without opening an account at each one
- A single identity verification for all banks on the platform
- No fees for the saver
- Diversification across multiple European deposit guarantee schemes for large amounts
- Centralized tracking of all your deposits in a single dashboard
Disadvantages:
- The DGS is not the Spanish one — in the event of a bailout, you’ll have to deal with the fund of the issuing bank’s country (which is somewhat more complex)
- The best rates are usually for long-term deposits (3–7 years) or from lesser-known banks
- No checking account or debit card—it is exclusively for deposits
- Deposits are not liquid before maturity (penalty applies or withdrawal may not be available)
Raisin vs. opening a deposit directly with the bank
The main difference is convenience. Opening a deposit account directly with SME Bank Estonia would require opening an account there, completing KYC in another language, managing international SEPA transfers, and tracking the account on a separate platform. Raisin centralizes everything.
However, some banks available on Raisin also accept direct customers at the same rates—in those cases, there is no practical difference other than convenience.
Frequently Asked Questions
Does Raisin have a Spanish banking license?
Raisin operates in Spain through Raisin Bank, headquartered in Frankfurt (Germany) and holding a German banking license. Supervised by BaFin. It is not a Spanish bank but operates legally within the European Single Market.
What happens if Raisin goes bankrupt?
If the Raisin platform were to close, your money would remain with the bank issuing the deposit, not with Raisin. The intermediary’s bankruptcy does not affect the deposit. It would be different if the issuing bank were to go bankrupt, in which case the relevant deposit insurance fund would step in.
Can I cancel a deposit early?
It depends on the bank and the product. Some offer early cancellation with a penalty (loss of accrued interest), while others do not allow cancellation. This is specified in the terms and conditions of each deposit before you sign up.
Check out all the best deposits available in Spain on APYData, including those from Raisin and many others, with APYs updated daily.