Inbank enters Dutch deposit market
Today, Inbank began accepting deposits from the Dutch market which has a population of 17 million people. Inbank accepts deposits using the Raisin platform, which is already successfully used for the same purpose in Germany and Austria.
The purpose of competing for deposits is to support Inbank’s international financing activity and make it more flexible and efficient to raise capital.
Inbank’s Head of Group Product Development Erkki Saarniit says Inbank is offering an annual interest rate of up to 1.40% on term deposits, which is on par with the rates offered in Germany and Austria. “As of the end of last year, our portfolio of deposits from customers in Germany and Austria was close to 150 million euros, which shows that our offers are very attractive to residents of countries outside Estonia,” said Saarniit.
Saarniit said that deposits are a very low-risk means of savings that can still earn a considerable return. “Estonian banking with its high ratings is seen as trustworthy and stable by Europeans and the deposit guarantee scheme provides customers’ deposits with up to 100,000 euros of protection in each bank,” he said.
The CEO of Raisin, Tamaz Georgadze, says Inbank is one of Raisin’s biggest partners in the Baltics and the first bank in the region with which cooperation was launched in 2016. “Inbank has a very impressive and innovative team and we are glad that they are among the first with whom we will be accepting deposits in the Netherlands,” said Georgadze.
In addition to accepting deposits in the Netherlands, in 2019, Inbank plans to start offering deposits through a bank branch to be opened in Lithuania. Inbank will continue accepting deposits in Estonia, where it offers the highest term deposit interest rates of any local bank.
Operating as a bank since 2015, Inbank offers services through its online banking interface and partner network. Inbank operates on the Estonian, Latvian, Lithuanian and Polish consumer financing markets. It also accepts international deposits on the German, Austrian, and now, the Dutch markets.
Raisin is an online savings marketplace founded in Germany. Since its launch in 2013, it has provided over 160,000 people access to savings products offered by 66 banks.