Zinspilot review

The monthly fee is €0 and the account runs on a no monthly fee model, so holding the balance carries no charge. The only threshold is the minimum deposit of €1, low enough to start with spare cash rather than a lump sum.

Eligible deposits sit under deposit protection of EU DGS up to EUR 100,000, which is the EU scheme, so covered balances are repaid by the scheme rather than by the platform. The account is run by Raisin SE, registered with the Bezirksamt Friedrichshain-Kreuzberg financial investment intermediary register, and BaFin is named for Raisin Bank AG.

The rate type is variable, currently 3%, which means the figure can move with the central bank and is not guaranteed for the whole time the money sits there. Variable rates are the norm in this group, at 95.3% of savings accounts compared.

The minimum deposit is €1, a little above the €0 median minimum in the savings accounts group. Because there is no fixed term, you are not committing the whole amount for a set period.

Support runs on email, phone and help centre, so you can email the team, call the phone line, or work through the help centre on your own. The phone line is the quicker route for anything urgent, while the help centre answers the routine account questions.

The account is run by Raisin SE, the legal entity named as Raisin SE (Amtsgericht Charlottenburg HRB 271733 B), and the platform was founded in 2012. It is authorised in Germany as a financial investment intermediary, with the account sitting in the euro area rather than the UK market.

The headline rate of 3% matches the savings accounts median of 3% and sits under the 4% upper quartile. Wise lists 3.29% and bunq 3.01%, so higher easy access rates do exist elsewhere.