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DeGiro abolishing charge for holding cash in account

  • 01-07-2020 3:51pm
    #1
    Registered Users Posts: 194 ✭✭ outonawing


    Just had an email from DeGiro, announcing a change in how our cash balance is being held. *It will eliminate charges.
    *Correction: balances over €2.500 may still suffer charges.


Comments

  • Registered Users Posts: 447 ✭✭ iAcesHigh


    outonawing wrote: »
    Just had an email from DeGiro, announcing a change in how our cash balance is being held. It will eliminate charges.

    I presume that with that MMF "contribution" is disappearing, can we then just cash that out or we need to pay "gains" on that also? (although those are to compensate users for lost money up to €2,5k on your account, hence not really any gain there)...


  • Registered Users Posts: 194 ✭✭ outonawing


    Your cash will be held in an account with Flatex Bank in Germany. Here is a quote from the email:

    Your money will be held in a segregated personal Cash Account with your own new IBAN, guaranteed up to €100,000. Your new IBAN will be directly connected to your existing DEGIRO account.


  • Registered Users Posts: 427 ✭✭ towger


    “ Please note that our compensation policy for negative returns remains unchanged. The flatex Bank accounts will not give positive returns.”


  • Registered Users Posts: 194 ✭✭ outonawing


    towger wrote: »
    “ Please note that our compensation policy for negative returns remains unchanged. The flatex Bank accounts will not give positive returns.”
    Sorry if I've misled anyone, looks like we will subject to possible negative interest rates. The mistake of posting on a public forum before properly reading my email.:o:o:o


  • Registered Users Posts: 57 ✭✭ atahuapla


    This is great news, it's really frustrating not being able to keep cash on hand for optimal entry points on red days.
    If this bank checks out, I'll definitely be opting in.


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  • Registered Users Posts: 427 ✭✭ towger


    atahuapla wrote: »
    This is great news, it's really frustrating not being able to keep cash on hand for optimal entry points on red days.
    If this bank checks out, I'll definitely be opting in.


    Agree. This is the real benefit. I lost several good opportunities to jump in over the ups and downs of the past few months.


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