Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Trade Republic savings account thread

«13456723

Comments

  • Registered Users, Registered Users 2 Posts: 221 ✭✭Anjunadeep


    That's good to see. I was wondering why the likes of N26 or Revolut havent made a move already



  • Registered Users Posts: 219 ✭✭prosaic


    I've tried signing up today. I got an email saying the account is activated but the app keeps showing a "registration Completed" page. This is very frustrating.

    I tried contacting customer service by email but they said the email (googlemail.com) is not the one I set it up with (gmail.com)



  • Registered Users, Registered Users 2 Posts: 5,922 ✭✭✭daheff


    I also tried signing up. keeps getting stuck in a loop telling me my registration country is Germany. I get directed to a page to change it, then brought back to the same page with the same problem.



  • Registered Users Posts: 730 ✭✭✭drogon.


    Just signed up, no issues here. 



  • Registered Users Posts: 259 ✭✭pummice


    They dont seem to be listed with the central bank / regulator



  • Advertisement
  • Registered Users Posts: 219 ✭✭prosaic


    The signup process went through ok in the end.

    Are they running through German regulator?


    Edit to add from their documentation...

    In the name of our partner Citibank Europe plc (CEP) we want to point out the following:

    "Trade Republic has opened an account as a depositor with Citibank Europe plc, Germany Branch. CEP is a member of the Deposit Guarantee Scheme of Ireland (DGS). The DGS protects claims of depositors up to €100,000. As Trade Republic has notified CEP that CEP is holding the funds placed in the account on behalf of Trade Republic's underlying clients, CEP will mark the account as a beneficiary account on their records. Should the situation arise, it would be for the Central Bank of Ireland to investigate which underlying beneficiaries are eligible for protection."



  • Registered Users, Registered Users 2 Posts: 964 ✭✭✭Unknownability


    Yes, regulated by BaFin and the Deutsche Bundesbank.



  • Registered Users Posts: 717 ✭✭✭you2008


    Thanks OP, is this company safe to do so?



  • Registered Users, Registered Users 2 Posts: 671 ✭✭✭Fishy1


    Having to declare the interest (for DIRT purposes) directly to Revenue is putting me off a bit. It’s easier when it’s automatically deducted at source!




  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,118 Mod ✭✭✭✭AlmightyCushion


    You will just have to do it on PAYE anytime. I haven't done it but I imagine it is pretty straight forward. Hopefully someone here knows



  • Advertisement
  • Registered Users Posts: 104 ✭✭digitalsystem


    Keeps saying invalid post code when I try to sign up. Can you use the eircode for this? Is there a particular format to use?



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,118 Mod ✭✭✭✭AlmightyCushion


    I used my Eircode fine. Mine was in the format D00A0A0 no spaces or anything like that



  • Registered Users, Registered Users 2 Posts: 5,548 ✭✭✭JTMan



    Yeah, it is very straight forward. Simply input the total deposit interest for the year in the return. Takes a few minutes online.



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,118 Mod ✭✭✭✭AlmightyCushion


    How do you deal with DIRT that may have been paid in the other country though? E.g. you get 1,000 interest, the country the bank account is in takes 200 (20%). You should be paying 33% in Ireland which is 330. Is there a way to inform revenue you already paid 200 and only owe 130?



  • Administrators, Computer Games Moderators, Sports Moderators Posts: 32,480 Admin ✭✭✭✭✭Mickeroo


    That was happening me but it was just because there was a space at the end I didn't notice. Worked fine once I spotted that.



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,118 Mod ✭✭✭✭AlmightyCushion


    I used a referral when I signed up and just got my bonus. A fraction of a Tesla share worth €50 (although it will probably be worth a lot less soon :D). I don't think referral codes are allowed on here so not gonna post mine but it is worth finding one if you are signing up.



  • Registered Users, Registered Users 2 Posts: 5,548 ✭✭✭JTMan



    Yes, there is a way and it is easy to do.

    Trade Republic do not deduct German deposit interest taxes for Irish residents. Hence, there is no German deposit interest tax to deduct. You just pay 33% to the Revenue via your tax return.

    Similar approach in France and Italy for deposit interest earned by Irish residents.

    For other countries, such as Poland, Ireland has a double taxation agreement in place. Hence, you can deduct the Polish deposit interest tax already paid and then pay the remainder to the Revenue via your tax return.



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,118 Mod ✭✭✭✭AlmightyCushion




  • Registered Users, Registered Users 2 Posts: 589 ✭✭✭Cetyl Palmitate


    Is the 2% applied to any cash sitting as a deposit? Or do you need to transfer it somewhere else within the app after transferring?



  • Registered Users Posts: 315 ✭✭gripcasey


    Having a problem with confirming identity using passport. When it gets to stage to tilt passport to reveal it's security features it just doesn't pick any up. Is there a knack to this part.



  • Advertisement
  • Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    I found it quite fussy to get the the light to reflect off the holograph without causing a shine before it would time out. Trial an error practicing near a window/under a light and I found the right angle and then I went back to trying to photograph it while tilting it once I'd figured out where to stand/hold it vs. the light. System to capture timed out much faster than the last time I did this process for an application.



  • Registered Users, Registered Users 2 Posts: 5,922 ✭✭✭daheff


    even when its taken at source you are supposed to declare it to Revenue.



    Have to say I find the registration a PITA. I've gone through the process, still not verified. when i try to login it tries to do it all again. Not sure my sanity is worth the effort



  • Registered Users, Registered Users 2 Posts: 484 ✭✭td2008


    Spent a few minutes cursing and tilting it every which way, just pushed the picture button and it worked (it was actually quite blurry too)



  • Registered Users, Registered Users 2 Posts: 5,253 ✭✭✭Yggr of Asgard


    It's a 2% interest on the cash portion of your securities account, there is no separate savings accounts.

    One might use it for cash savings, but it is not a real savings account with Trade Republic.

    The cash is not even stored with Trade Republic, it's on a ring-fenced account with one of their Partners (Citibank for most, Deutsche Bank for others) and you can transfer money easy to the individual IBAN (DE...) associated with the securities account.

    Plus, you can only withdraw to a single nominated account, you can use any SEPA account for that. Note that speed will depend on your receiving bank (and you first need to validate that reference account first).

    All of this is to entice you to use their brokerage service (Indvidual or fractional shares, EFT, Savings Plans etc.).



  • Registered Users, Registered Users 2 Posts: 5,253 ✭✭✭Yggr of Asgard


    The Cash element on the securities account is covered for up to €100,000 per investor. 

    And it's not stored with Trade Republic itself, it's stored in an escrow account with either Citibank or Deutsche Bank.

    So, when either Deutsche Bank or Citibank folds than you will get your money via the appropriate protection group (if they are solvent).

    Again, this is because it's an escrow account and not an account with Trade Republic, in theory Trade Republic's solvency should not have an impact on your cash element of the securities account.

    All funds in the cash account are legally protected up to €100,000 per investor. They are held in an escrow account at one of our partner banks. These currently are Citibank Europe plc and Deutsche Bank. Deutsche Bank is subject to supervision by the Deutsche Bundesbank and the BaFin (Federal Financial Supervisory Authority Germany). Citibank Europe plc is supervised by the Central Bank of Ireland.

    The securities in your custody account are not covered by the deposit guarantee scheme, they are your property instead. They are deposited by our custodian bank HSBC Germany in the corresponding depositories in Germany and abroad. Therefore, the securities belong to you for all purposes.




  • Registered Users, Registered Users 2 Posts: 5,253 ✭✭✭Yggr of Asgard


    Also be careful when you make transfers to the account from a different account than the account you provided as reference account.

    Any incoming transfer (which needs to be from an account in your own name) will set the reference account to the sending account.

    So for example, if you provided your current account of your standard bank as reference account, but you make a payment from your savings account at that bank to transfer funds, the savings account now is the reference account.

    To be able to change the reference account again to your current account, you need to make a transfer from it.

    So only use the reference account to transfer funds in!



  • Registered Users, Registered Users 2 Posts: 1,833 ✭✭✭mp3ireland2


    Am I allowed request a referral code from somebody who set up an account already? If so can somebody pm one please?



  • Registered Users, Registered Users 2 Posts: 758 ✭✭✭Lustrum


    Pm sent there



  • Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    You have two to choose from then 😁



  • Advertisement
  • Registered Users, Registered Users 2 Posts: 972 ✭✭✭phunkadelic


    Mine is stuck on 'verifying your identity' even though I haven't scanned or uploaded my ID yet. Stuck there the past 5 days



  • Registered Users, Registered Users 2 Posts: 5,548 ✭✭✭JTMan


    Try again by switching from desktop to app or visa versa.



  • Registered Users, Registered Users 2 Posts: 6,941 ✭✭✭DopeTech


    delete



  • Registered Users Posts: 1,494 ✭✭✭JackieChang


    How does the monthly interest work? So if I put in 10,000, I get 2% or 200 euro interest. But they say it's applied monthly. So do I get 200 / 12 monthly?



  • Registered Users, Registered Users 2 Posts: 5,253 ✭✭✭Yggr of Asgard


    In the first full month you would get 16.67 Euro interest and if you don't touch it, then due to compound interest the amount will go up to 16.69 Euro next month etc. So, if you leave it there for a year you would actually get 201.84 Euro interest. Not 200 Euro.

    Assuming off cause that there is no change in interest rate, which is unrealistic.



  • Registered Users, Registered Users 2 Posts: 972 ✭✭✭phunkadelic


    If I try on browser it pushes me to use the app



  • Advertisement
  • Registered Users, Registered Users 2 Posts: 355 ✭✭bossdrum


    Can anyone let me know if a driver's licence will work for identification or do they require a passport?



  • Registered Users, Registered Users 2 Posts: 5,548 ✭✭✭JTMan




  • Registered Users, Registered Users 2 Posts: 2,707 ✭✭✭Cape Clear


    Nope a passport or passport card. The whole thing is a bit of a pain as you need to move the document in front of your camera and can take a while.



  • Registered Users Posts: 476 ✭✭askU


    Will my money be safe?



  • Moderators, Regional South Moderators Posts: 5,873 Mod ✭✭✭✭Quackster


    Interested in a referral code too please.



  • Advertisement
  • Registered Users, Registered Users 2 Posts: 6,151 ✭✭✭CollyFlower




  • Registered Users, Registered Users 2 Posts: 5,253 ✭✭✭Yggr of Asgard


    There is a thread in the dedicated Referral codes section of boards:

    Trade Republic 2% interest on Savings + referral bonus — boards.ie - Now Ye're Talkin'



  • Registered Users, Registered Users 2 Posts: 5,253 ✭✭✭Yggr of Asgard


    Post 26 in this thread should give you a starting point for your own research.



  • Registered Users, Registered Users 2 Posts: 14,596 ✭✭✭✭retalivity


    Did anyone invest after opening and get their free fractional stocks? What were they?



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,118 Mod ✭✭✭✭AlmightyCushion


    Yeah I got Tesla when I signed up and Alphabet for someone I referred. Both worth around €50.



  • Registered Users Posts: 79 ✭✭gerrykeegan


    Did you have to invest much to get the free stocks. I thought you got the stocks free when you signed someone up.



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,118 Mod ✭✭✭✭AlmightyCushion


    I had to deposit 500 euro and make 3 trades. I'm using it for its savings rate so the 500 euro doesn't really matter to me anyway. For the trades, I just bought 10 euro worth of bitcoin 3 times and sold it again.



  • Registered Users, Registered Users 2 Posts: 14,596 ✭✭✭✭retalivity




  • Registered Users Posts: 884 ✭✭✭eclipsechaser


    I've given 50% to boardsies who sign up with my code in the referral thread.



  • Registered Users Posts: 35 gollyn9


    I'm interested in a code, please



  • Advertisement
Advertisement