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Trade Republic savings account thread

1246723

Comments

  • Registered Users Posts: 396 ✭✭bugsyb4


    Yeah each trade I placed last month cost me €2 so yeah all in was €10 in total.


    @sfatih check your PM I sent you a message for your contact details so I can Revolut your share.

    If anyone else wants to use my link I will split it 50/50 as above, thanks.

    https://ref.trade.re/8hv5kd15



  • Registered Users Posts: 313 ✭✭ggmad


    All in cost for me was €6

    Make 5 individual buy trades of the same stock and sell them all in the one sell trade

    If anyone wants to use my link I’d really appreciate it, I’ll split the bonus 50/50 with you: https://ref.trade.re/7qfft5bb

    If any has any questions on the platform feel free to reach out!



  • Registered Users Posts: 34 Firbolg


    Why are some folk continuing to spam this thread with referral links when it's made abundantly clear that referral links/codes of any sort are not permitted here..?



  • Registered Users, Registered Users 2 Posts: 19,702 ✭✭✭✭Muahahaha


    Anyone know is 50k the max limit to hold in these accounts or just the limit that they will pay 2% interest and anything over 50k gets 0%?



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,117 Mod ✭✭✭✭AlmightyCushion


    From what I remember, 50k is just the max you will receive interest on. If you have more than 50k, you get 2% on the 50k and nothing on the rest. If you have more than 100k, then only 100k will be covered by the deposit guarantee scheme.



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  • Registered Users, Registered Users 2 Posts: 19,702 ✭✭✭✭Muahahaha


    Thanks AC thats what I thought the position is too but just wanted to clarify before setting up an account. It suits me well as I want to park some money before deciding what to do with it later this year and 2% interest is as good as things get right now, at least it is some hedge against inflation



  • Registered Users, Registered Users 2 Posts: 19,702 ✭✭✭✭Muahahaha


    Tried setting up an account but at the selfie stage after taking 3 selfies all Im getting is 'Processing' and the circle of death spinning around forever. Back on the website clicking 'Try Again' leads to nothing. Ive tried it 4 times now but cant get beyond that processing stage, anyone else have this problem and how did you get beyond it



  • Registered Users, Registered Users 2 Posts: 5,546 ✭✭✭JTMan



    It took a few goes for the selfie to process for me but it worked in the end.

    It could be light in the room or multiple other things. Keep trying.



  • Registered Users, Registered Users 2 Posts: 19,702 ✭✭✭✭Muahahaha


    yeah I just couldnt get it to work, I had about 5 or 6 attempts but kept getting the circle of death after Id taken the selfies. Tried taking them up against a white wall and then outside in the sunshine and that didnt do it either. I'll give it another go over the weekend but am not hopeful about it working for me which is a shame as I dont think anywhere in the Irish market is offering 2% on savings



  • Registered Users Posts: 49 ForzaForward1


    Interest was paid today. It's very satisfying having the message on the phone on the first of every month to tell you it's been credited to your account



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  • Registered Users Posts: 894 ✭✭✭doc22


    I'd prefer if the interest was paid net. This monthly gross interest leaves a tax bill to be sorted



  • Registered Users, Registered Users 2 Posts: 2,518 ✭✭✭optiplexgx270


    How do you go about declaring the interest in ROS. I've logged in but cannot see any place to enter information for foreign interest earned. I would be a PAYE normally and would not have a need to enter anything else other than the odd health expense. I dont see an option that makes sense to me.


    I see mentionof on Google of a form 11 all over the place but that seems like a lot of work figuring out everything just for interest from raisin and TR.


    Anyone know the procedure? Thanks



  • Registered Users, Registered Users 2 Posts: 587 ✭✭✭sonyvision


    Do you submit any return to revenue every year?

    Open up revenue and login, manage your taxes for last year. Under the 3 step I would declare it under EU other forgiven interest received. The money is held in Germany and you receive 2% interest.



  • Registered Users, Registered Users 2 Posts: 2,518 ✭✭✭optiplexgx270


    No not sure I ever have.

    So towards the end of this year I file a tax return for 2023 is that it? Or do I do it in early 2024? I don't see an option to enter foreign interest into the current year. When I look at 2022 I can see on step 3 what you are taking about but how do I do that for the current year?


    From reading more, as i opened my TR account in April 2023 I can file a 2023 tax return in 2024 up to the 31st of October with all the interest earned in 2023 which will be charged at 40% as I am on higher income tax range and the non paye income is under €5k, going over this would then include an additional 4% PRSI.


    Is that the situation?


    Thanks for the info so far.

    Post edited by optiplexgx270 on


  • Registered Users, Registered Users 2 Posts: 587 ✭✭✭sonyvision


    You do it in early 2024 for 2023 tax year, there is no need to declare it during the tax year the money is to small its not sole trader its passive income and is a small portion of your overall PAYE income.

    If you really want to be square with revenue, go into manage payments and pay that tax liability for 2023 for whatever you think the extra income will be.

    The income is deposit income and should be taxed at DIRT level so 33% (or whatever the rate is now) if its other item such as COMMISSIONS or a BONUS you pay USC and TAX but don't worry revenue will calculate all that for you and deduct it from tax credits if you didn't make a future credit.

    If your anyway unsure just give revenue a call they will be more then happy to talk you through the steps etc at the end of the day its in there interest you pay the correct tax



  • Registered Users, Registered Users 2 Posts: 808 ✭✭✭mydiscworld


    Wasn't aware the interest paid is the gross amount and not net of DIRT.

    Never had that issue before with other banks/credit unions operating in Ireland, very annoying to have to declare it yourself.



  • Registered Users, Registered Users 2 Posts: 2,518 ✭✭✭optiplexgx270


    TR is not operating in Ireland. Also no bank in ireland is giving you 2% with no term. You just have to do some work for your money :)



  • Registered Users Posts: 894 ✭✭✭doc22


    FYI under CRS all interest paid, account balances and transactions into account will be reported to Revenue. If you had money in an irish account Revenue would know nothing and I believe banks only report interest if it breached a certain amount as DIRT already paid.



  • Registered Users Posts: 6 GasSnake


    Anyone having the same problem when requesting a withdrawal to Revolut? Made a request on 31/03 and was told there's a technical problem and keep being told to be patient, still haven't gotten the money today...



  • Registered Users, Registered Users 2 Posts: 303 ✭✭theglobe


    Please PM me a referral code.



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  • Registered Users, Registered Users 2 Posts: 6,932 ✭✭✭DopeTech




  • Registered Users, Registered Users 2 Posts: 303 ✭✭theglobe


    When does the interest actually get paid?



  • Registered Users, Registered Users 2 Posts: 6,932 ✭✭✭DopeTech


    Before the end of today.



  • Registered Users, Registered Users 2 Posts: 2,705 ✭✭✭Cape Clear


    In my account a few hours ago. Usually before dawn.



  • Registered Users, Registered Users 2 Posts: 387 ✭✭otterj


    Anyone ever request a bank statement from TR? I requested one over two weeks ago and they still havent sent it, this is despite the fact that i have to pay €25 for the privilege of doing so.



  • Registered Users, Registered Users 2 Posts: 2,705 ✭✭✭Cape Clear


    They provide a quarterly statement on the app, would this be sufficient?



  • Registered Users, Registered Users 2 Posts: 387 ✭✭otterj


    No, need an up to date for a mortgage application. Really poor customer service especially when your paying €25 for a pdf document.



  • Registered Users, Registered Users 2 Posts: 3,729 ✭✭✭wassie


    Besides the eye watering cost for the statement, its actually pathetic that a tech platform won't allow you to generate a PDF instantly for what is essentially an automated function.

    Maybe make a few noises on social media and call them out and you might get a response.



  • Registered Users, Registered Users 2 Posts: 2,705 ✭✭✭Cape Clear


    Unfortunately this isn't unusual for the fin techs. There's plenty of stories on this forum documenting people's experiences of dealing with robots trying to get issues sorted.

    Social media might be the way to go. I remember a few years ago three mobile getting very responsive to a colleagues negative tweet. Previously they had ignored emails and calls about the issue.



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  • Registered Users, Registered Users 2 Posts: 18,210 ✭✭✭✭Mantis Toboggan


    Any referral links lads? PM.

    Free Palestine 🇵🇸



  • Registered Users, Registered Users 2 Posts: 5,546 ✭✭✭JTMan




  • Registered Users Posts: 396 ✭✭bugsyb4


    I have dealt with their customer service over email and found them decent enough and was actual humans responding. I assume original poster has emailed them and to note my issue was completely unrelated to the one they have.



  • Registered Users, Registered Users 2 Posts: 3,729 ✭✭✭wassie


    See separate thread for referrals here



  • Registered Users Posts: 51 ✭✭IKO


    Anyone experience any issues withdrawing money from TR back into their Irish bank account (AIB, BOI)?



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


    I done a withdrawal to a BOI account last week. I think it took 2 days..



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  • Registered Users Posts: 20 dalyj24


    Hi all. Anyone else experience this? Made three successful transfers to TR, (totalling 33k), next transfer of 10k was returned to the same account I made the previous payments from.



  • Registered Users, Registered Users 2 Posts: 6,932 ✭✭✭DopeTech


    Yes, you’re reference account is always the last one you paid in from.



  • Registered Users Posts: 396 ✭✭bugsyb4


    Anyone like the new layout of updated app? Doing nothing for me anyway!



  • Registered Users Posts: 20 dalyj24


    Thanks - yes understood that to be the case all right. I should have been more clear in what I was saying... I made 4 successful transfers from the same account.. made a 5th transfer (from the same account as the previous 4) & it was returned... have made a 6th transfer (again from the same account as the previous 5 (4 of which were successful) & it hasn't been credited to TR, or bounced back to PTSB yet... expecting it to land back to PTSB in the next day or so.. have messaged Trade Republic a couple days ago, still no response. Anyone experience this?



  • Registered Users, Registered Users 2 Posts: 1,292 ✭✭✭enviro


    50k limit maybe?



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  • Registered Users, Registered Users 2 Posts: 2,569 ✭✭✭harringtonp




  • Registered Users, Registered Users 2 Posts: 3,729 ✭✭✭wassie


    Website has changed and not as obvious now.

    Interest rate in the FAQ

    How does the cash account at Trade Republic work?

    Trade Republic accepts your funds only in connection with the provision of investment services. For this purpose, Trade Republic has opened omnibus trust accounts at partner banks on which your cash is held.

    You can pay in funds for investment services on the cash account. When you buy and sell securities, we settle these transactions directly on your cash account. Trade Republic transfers the conditions of the partner bank to you, subtracting the costs. As of now, you receive 2% p.a. on your uninvested cash.


    Limits in the support section

    Currently, the interest passed on corresponds to an interest rate of 2% p.a. on your uninvested balance of up to €50,000.




  • Registered Users, Registered Users 2 Posts: 2,569 ✭✭✭harringtonp


    Couple more questions

    1) See you need to download the mobile app to register and get set up. But once setup, can anyone tell me if you can then remove the mobile app and then just use the website to keep track of your balance and do transfers back out to the reference site ?


    2) Also I'm wondering how exactly escrow accounts work. At https://support.traderepublic.com/en-ie/747-Why-is-my-money-held-in-an-escrow-account they state

    "Therefore, it is best for you as our client if your money is held in a collective escrow account - since, for example, individual accounts would result in higher fees."

    The semantics here suggest to me that trade republic bundles multiple customer accounts into a single citibank (or other) holding account yet each customer gets a separate IBAN for the destination bank. Can anyone clarify what is meant by this ?



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,117 Mod ✭✭✭✭AlmightyCushion


    About 1, when logging in on the website it is asking me to input a code that the mobile app shows me so you need the app to use the website.



  • Registered Users, Registered Users 2 Posts: 2,569 ✭✭✭harringtonp


    There is also an option here to send a SMS to the phone instead so access to the web site is possible without the app. I'm wondering does the website give the same balance info as the mobile app and can you transfer out using it.



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,117 Mod ✭✭✭✭AlmightyCushion


    My bad I didn't realise this. I logged in the website and the option to withdraw is there. Portfolio values are the same as the app as well.



  • Registered Users, Registered Users 2 Posts: 2,569 ✭✭✭harringtonp


    Thanks for that. Don't particularly like having banking apps on my mobile.. apart from revolut which never has much more than a couple of hundred and which I treat like a wallet.

    It sounds like you could remove the app once setup



  • Registered Users, Registered Users 2 Posts: 5,546 ✭✭✭JTMan


    Rate is 4% from 1 October 2023.

    Applies automatically for new customers.

    Existing customers have to opt in. Opt in works in the apple app. Opt In is not yet there in the android app.



  • Registered Users, Registered Users 2 Posts: 3,729 ✭✭✭wassie


    Is their limit for the 4% up to €50,000?



  • Registered Users, Registered Users 2 Posts: 5,546 ✭✭✭JTMan




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