It beats the 0.00000001% available on most other savings accounts. Trade republic is a German online stock broker. 2% is available on cash balances of up to €50,000 and is covered up to €100,000 by the deposit guarantee scheme.
PM sent.
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.
See separate thread for referrals here
Anyone experience any issues withdrawing money from TR back into their Irish bank account (AIB, BOI)?
I done a withdrawal to a BOI account last week. I think it took 2 days..
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.
Yes, you’re reference account is always the last one you paid in from.
Anyone like the new layout of updated app? Doing nothing for me anyway!
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?
50k limit maybe?
Just looking at their website at:
https://traderepublic.com/en-ie/products/savings-plans
Invest automatically in 8000 stocks or 1500 ETFs and benefit from long-term growth. Set up your savings plan in only 3 steps.
and nowhere do i see mention of 2% on savings or the limit to which this applies. Anyone have a direct link to this ?
There is no phone support number to be found either on the site but I do see a contact form at
https://support.traderepublic.com/en-ie/contact/category/contact-form
Was benötige ich für eine Depoteröffnung? Wo werden meine Wertpapiere verwahrt? Wie kann ich Geld auszahlen? Finde hier alle Antworten auf Deine Fragen.
Anyone used this and how well does it work ?
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.
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 ?
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.
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.
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.
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
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.
Is their limit for the 4% up to €50,000?
Huh? Limit is 50k.
I believe so as is the case currently with the 2% interest. Existing users having to opt in is a bit sneaky in my view. Normally with demand deposits rate increases kick in automatically.
I've opened a ticket with them on how android users are to opt into the new rate. Don't expect a reply until next business day but will update here with whatever they do say.
Can you opt in via their desktop site? Having a look but nothing jumping out at me.
No. IOS app is the only current opt in method. They need to fix the android bug.
Thanks. Yep found the confirmation eventually after hunting around in the support section.
Starting October 1st 2023, we will pass an interest rate of 4% from our partner banks to you on your uninvested cash up to €50,000.
Trade republic is protected up to 100k is it?
Not exactly. Read the FAQ at bottom of homepage on what happens in the event of TR Insolvency.
how do u opt in on apple?
When I asked support about Android opt in I get this boilerplate which I assume works on iOS.
I have gone back to them asking how you can for android users / when will the app be updated and fixed so you can.
"Thank you for inquiring about earning interest on your uninvested cash balance.
Starting from 01. Oct 2023, we will pass 4% interest from our partner banks to all our users on their uninvested cash up to €50,000. Until then, it will be a 2% annual rate.
How it works:
You'll earn interest on your Trade Republic uninvested cash balance. At the beginning of each month, we forward to you the interest accrued from our partner bank, after deducting any applicable taxes.
To activate or upgrade your interest rate:
- If you're an existing Trade Republic user who has not activated the interest or upgraded it from 2% to 4% yet, tap on the Interest tile at the bottom of the Cash tab in the Benefits section and follow the steps in the app.
- If you haven't opened an account with us yet, the interest offer will be automatically activated when you accept the Terms and Conditions during the account setup process."
nothing i tapped interest below cash and shows nothing on IOS app
