Trade Republic savings account thread

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

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

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.

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

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 :)

Pm sent

Before the end of today.

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.

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

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.

PM sent.

See separate thread for referrals here

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

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

Just looking at their website at:

Invest in free savings plans - Trade Republic

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

Trade Republic Helpcenter - Dein Support rund um die Uhr

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 ?

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 ?

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.

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

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