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.
Doesn't sound right, might need to upload documents.
They should let you know but you have to do a few trades first?
Recently signed up and lodged money. Do I need to do anything to enable the 4% interest or is it by default? The iOS app is muck
I signed up for TR last week and its stuck on verifying my identity. hasnt moved in a week, Anyone had anything similar?
It is protected, but it may not necessarily be a simple process for recovery.
Read the FAQ at bottom of homepage on "What happens in the event of TR Insolvency?"
Is cash 100% protected by the deposit guarantee? I’m just thinking of any possible scenarios - could it go wrong?
Me too
Time to update the thread title!
The option to change to 4% interest showed up on the app for me this morning.
Android phone.
Seems that they are rolling it out slowly (updated app still not showing for me on phone play store but i have activated the interest anyway via iOS).
"Hello,
Thank you for your message regarding the 4% interest rate.
The development and implementation of a new app and its updates can present numerous technical and complex challenges. In order to deliver an exceptional user experience to our customers, we have strategically decided to launch an updated version of the app in several stages, while also prioritizing the security of our systems.
This is why you don't see the option yet to change to 4% interest. You will see it later this week, and this before the new interest rate is applied starting from October.
If you have any further questions, please don’t hesitate to contact me. Alternatively, you can also look at our Help Center.
Have a nice Wednesday!
Kind regards,"
My app updated today with the changes, on Android. A full week after Apple store updated but better than never
So, it looks like if someone wanted to keep the previous UI there would be no option to activate the new rate.. Only by updating to the latest version?
IPhone 14!. I would love that ha. I have some crap Samsung, max download is 225mb and my laptop gets the full 500mb I'm paying for.
My update was there at 9pm, so likely Android users will start to see it coming over next few days.
That's interesting no update available on my s22+ I'm still on 1.1.5685 and I've cleared cache in play store and did a check for updates which picked up 3 other apps but not TR but I see there is an update on the play site on the web version.
Oh well I activated it on a spare iPhone 14 that i dug out today anyways 🤪
4% interest activated.
Android update this evening, went into cash, clicked into the 2% and it was showing click to activate 4%
I hope so because their support centre doesn't seem to be aware of the issue...
Not that there is any urgent rush just yet, that is until October 1st :)
Version 1.1.5685
Screen shots returned to them. I also think their instructions are wrong the interest section is in cash not weath and there is no "banner" in wealth, assume thsts the bug in the current version.
"Thanks for your message.
To start earning interest on your uninvested cash: As an existing customer, simply open your mobile app and tap the interest banner in Wealth (you might need to update or reinstall the app to see it). Once you accept the new T&Cs, your uninvested cash balance will automatically begin earning interest. As a new customer, you don’t need to sign up for interest as it’s automatically activated when you open your account. Once interest is activated, you’ll be able to see the interest banner in wealth.
You can also review the updated T&Cs you just accepted by going to Wealth > tap on your avatar in the top left-hand corner > scroll down to Service > tap Documents > General documents > Customer Agreement.
If the problem persists, do not hesitate to send me a screenshot by e-mail."
Having access to the cash is a big appeal of TR (apart from the low deposit ceiling) without a fixed term and the 4.21% comes with 10% tax on the interest that you cannot claim back from Latvia but can be used as an offset on your tax but it's kinda messy with ROS assuming you declare the interest as income.
Waiting for a better bank otion raisin at the moment BFF was a good offer with 3 and 6 month 4% options but on hold due to popularity.
And it's 4% from October 1st so you're not missing out. Raisin.ie also has interest rates of 4.21% with a bank guarantee for 1 year fixed. If you know you're not using the money, that might be the way to go.
App update rollout for Android should happen over coming days I'm told
Have people with Android been able to select 4% interest? No update due on my app and followed all the steps listed above but still no joy!!
with 4% intrest rate this is very much a good offer....has any one maxed out their deposits ?
sorted thanks
Looks like there is an update a few days ago available for you:
https://apps.apple.com/us/app/trade-republic/id1410703839
v1.161 on IOS..
Are you on the latest version of their app? I dono I'm android.
nothing i tapped interest below cash and shows nothing on IOS app
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."
how do u opt in on apple?
Not exactly. Read the FAQ at bottom of homepage on what happens in the event of TR Insolvency.
Trade republic is protected up to 100k is it?
