Originally Posted by Taylor365
Anyone any idea whats going on here?
I think it’s related to the following, but I stand to be corrected. They sent an email recently with the same info available on this page: https://www.degiro.ie/about-degiro/cashfunds.html
“DEGIRO is not a bank but an investment firm. In the Netherlands investment firms are not allowed to hold money of clients. Therefore, when you become a client of DEGIRO, you give a standing order to invest money in money market funds (the FundShare Cash Funds). Hence, at DEGIRO you do not hold money. For every currency available in the WebTrader, a separate money market fund is available. The objective of the money market funds is to realise a return that is equal to the market interest rate with as low a risk as possible. An additional advantage to the low risk, is that your Cash Fund participations, just like your other investments, are kept strictly separate from the assets of DEGIRO.”