Trade Republic paying 4% on deposits up to €50,000

Another minus point from Lightyear, I requested to withdraw my money which will arrive in next 2 business days (till end of the day). I believe TR sends the money quicker when you want to withdraw.
 
Another minus point from Lightyear, I requested to withdraw my money which will arrive in next 2 business days (till end of the day). I believe TR sends the money quicker when you want to withdraw.
I initiated a withdrawal from LightYear yesterday and it arrived earlier today. They actually put a hold on it so they could call me to verify the transaction. Once they did it arrived a few minutes later. If there was no hold, I imagine it would have arrived even earlier this morning. I would say LightYears withdrawal process is very quick if anything.
 

Agreed. Like yourself my interest landed this morning about a day later than usual but within the 3 days per their terms and conditions.
 
Actually I just got an email now saying that they will give me a call and verify my transaction. It wasn't mentioned in the app so perhaps that's the reason for 2 working days. In any case, let's see how long it will actually take.
 
Actually I just got an email now saying that they will give me a call and verify my transaction. It wasn't mentioned in the app so perhaps that's the reason for 2 working days. In any case, let's see how long it will actually take.
Mine was the same. Done transfer yesterday, got an email today saying they will call for verification. Transfer was in my other account not long after the call. They will ask for details from the ID you used to sign up with them by the way so have that handy. They will also ask the value of the transfer so might want to go somewhere a bit more private when you get the call if you don't want everyone around you knowing.
 

Mine had not landed this morning or by the time i posted. Its subsequently landed in my account timestamped at 14.25, but not yet cleared for withdrawal.

But would point out Lightyears hit account on 1st Oct.
 
Just got the phone call but the nice part was they asked why Im withdrawing all my money out. I mentioned that a competitor is offering 4% rate so Im switching to that one. Maybe they will consider increasing their interest rate.
 
Just got the phone call but the nice part was they asked why Im withdrawing all my money out. I mentioned that a competitor is offering 4% rate so Im switching to that one. Maybe they will consider increasing their interest rate.
Ha ha, that is the reason I gave as well. I wonder how many people have said it to them since TradeRepublic announced they were increasing their rates.
 
that’s quite an interesting, I have done few withdrawals before and they were just instant. On hold something new, maybe they really are collecting competitive feedbacks

Right now, my withdrawal is also waiting…
 
that’s quite an interesting, I have done few withdrawals before and they were just instant. On hold something new, maybe they really are collecting competitive feedbacks

Right now, my withdrawal is also waiting…
I never withdrew from them before so this is a first for me. It could possibly be the amount that is triggering it. Maybe a few hundred won't trigger it but a few thousand or emptying the account does. I'm just guessing here though.
 
I've been trying to suss out what happens to client money in the event the Traderepublic were to go out of business. Irish client funds are held with Citibank Europe PLC.
The Deposit Guarantee Scheme 'protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits'. In this case, Citibank Europe Plc which is authorised by the Central Bank of Ireland.
Trade Republic is of course an investment firm, not a bank and not authorised by the Central Bank of Ireland.

The Traderepublic website mentions the Deposit Guarantee Scheme and that 'all the funds in the cash account are protected by up to 100,000 EUR per investor'. But they don't make clear whether that protection applies were Trade Republic to go out of business, or Citibank? I suspect it could be only the latter.
It appears a large number of people are taking comfort with the assumption that were Traderepublic to go out of business, the Irish deposit guarantee scheme would cover them for up to €100,000. But as they are an investment firm, might it be the case that investors would only be covered by either the Irish/German investor compensation scheme which are capped at €20,000.
 
I think that makes sense as Trade Republic is licensed to operate in Germany. And it’s stated that the money is saved in Citibank which is part of DGS.

The real question here ( that is already asked before) is if TR goes down how can we claim our deposits via DGS.
 
The real question here ( that is already asked before) is if TR goes down how can we claim our deposits via DGS.
You can't.
TR is NOT covered by DGS, either in Ireland or Germany. The DGS covers their partner banks.
 
Irish client funds are held with Citibank Europe PLC.
Are you sure this is always the case? TR uses other partner banks too. My TR escrow account is with J.P. Morgan SE. in Frankfurt. I am German resident but AFAIK TR does not have "local" partner banks based on where their clients reside. I believe it's just pot luck which partner bank your cash ends up in when you set up the account.

Edit: TR uses 4 partner banks, three of which are governed by the German DGS (Solaris, Deutsche Bank, J.P. Morgan) and Citibank Europe in Dublin, covered by the Irish DGS. Interestingly the German Stiftung Warentest (a consumer magaazine, something like the UK's "Which?") says it cannot recommend the Irish DGS as Ireland itself is not AAA rated. They say they have absolutely no concerns about deposit security in the 3 German banks. Indeed in the case of J.P. Morgan and Deutsche Bank, deposits are protected by their own scheme up to 5 million. Which bank you end up with is entirely random and cannot be influenced by the customer.

 
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So it seems like in the event that Trade Republic go under and they are unable to pay out, we would only be covered by the German Investor Compensation Scheme (as Trade Republic are authorised by Bafin) which is limited to €20,000
 
So it seems like in the event that Trade Republic go under and they are unable to pay out, we would only be covered by the German Investor Compensation Scheme (as Trade Republic are authorised by Bafin) which is limited to €20,000
This is not what Stiftung Warentest believes. They believe the deposits held in the German regulated partner banks of TR are secure to 100k at the very least (if not 5m). They are not prepared to state the same for the deposits with Citi because Ireland itself is not a AAA rated country, but most Irish residents will be perfectly happy with the Irish DGS.
 
I dont doubt that. I'm referring to the scenario where TradeRepublic go under, not the partner bank.
 
They are talking about TR going under. Your cash deposits are held by the partner bank so there is no claim to be made under any DGS in that case as the deposits haven't gone anywhere.
 
So it seems like in the event that Trade Republic go under and they are unable to pay out, we would only be covered by the German Investor Compensation Scheme (as Trade Republic are authorised by Bafin) which is limited to €20,000
No. Read the first page of this thread. It's been gone over already.