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

The 1st of October is a Sunday, so would it be wise for me to move €50k from my Advanzia account to my Trade Republic Account a few days prior? Perhaps on Monday 25th September? It might take a few days to transfer from my Advanzia account to my reference account (N26 current account) and then I would have to transfer it from N26 across to my existing Trade Republic account so it could take quite a few days.

For the record, I also have the Trade Republic app on my Android phone and I too don't yet see an option to activate the 4% interest rate. Perhaps I should try installing the iOS version of the Trade Republic app on my iPad Mini just to make sure I have it activated against my account on time?
 
Glad to hear that I'm not the only one without the option inside the Android app. Still plenty of time to activate before 1 October after they fix the issue.
 
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Lightning said:
Glad to hear that I'm not the only one without the option inside the Android app. Still plenty of time to activate before 1 October after they fix the issue.
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Here's a helpful tip for those who have both an Android phone and an iOS device.
I activated 4% interest on my iPad Mini. Now, the Android app shows the updated 4% instead of 2%.
 
It’s not appearing for me in the iOS app and I have the latest version , anyone else seeing the same ?
 
I'd like to stay updated on this;

I assume that interest rate is variable?

I mean, if it's insured up to 50 k, that would potentially save the hassle of using the Raisin platform to avail of rates that high.
 
And you y'all have absolute faith the partner banks acting as escrows for Trade Republic are secure and no potential unforeseen loss of funds could occur?
 
BrokeBroker said:
And you y'all have absolute faith the partner banks acting as escrows for Trade Republic are secure and no potential unforeseen loss of funds could occur?
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everything might happen, but Citi bank is one of the biggest regulated bank in EU
I got a response from TradeRepublic support explaining that cash money are stored under the customer name in partner bank, so in case of something happen with TR you can easily claim you funds back (that’s about cash)
But, well, it is not tested, so we can just hope nothing will happen or will play out as they described. But I trust TR more than Lightyear tho
 
noonamer said:
because it is regulated in Germany with Deposit Protected scheme, using Citi bank in Ireland. IMHO, looks like a good combo

At least, from my experience I haven’t seen platform collapsing with such regulations. But frankly, anything can happen, we can’t predict a future.
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But we're covered by the DGS in any case, right?

So it's still a stable deposit?
 
BrokeBroker said:
But we're covered by the DGS in any case, right?
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I suggest you re-read the first two pages of this thread and draw your own conclusions.

Having read them, my interpretation is this:

If I had €100k on deposit with BOI or another bank that was eligible for the DGS, and if BOI went bust, I would have a very high expectation of getting my €100k back promptly.
If I had €100k uninvested cash with Trade Republic, and Trade Republic were to go bust, I’d have a much lower expectation of getting my €100k back promptly, if at all.

Accordingly, I’ve chosen not to leave uninvested cash with Trade Republic.

Your interpretation, having read the first few pages of this thread, may be different. That is for you to decide.
 
Freelance said:
If I had €100k uninvested cash with Trade Republic, and Trade Republic were to go bust, I’d have a much lower expectation of getting my €100k back promptly, if at all.
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having cash with TR is the same as having it with Citi bank, which is much bigger than BOI.
personally, I trust Citi bank more than BOI.
The only tricky part, how easy Citi can identify that your money is stored with them (proof of funds). TR is assured me that I’m direct owner of my cash account with Citi, if that’s the case - I would be more than happy allowing them paying me 4% interest :D
 
Opened an account on Friday and sent a euro which arrived today safely them I received an email from Trade Republic telling me the IBAN was changed, checked it in their app and corresponded to the IBAN I used on Friday so not sure what they are on about.
 
Knuttell said:
Opened an account on Friday and sent a euro which arrived today safely them I received an email from Trade Republic telling me the IBAN was changed, checked it in their app and corresponded to the IBAN I used on Friday so not sure what they are on about.
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I believe this relates to the one account you can send money from your TR account i.e., your current account or whatever account you send money to TR from.
 
noonamer said:
The only tricky part, how easy Citi can identify that your money is stored with them (proof of funds). TR is assured me that I’m direct owner of my cash account with Citi, if that’s the case - I would be more than happy allowing them paying me 4% interest :D
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It would be reassuring if you get your own iban and account in your own name with citi.
 
Freelance said:
I suggest you re-read the first two pages of this thread and draw your own conclusions.

Having read them, my interpretation is this:

If I had €100k on deposit with BOI or another bank that was eligible for the DGS, and if BOI went bust, I would have a very high expectation of getting my €100k back promptly.
If I had €100k uninvested cash with Trade Republic, and Trade Republic were to go bust, I’d have a much lower expectation of getting my €100k back promptly, if at all.

Accordingly, I’ve chosen not to leave uninvested cash with Trade Republic.

Your interpretation, having read the first few pages of this thread, may be different. That is for you to decide.
Click to expand...

Yeah good catch.

I had just assumed their setup was similar to Lightyear but having looked more thoroughly, concerns there are certainly no unwarranted.
 
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