Newbie: Trade Republic

V

vidapura

Registered User
Messages
44
Hi,
Can I please ask for a little push in the right direction ?
Ive read a few articles now (like in this weeks Sunday Business Post) saying that we are all being taken for fools unless we move our cash out of AIB and into a european account that pays interest.
So I was looking at Trade Republic as it seems to have the highest rate?.
But I'm unsure as to how to go about it.. and what I have to do when I've done it?
Do I have to declare it for DIRT or whatever in my tax return?

I don't want to do any share dealing.. cos I've no clue about it.. but can't see how to just have a demand deposit account with them?
They seem to expect me to get involved in that or bitcoin... and they mention a regular plan.. when all I want is to move my savings to somewhere that earns interest...

Would I be better just going to Raisin?

I've got 50k to put somewhere .. and won't be needing it.. until I need it .. if you get me..
So would a deposit account be a better idea?
But what happens if I lose my job and need money before the term is up?

Thanks, all helpful comments appreciated, apologies for my ignorance.
 
Setting it up is easy, just download the app and do the standard onboarding. It’s roughly equivalent to setting up Revolut or N26.

They currently pay interest up to 50K, and pay it monthly - so you can expect just over €156 each month into your account.

And this is gross, so yes, you will have to pay DIRT on it. Either at 33% or with the additional 4% PRSI added if you’re a form 11 chargable person.

In my experience depositing / withdrawing between it and BOI, it’s sometimes same day, sometimes next day. But I’ve never waiting longer than this.

You can only transfer in from an account in your matching name - and that becomes your reference account.

You don’t have to do any investing to avail of this, but you might want to set up one of their savings plans and redirect the monthly interest to the XEON ECB rate tracker so you get a return on that interest too.
 
Re: TR - there is no term - you can withdraw from it immediately (takes one or two full, clear business days)
 
Just to add to Innisfree's comment above. As you can only pay out to an account in your name it does make it feel a lot safer and a lot harder for someone to gain access to your Trade Republic account and transfer the money to their account stealing your savings. This can provide additional reassurance.

You can try first lodging say €20 and then transferring it back to check everything is working ok. I find it takes 24 hours transferring between Revolut and Trade Republic. Then transfer larger amounts when your more comfortable.
 
Thanks for all the replies folks.
Good to know I wouldn't be forced to get invloved in Trading.. as I've no clue about it.
 
I see Raisin lists a few term deposit ones too.. but they don't seem to earn more than Trade Republic..
Is there any like 10year investment i could put the kids money into? They are under 10 and we've a few grand in their credit union accounts which seems like a waste really..
 
what is a form 11 chargeable ?
 
That means they must complete a Form 11, rather than the simpler Form 12

Self-assessment and self-employment

Information about tax and tax compliance matters for the self employed including how to calculate and pay your tax and file your tax returns.
www.revenue.ie


Who should register for Income Tax self-assessment?​

You should register for Income Tax self-assessment if:

  • you are self-employed
  • your only, or main, source of income is:
  • or
  • you have profited from share options or share incentives.
You must register for self-assessment if:

  • your taxable non-PAYE income exceeds €5,000
  • or
  • your gross non-PAYE income exceeds €30,000.
 
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