Trade Republic paying 4% on deposits up to €50,000
- Thread starter Brendan Burgess
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jamesybean
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Random Q:
Has anyone noticed disappearing 'accrued pending interest'. So I have 50K in the account since mid December. Had my December payout and everything was perfect.
Had been watching this month and up to this morning everything was fine, had 183.16 pending this morning. Checked midway through the day, and it's now showing as 16.66 pending. Contacted TR about this, and they just sent a generic reply along the lines of 'we changed the interest rate from 2% to 4% in October 2023.
Has anyone noticed disappearing 'accrued pending interest'. So I have 50K in the account since mid December. Had my December payout and everything was perfect.
Had been watching this month and up to this morning everything was fine, had 183.16 pending this morning. Checked midway through the day, and it's now showing as 16.66 pending. Contacted TR about this, and they just sent a generic reply along the lines of 'we changed the interest rate from 2% to 4% in October 2023.
Same here and I've read a similar story elsewhere. I think it happened previously but was rectified quickly.
Yes I've seen the app have 'accrued pending interest' go missing on the 1st of every month.
It resets that to 0 on the 1st, but it takes another 24 hours or so for it to be added to the total "Interest" on the main screen.
During that time the previous month's interest isn't shown anywhere.
Give it until tomorrow and it should be OK.
My app has updated this morning with the January interest figure which appears to have given me the full 8% on my first €10K balance.
Edit on closer examination and having looked at the invoice generated relating to the interest payment I see they have calculated my interest at a rate of 7.31%.
Last edited:
jamesybean
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Thanks all! The error seemed to rectify itself over night and was correct this morning
Mine was showing as 4% for the last few days of December then 4.8% for January!
Happy payday everyone
Mine was showing as 4% for the last few days of December then 4.8% for January!
Happy payday everyone
time to plan
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Are you transferring from a joint account? TR will only allow you to transfer from an account solely in your name. I ended up transferring first to my Revolut account and then to TR.
Yes, it's a joint account but their email says:
- Your full name is specified as the recipient name.
- It is a SEPA transfer.
- You are the owner of the account from which you are making the transfer. This can also be a joint account.
time to plan
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I had trouble with a joint account. Try transferring it via an account in your sole name. Or try a test payment from such an account.
Are you trying to transfer large amounts.
I kept getting my €10,000 transfers rejected and returned to my bank (eventually)
So I experimented and sent multiple €1,999 payments a day which were accepted.
TR customer service is non existent!!
No, I sent a test €100 first time. Rejected, so I changed the payee name on my PTSB app to my own name, again rejected! To be honest, it's not worth the hassle so I may delete the app and open a demand account via Raisin.
By the way, I wouldn't be comfortable transferring large amounts via Revolut, as mentioned above.
time to plan
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I had no problems transferring 10k from my Revolut account to my TR account. My wife had no problem transferring 15 k from her BoI account to her TR account. But we couldn't transfer €1 from a joint BoI account to my wife's TR account.
I wonder if it matters whose name is first on the joint account. Maybe not.
Anyway if Slim isn't comfortable transferring via Revolut (could do it 1k at at time I guess) and can't transfer from joint account, then closing the TR account is probably the only thing to do.
It is surprising to have this issue. TR is pretty much excellent in this regard in my experience.
I have moved funds smoothly, both in and out, between TR and my (AIB) deposit ac. Within the App I can xfer up to 10k max on any one day. And in a branch, using the paper form, I can transfer 50k (or any amount) and it arrives in TR the same day. That's why your issue is so surprising.
Are you certain you are indicating the correct (Citi Bank) IBAN, and that both accounts are in your name exactly the same (ie no spelling or other differences)?
What about your own bank, is it possibly they who are rejecting it?
I would certainly hesitate before ditching TR for Raisin bank(s). I began the tedious effort to register with Raisin during last year and gave up two months later from frustration - unworkable video ID process - dire customer service - avoid at all costs! By comparison TR is a dream - and customer service is timely and effective. Of course the worst of all is Advanzia, specialists in saying nothing and keeping you at length and in the dark.
time to plan
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I think a lot of it is chance. I've never used Raisin but I found the TR ID verification nightmarish and my wife found it simple. Since verification, I've not had any difficulty with TR that I haven't been able to navigate round very easily.
My name is not first on our joint account with PTSB. As I said, I'd no problem transferring €10k at a time to TR.
And I had no problems at all registering with TR or with Raisin. Only a minor glitch with getting TR to verify the watermark on my passport - had to Google the solution (which was to press the 'record' button).
One of the lucky ones it would seem.
irishfinanceguy
Registered User
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Ive had issues with verification with tr and bunq