There's no doubt funds are protected by the DGS in relation to the escrow bank. Which is fine if the bank goes under, the customer gets their deposit back.My virtual IBAN is from J.P. Morgan in Frankfurt by the way. TR uses them, Deutsche Bank and Citibank Ireland (hence the Irish deposit guarantee scheme should Citi fold its Irish operations would come into play)
Presumably idle cash still falls under the 'securities' category in case of a brokerage insolvency.Trade Republic is affiliated with the Compensation Scheme of Securities Trading Companies (Entschädigungseinrichtung der Wertpapierhandelsunternehmen
You're not going to get much further confirmation than in the first few posts of this thread, without contacting TradeRepublic yourself.can someone confirm whether TradeRepublic (covered by Citi EU) is protected by 100k Deposit guaranteed scheme? Curious if it is safe to hold more than €20,000 uninvested cash there?
fair enoughYou're not going to get much further confirmation than in the first few posts of this thread, without contacting TradeRepublic yourself.
Regardless of which partner bank holds your funds, here are a few ways your money is protected:
- Both Deposit Guarantee Schemes (DGS) protect up to 100.000 EUR per investor, per bank.
- Because your money is held in escrow accounts, it's kept separate from Trade Republic's assets.
- We only use the funds within the framework of our Customer Agreement with you, namely for providing financial services.
Trade Republic is not a bank. If the bank where it places funds is covered by a deposit guarantee, and that bank fails, you'll get your money up to 100k including any other money you might have directly with that bank.fair enough
EDIT:
well, I think if you want to earn some interest, there is no other good option in IrelandI'd rather have my money in a directly covered bank getting funds back in a few days.
Trade Republic is not a bank. If the bank where it places funds is covered by a deposit guarantee, and that bank fails, you'll get your money up to 100k including any other money you might have directly with that bank.
If Trade Republic fails, you'll presumably get your money back from the escrow account when the owners of the money are identified. Could take a while maybe. I'd rather have my money in a directly covered bank getting funds back in a few days.
Yeah who knows how long it would take to get your money back but a few days seems more than a little optimistic to me. I'd be thinking weeks if not months to be honest!Would you actually get your money back in a few days? The bank guarantee scheme is a bit like having a backup generator siting in the shed untested until such time it is needed. I'd imagine if the DGS was called into action political and financial turmoil might compound it's smooth operation.
Interest paid by Trade Republic cash jumping from 2% to 4% on Oct 1st
Interest paid by Trade Republic cash jumping from 2% to 4% on Oct 1st
iOS: I went ahead updated and activated it, seems fine, no issuesAccording to this Reddit thread (requires auto-translation) there is a new version of the Trade Republic app and you have to activate the 4% inside the app.
It is not there for me but other posters are reporting the same with the Android app. Maybe it is on the way.
Has anyone managed to activate the 4%? Maybe an Apple app user?
I would rather confirm that this works for Irish users before updating the best buys.
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