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

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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Trade Republic support have told me:

"The development and implementation of a new app and its updates can present numerous technical and complex challenges. In order to deliver an exceptional user experience to our customers, they have strategically decided to launch an updated version of the app in several stages, while also prioritizing the security of our systems.

This is why you don't see the option yet to change to 4% interest. Some users see it already, but you will see it later this week, and this before the new interest rate is applied starting from October."

I.e. new Android app update on the way.
 
Got the new update this morning and have clicked the 4% option. Quite straight forward just a matter of going into the interest tab and a few clicks later all done.
 
Knuttell said:
Haven't received update but don't understand why you have to select it surely they just apply the new rate without any need for customer to click a button to apply it.
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Haven't received the app update either - suspect that the new version is gradually being rolled out.

Yeah, the "opt-in" is a cheeky attempt to not pay 4% to all customers.
 
Lightning said:
Haven't received the app update either - suspect that the new version is gradually being rolled out.

Yeah, the "opt-in" is a cheeky attempt to not pay 4% to all customers.
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I'm not sure it's that sinister tbh. The app does seem a bit clunky in comparison to Lightyear and others.
 
Lightning said:
Haven't received the app update either - suspect that the new version is gradually being rolled out.

Yeah, the "opt-in" is a cheeky attempt to not pay 4% to all customers.
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seems like, they also asked you to accept new Agreement, I'm curious what have changed there
 
noonamer said:
they display agreement with 49 pages, I read it, but not sure what they have changed from previous
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Revolut and other payment apps have updated their policy also in the last while. No idea what it means but usually if it's something contentious it gets flagged on social media.
 
Lisboa said:
This topic on Reddit may be of interest to some here, it certainly has me a bit cautious of using Trade Republic for deposits;

https://www.reddit.com/r/irishperso...ade_republic_deposit_guarantee_scheme_doubts/
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Interesting thanks.

I was also looking at: https://www.bafin.de/EN/Verbraucher/Schieflage/Einlagensicherung/einlagensicherung_node_en.html with regard to the German Investor Compensation Scheme. I read it that 90% of deposits up to 20k are additionally covered via this scheme. Is that correct?
 
20k is covered by investor scheme, that’s the requirement for a regulated broker.
TR also has DGS, which personally, I think per customer, otherwise they even can be fined for miss leading and any reputable bank won’t work with them.
But again, it is just my personal opinion.
 
I see there is an option to buy German bonds with Trade Republic at 3%.
What is the downside if any if I put the lot 50k into DE bonds?
Seems safe as houses and removes TRepublic deposit guarantee risk.
 
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