fred123456
Registered User
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Hi Murtagh,
So if TR goes under, your money is safe as in my case it says it is held with Citibank. Is that correct.
Thanks.
Hi Murtagh,They are talking about TR going under. Your cash deposits are held by the partner bank so there is no claim to be made under any DGS in that case as the deposits haven't gone anywhere.
yes the client funds are pooled in an omnibus account with the partner bank.. And each client is given their own IBAN so the makeup of the funds is accounted for.. But in the event of Trade Republic going out of business, is it not plausible that other creditors (for example, institutions providing debt equity to Trade Republic) make a claim on any assets held by Trade Republic and rank ahead of the depositors when it comes to pay out? Or are we certain that we would be paid out?They are talking about TR going under. Your cash deposits are held by the partner bank so there is no claim to be made under any DGS in that case as the deposits haven't gone anywhere.
I can only repeat what Stiftung Warentest says: Deposits with TR in the German partner banks are secure as far as they are concerned. For comparison, are we absolutely certain that if AIB for example went under that the DGS would kick in and protect deposits there? Nothing is certain in life but these assurances are good enough for me and my money.yes the client funds are pooled in an omnibus account with the partner bank.. And each client is given their own IBAN so the makeup of the funds is accounted for.. But in the event of Trade Republic going out of business, is it not plausible that other creditors (for example, institutions providing debt equity to Trade Republic) make a claim on any assets held by Trade Republic and rank ahead of the depositors when it comes to pay out? Or are we certain that we would be paid out?
Citi bank is also reputable partner, they are handling not only TR but many businesses, so I'm not concerned they are protected.I can only repeat what Stiftung Warentest says: Deposits with TR in the German partner banks are secure as far as they are concerned. For comparison, are we absolutely certain that if AIB for example went under that the DGS would kick in and protect deposits there? Nothing is certain in life but these assurances are good enough for me and my money.
FWIW, I still think TR is more protected and better regulated than Lightyear, but everyone sees it differently. NOT an adviceI would say however, that if you or anyone else is uncomfortable depositing money with TR that you should not do it as peace of mind is worth something too. There's no point getting that extra 1% if you are worrying about your deposits the whole time.
Ah here, if CitiBank ever has to call on a DGS, it's game over.it cannot recommend the Citibank offering as it is backed by the Irish DGS and the Irish state itself does not manage a AAA rating these days
yeah, all bust thenAh here, if CitiBank ever has to call on a DGS, it's game over.
Yes.btw, I have old pdf which used to be provided by TR about DGS with Citi, it clearly says 100k not 20k
this sounds like the most understandable explanation I have read. Kudos!Yes.
If Citi collapses, you're protected up to 100k.
If TR collapses, you're relying on the clients funds actually being in an escrow account, and German liquidation law keeping these out of creditors reach. If there has been fraud / malpractice and the funds aren't there, you're only protected by the investor compensation scheme up to 20k.
1) depends on your current account provider and what they charge fees for. If they don't charge for SEPA transfers elsewhere they shouldn't charge for TR.Hi,
Can someone tell from the first hand.
Are there any fees transferring the money to TR account?
1. If you make the SEPA transfer from your reference account to TR account?
2. If you are transferring via credit card to TR account, etc...
Thnx.
that’s typical investor protection, it is/was also mentioned on their terms.So it seems that only 90% of your uninvested balance and/or stock is protected. This is something I never see mentioned.
My bold. Your stock is not actually held with TR either by the way. They use HSBC Germany as the actual brokerage (depot in German). HSBC holds your stock but it is your property, so even if TR or HSBC go bust you still own it and can transfer it to another broker. Quite how that would work in practice I don't know, but that could happen to any broker I suppose.So it seems that only 90% of your uninvested balance and/or stock is protected. This is something I never see mentioned.
..hmm.. a bit confused.1) depends on your current account provider and what they charge fees for. If they don't charge for SEPA transfers elsewhere they shouldn't charge for TR.
2) again, depends on your CC provider. I imagine most will likely treat it as a cash withdrawal which will attract a cash advance fee. As a side note it's generally not a good idea to borrow money to place on deposit.
Free for Bank transfers (SEPA payments), but there is a 0.7% charge on card transfers after your first lodgement.As I heard, TR is charging 1% fee (of transferring amount). But I'm not sure if that stands also for SEPA transfer from reference account?
Thank you.Free for Bank transfers (SEPA payments), but there is a 0.7% charge on card transfers after your first lodgement.
Ask TR to tell you in writing.But how can I be sure that its free for SEPA? Is that written anywhere?
.. I did... but still no responseAsk TR to tell you in writing.
Perhaps the 'deposit best buy' can be updated with more details around the actual protection?this sounds like the most understandable explanation I have read. Kudos!
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