Trade republic - verification issues

[murphaph1]

I went back to them after searching the other offerings.
Deposited a small amount to see what it's like.
Do I need to tell them the deposit is for savings or is it automatic?

There is only 1 cash account associated with your TR account. They don't really want you using it as a savings account so they will probably never offer sub-accounts. That account pays the 4% so your tenner is now worth ~ €10.01 I guess

 

[time to plan]

There is only 1 cash account associated with your TR account. They don't really want you using it as a savings account so they will probably never offer sub-accounts. That account pays the 4% so your tenner is now worth ~ €10.01 I guess

I wonder. If they don't want you using it as a savings account, why ate they offering the highest instant access rate in the Eurozone?

 

[Original]

I wonder. If they don't want you using it as a savings account, why ate they offering the highest instant access rate in the Eurozone?

I think they offer the 4% to get people to deposit their money with them. They realise that many people, having already setup an account, will then be tempted to place some money on their trading side of the app. I know I have been tempted. It's a clever incentive.

 

[murphaph1]

I think they offer the 4% to get people to deposit their money with them. They realise that many people, having already setup an account, will then be tempted to place some money on their trading side of the app. I know I have been tempted. It's a clever incentive.

This ^. It's a marketing trick to entice your money into the app rather than leaving that money on deposit elsewhere. Use a very generous 4% to get the money into the TR app then as long as a certain %age of people are less disciplined the company makes a profit overall, even though they are probably making a loss on the disciplined customers who are using it as an instant demand deposit account. The loss leading part of the 4% is likely coming out of the marketing department's budget in fact.

As long as you're disciplined you can take their 4% on your rainy day fund and enjoy it

 

[Rhys__]

I have been trying to register the whole day, to no avail. I can't get past the "face"/selfie verification process, keeps saying the face is not in frame, when in fact it is. Sent an email, but sunday and christmas... I guess they might have a huge influx these days, due to the 4% rate.
I just want a second broker along Degiro (which so far I had ZERO issues...), their bond selection, saving plans, fractional shares and the 4% rate make it perfect for monthly investing, while Degiro will remain for a few stock and etf picks.

 

[time to plan]

I have been trying to register the whole day, to no avail. I can't get past the "face"/selfie verification process, keeps saying the face is not in frame, when in fact it is. Sent an email, but sunday and christmas... I guess they might have a huge influx these days, due to the 4% rate.
I just want a second broker along Degiro (which so far I had ZERO issues...), their bond selection, saving plans, fractional shares and the 4% rate make it perfect for monthly investing, while Degiro will remain for a few stock and etf picks.

It was a bit fiddly.