Trade Republic, Europe’s largest savings platform, has reached a new milestone: Since the launch of the cash interest payment offer in January 2023, more than €1 billion in interest has been paid to customers across Europe. Europe. With this, Trade Republic sets a new standard in the banking sector by directly passing on the entire interest rates of the European Central Bank (“ECB”) to its clients. The average European household loses more than €700 a year due to not receiving enough interest on their cash deposits, according to the latest figures provided by the ECB.
«The belief is widespread that banks only serve their needs and neglect the customer. With Trade Republic we strive to change that. Our goal is to offer the most attractive, fair and transparent banking offer. That is why we pass on to our clients the full ECB interest rate. While all other banks reserve margin, introduce hidden conditions and demand deadlines,” says Christian Hecker, co-founder of Trade Republic. «With our 1 percent Saveback offer on all payments, free investment plans with ETFs and 3.3 percent APR interest on uninvested cash, a new generation of European savers can now plan their entire financial lives with Trade Republic.
According to the latest figures from the ECB, the average European household receives only 0.37 percent interest per year. At the same time, European homes They have in their accounts some 5 billion euros in cash accounts. To put this in perspective: The average European household receives an annual interest of 93 euros on their savings, losing more than 700 euros by not getting the full interest rate from the ECB, unlike Trade Republic customers.
And Spain is no exception when the local situation is analyzed. “According to the ECB, The average interest rate on Spanish current accounts is 0.19 percent per year, 50 percent lower than the euro zone average, while there are deposits 1 billion euros from Spanish households in all types of cash accounts. All Spaniards should benefit from the interest generated by their money and that is the reason why we pass on the full interest rate, which is currently 3.25 percent per year, to all our new and existing clients.” adds Antón Díez Tubet, head of Trade Republic in Spain.
In recent years, Trade Republic has grown from an investment platform to a comprehensive banking-licensed savings platform that includes a cash-based account and a card that automatically invests 1% of card payments into a asset of the client’s choice, at no cost. Connecting all banking functions with the most efficient way to save and invest demonstrates the company’s intention to continue being an engine of innovation in the financial technology sector in Europe.
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