https://www.adnkronos.com/immediapress/eng/tra...(Adnkronos) - • Trade Republic set a new standard for the banking industry, by passing through the ECB interest rate directly to its customers since January 2023. This accumulated to more than 1 billion euro in interest payments in under 2 years.
• Europe's largest savings platform is thus once again demonstrating its commitment to change the status quo as the average European household loses over 700 euro per year, by not getting enough interest on their cash deposits.
• With 3.25 percent interest per year, 1 percent Saveback on card payments, and free savings plans, Trade Republic offers the fairest savings options for all Europeans.
BERLIN, GERMANY - EQS Newswire - 15 November 2024 - Trade Republic, Europe's largest savings platform, has reached the next milestone: Since the introduction of the interest offer in January 2023, over 1 billion euro in interest has been passed on to customers across Europe. For several months now, Trade Republic has been setting a new standard in the banking industry by passing the full ECB interest rates directly through to its customers. The average European household loses over 700 euro per year by not receiving enough interest on their cash deposits according to the latest figures shared from the European Central Bank.
"It's a wide belief that banks only serve their needs and neglect the customer. With Trade Republic we strive to change that. We pursue to offer the most attractive banking offering, fair and transparent. That's why we pass the full ECB interest rate to our customers. While all other banks keep a margin to themselves, introduce hidden conditions and time limits", says Christian Hecker, co-founder of Trade Republic. "With our 1 percent Saveback offering on all payments, free ETF savings plans and 3.25 percent interest per year on uninvested cash, a new generation of European savers can now shape their entire financial life with Trade Republic."
According to the latest figures from the European Central Bank the average European household receives just 0.37 percent interest per year. At the same time, 200 Million European households hold around 5 trillion euro in overnight deposits in their accounts. To put this into perspective: The average European household receives an annual interest of 93 euro on their savings, losing over 700 euro by not getting the full ECB interest rate, unlike Trade Republic customers.
Over recent years Trade Republic evolved from a brokerage platform to a broad savings platform with a banking license including an interest bearing account and a card that automatically invests 1 percent of card payments into an asset of your choice, free of charge. Connecting every banking feature with the most efficient way of saving and investing underlines the company's claim to continue to be an innovation driver in the financial technology industry in Europe.
About Trade Republic
Trade Republic is on a mission to set millions of Europeans up for wealth creation with secure, easy and commission-free access to capital markets. With customers across 17 European countries and billions of assets under management, Trade Republic is already the home screen app for many Europeans to manage their wealth. It offers savings plans, fractional trading of shares, ETFs, bonds as well as derivatives and crypto and, from January 2024, the Trade Republic card with a 1 percent Saveback reward. Trade Republic is a full-service bank and is supervised by the Bundesbank and BaFin. As Europe's largest broker and leading savings platform, Trade Republic has received growth capital from leading global investors such as Accel, Peter Thiel's Founders Fund, Ontario Teachers', Sequoia and TCV. The Berlin-based company was founded in 2015 by Christian Hecker, Thomas Pischke and Marco Cancellieri.