Trade Republic pitches 2% interest rate to Irish savers via IrishTimesBiz
Savings platform Trade Republic is to offer customers 2 per cent interest on the cash balances held in their accounts, in line with the current deposit rate from the European Central Bank .
The policy, which will apply to all customers, is not a limited time offer and applies to those with uninvested cash balances of up to €50,000, it said. It also puts the platform ahead of traditional banks in offering the ECB rate to savers. Interest on balances is calculated in real time and paid out monthly.
“With 2 per cent effective annual interest per year, we are passing on the benefits of the new interest rate environment directly to our customers. Every investor can now benefit directly and easily from interest,” Christian Hecker, co-founder of Trade Republic, said. “Exactly four years ago, we were among the first providers in Europe to introduce commission-free investing. Now, we are taking another step on our mission to make wealth accumulation possible for everyone.
The ECB has raised interest rates from historic lows in recent months. However, while mortgage interest rates have seen a rise, Irish lenders have largely not yet passed on the increase to deposit rates.
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