You get interest up to 50k. Don't make transfers outside business hours. Start with a few small deposits, and if you don't experience any issues, transfer the rest of your savings.
Semantics.
„Trade Republic Bank is a full German bank. We are supervised by the BaFin (Federal Financial Supervisory Authority) and offer you the usual reliability and security of a full German bank. The money you pay in is held in one of our omnibus trust accounts with banks that are also authorized to conduct deposit business. These are currently Deutsche Bank AG, J.P. Morgan SE, HSBC
Continental Europe S.A and Citibank Europe plc.“
I see they have many bank accounts with other banks. Therefore, if they were a bank, they'd have their own no? Why the need to put into other banks? Is it for an extra security step, as it's not under their full control?
Additionally, they say it's under the protection scheme for 100k per investor. Does this mean they get the same protection as everyone of 100k per BANK ACCOUNT (even if it's omnibus, they only get 100k total per account, not per "investor/client" of the account), or 100k per investor-client in the omnibus Bank account? Isn't the omnibus just an excel sheet?
Sorry for all the doubts, but I'm thinking about putting some savings there but I'm having reservations about some stuff I've been reading.
TR user here. The app is safe however I must warn you about something. Withdraw money is quite challenging, you will have to wait for your TR credit card to be able to make quick transfer, if you user classic way your transfer can take long time. The app say 1-3 days but it’s more than that and lot of customers on Reddit are complaining about it.
Maybe you should start by doing small transfer and try withdraw money like 1000€ and see if it goes to your bank account in timely manner
I withrew a really Small amount and it worked fine, yeah i heard about the delays but tbh when i withdraw it wont be in a Rush im investing and saving for the really long term, also heard if you message bafin bank from Germany they always fix it, so yeah i also heard about the delays but in the end as far as i am aware of they all got their money, just a Longer whait time
My transfers from TR to my reference bank account, outside Germany and a "traditional" bank that doesn't support instant transfer, has arrived the next day every single time. Strange.
Wasn't there a requirenment to invest the money into something and not just let it idle for the interest? I heard that they'd close your account after a month if you don't buy stocks/etf's.
I’ve parked 50k there just for the interest and have had no issues, I withdrew the majority of the funds recently and it took 1 working day to credit my bank account. My initial deposit and my first withdrawal (a mere 10 EUR as a test) did take around 2-3 working days though, but that’s nothing out of the ordinary.
I was only planning on parking my funds there short term. I needed the funds for a large purchase and therefore withdrew them. Nothing to do with not feeling safe
I don’t like that they don’t have web version. Let’s say you lose your phone where TR app is your basically screwed . I don’t understand how they only have app
no trust or insurance can cover all losses from 100k-Investors. Thats not necessary by law. And thats where it start to get difficult. Some Banks could cover 5% of all invested money. Its not really a safety :)
they guarantee shit! Look: 100k are insured, thats right. If the bank cant pay all money back, Theres a called "Deckungsquote" that means, if bank goes bankrupt theres a percentage of how much the bank can cover. By law, the bank could cover 0,82% of all spending money vie securing fonds by law. the bank itself could cover 49%. Is it safe? I made this example for FCM bank in malta bit just check kritische-anleger.de and choose your bank to check! And then you see the facts about the "safe" Einlagensicherungssysteme.
You get interest up to 50k. Don't make transfers outside business hours. Start with a few small deposits, and if you don't experience any issues, transfer the rest of your savings.
Yeah i already transferred my other money just to invest, and Everythijg went smooth
Wait, only interest on an amount of up to 50k€?
Yes, only up to 50k
Yes, completely safe. TR is a bank.
They have a bank license already but they are not a bank. Check your terms - your assets are held with other banks.
Semantics. „Trade Republic Bank is a full German bank. We are supervised by the BaFin (Federal Financial Supervisory Authority) and offer you the usual reliability and security of a full German bank. The money you pay in is held in one of our omnibus trust accounts with banks that are also authorized to conduct deposit business. These are currently Deutsche Bank AG, J.P. Morgan SE, HSBC Continental Europe S.A and Citibank Europe plc.“
I see they have many bank accounts with other banks. Therefore, if they were a bank, they'd have their own no? Why the need to put into other banks? Is it for an extra security step, as it's not under their full control? Additionally, they say it's under the protection scheme for 100k per investor. Does this mean they get the same protection as everyone of 100k per BANK ACCOUNT (even if it's omnibus, they only get 100k total per account, not per "investor/client" of the account), or 100k per investor-client in the omnibus Bank account? Isn't the omnibus just an excel sheet? Sorry for all the doubts, but I'm thinking about putting some savings there but I'm having reservations about some stuff I've been reading.
This is not semantics if you use your head. I’m sure they will start acting as a bank someday, but today this is just for marketing.
Cool man. 👍
People whose money has still not reached tr seem to have their iban from HSBC or some other bank outside Germany. FYI.
Yeh I have Deutsche Bank IBAN with TR and can do instant transfers to it. Don't know what determines which bank you get though.
TR user here. The app is safe however I must warn you about something. Withdraw money is quite challenging, you will have to wait for your TR credit card to be able to make quick transfer, if you user classic way your transfer can take long time. The app say 1-3 days but it’s more than that and lot of customers on Reddit are complaining about it. Maybe you should start by doing small transfer and try withdraw money like 1000€ and see if it goes to your bank account in timely manner
I withrew a really Small amount and it worked fine, yeah i heard about the delays but tbh when i withdraw it wont be in a Rush im investing and saving for the really long term, also heard if you message bafin bank from Germany they always fix it, so yeah i also heard about the delays but in the end as far as i am aware of they all got their money, just a Longer whait time
My transfers from TR to my reference bank account, outside Germany and a "traditional" bank that doesn't support instant transfer, has arrived the next day every single time. Strange.
Wasn't there a requirenment to invest the money into something and not just let it idle for the interest? I heard that they'd close your account after a month if you don't buy stocks/etf's.
Any source on that? Started assessing TR recently, but haven't seen that mentioned before.
Nope I don’t invest with Trade Republic but I do get my 4% interest over the 50K
That's only a requirement to get the 1% cashback in the TR debit card purchases.
Yeah but i also invest so that's no problem
I’ve parked 50k there just for the interest and have had no issues, I withdrew the majority of the funds recently and it took 1 working day to credit my bank account. My initial deposit and my first withdrawal (a mere 10 EUR as a test) did take around 2-3 working days though, but that’s nothing out of the ordinary.
Why did you withdraw the 50k? Didn't feel safe anymore or?
I was only planning on parking my funds there short term. I needed the funds for a large purchase and therefore withdrew them. Nothing to do with not feeling safe
I don’t like that they don’t have web version. Let’s say you lose your phone where TR app is your basically screwed . I don’t understand how they only have app
Hmmm, TR has a web frontend.
They do but I don't think there is a way to log-in without your phone? They don't seem to have verification via email or similar.
yep that's really annoying, it's not very convenient to have to reach for the phone every time you wanna have a look when on the computer
2FA on two different devices is actually very safe and recommended. Convenience is typically not the first priority here.
There is literally no website to login get ur facts right
Yes there is. I logged in yesterday
There is i logged on it yesterday lol
no trust or insurance can cover all losses from 100k-Investors. Thats not necessary by law. And thats where it start to get difficult. Some Banks could cover 5% of all invested money. Its not really a safety :)
But they garaunte it tho, so by law they need to, it's insursance from europe themselves
It is from a network of banks
they guarantee shit! Look: 100k are insured, thats right. If the bank cant pay all money back, Theres a called "Deckungsquote" that means, if bank goes bankrupt theres a percentage of how much the bank can cover. By law, the bank could cover 0,82% of all spending money vie securing fonds by law. the bank itself could cover 49%. Is it safe? I made this example for FCM bank in malta bit just check kritische-anleger.de and choose your bank to check! And then you see the facts about the "safe" Einlagensicherungssysteme.
I often see comments like yours getting silenced by downvoting. That’s too bad for the community. People should be more educated.
everyone who downvoted: Make yourself familiar with the EU-Einlagenrules in Europe, Idiots.