Traderepublic

[mrmercedes]

4% interest rate up to 50k , backed up by a German bank.

Selfie and passport to set up. Lot better than what Irish banks are offering.

[kadman]

4% interest rate up to 50k , backed up by a German bank.

Selfie and passport to set up. Lot better than what Irish banks are offering.

On the face of it that sounds good, but will Mr irishtaxman be waiting for his pound of tax when you bring it back into the country, if ever.

[mrmercedes]

Yes DIRT is owed on interest gained.

[kadman]

Yes DIRT is owed on interest gained.

So whats the attraction if you bring it home for DIRT tax. Is it beneficial if you use the funds as a source of say online shopping in the EU and never bring it home.

[mrmercedes]

Well the attraction is the rate of interest.

If you keep an emergency fund or short term holding in Irish bank you pay DIRT anyway with a very low interest rate.

Here you get 4% minus DIRT. Any money in an Irish bank is being eaten by inflation.

What are the alternatives to making any few euros gain interest:

ETFs - tax is ridiculous
Stock - pretty much gambling

[marhay70]

Had a look at this a few times but never pulled the trigger. I suppose those of us who have lived with Irish government fiscal policy over many years are cagey about things that involve shifting funds overseas. I did have a few bob in KBC which I shifted to N26 when they closed, but it's doing nothing there so I suppose the risk is much the same.

[mrmercedes]

Yes I have been very cagey but then looked at it this way.

The German banks credit ratings are much higher than Irelands. And why keep what little money I have here so inflation can eat it.

There is a great tidbit on money saving forum where in the last AIB made it awkward to transfer money to Traderepublic, chap met the manager of the branch , who admitted he also had his cash in traderepublic.

If prefer Traderepublic over trading212 , lightyear etc as traderepublic have deposit guarantee.

With trading212 and lightyear your deposit is at risk so not for me those two.

[kadman]

Is the deposit guarantee the same as irelands banks deposit guarantee, hopefully not.

[mrmercedes]

Deposit Protection: All funds in the cash account are legally protected up to €100,000 per investor. They are held in an escrow account at one of Trade Republics partner banks. These currently are Solaris SE, J.P. Morgan SE, Citibank Europe plc and Deutsche Bank

*I borrowed that from a money saving forum. Not planks.

[marhay70]

Tried to open an account earlier, but what an absolute PITA, couldn't get past the verification process. I eventually got it to scan my passport but no way would it accept the selfie, even though it says it doesn't have to be good quality. Bad angle, device not steady, eyes closed etc, at every attempt, gave it up as a bad job. No way to sign up on desktop, keeps directing me to the app.

[kadman]

If you read the Irish guarantee scheme for savings in an Irish bank. Its an eye opener as your guarantee is paid out at the governments discretion and time frame. If the banks go belly up many folks think the government sends out a check to cover your 100k lost savings. Its not as clear as that at all.

[marhay70]

If you read the Irish guarantee scheme for savings in an Irish bank. Its an eye opener as your guarantee is paid out at the governments discretion and time frame. If the banks go belly up many folks think the government sends out a check to cover your 100k lost savings. Its not as clear as that at all.

I think that's the case Europe wide, when I signed up to N26 in Germany the wording was similar. I suppose they need some breathing space in case 2007 mk2 happens.

[mrmercedes]

Tried to open an account earlier, but what an absolute PITA, couldn't get past the verification process. I eventually got it to scan my passport but no way would it accept the selfie, even though it says it doesn't have to be good quality. Bad angle, device not steady, eyes closed etc, at every attempt, gave it up as a bad job. No way to sign up on desktop, keeps directing me to the app.

Ya took me a while as well when I done it.
It's an app only. Just make sure you actually are tilting your head in correct direction on the selfie. I was turning right when they were saying left. After that was grand.

[marhay70]

Tried again last night to sign up, with similar results, that's three hours of my life I'm never getting back. I can understand the need for security but FFS at least make the process manageable on modern equipment. I've been reading elsewhere of people having much the same experience. Can't be arsed anymore.

[mrmercedes]

Mine was grand , took me an hour