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.

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