Trade Republic offers 4.07% TAE to new Spanish savers on balances up to €20,000

The new offer and its terms

Trade Republic is offering new clients a 4.07% TAE on balances up to €20,000. Balances above that amount earn the full ECB rate of 2.5%, paid on all cash without a limit once interest is switched on in the app. Existing clients can get the same promotional rate by inviting friends, with each successful referral unlocking 4.07% TAE on balances up to €20,000 for two months, up to four friends. Reports give different end dates for the promotion: 21 March in one article and 1 March 2027 in another, which describes it as lasting about five months. The bank says it has paid more than €4 billion in interest to customers across Europe since January 2023.

What the bank says

Julian Collin, general manager for international markets at Trade Republic, framed the offer around the interest already paid out to customers. He said the company wants people to earn interest on the money they use every day.

“While too many traditional banks still pay little or no interest, we believe customers deserve more.”

Pablo López, regional manager for Spain, Portugal and Greece, pointed to the size of household deposits in Spain and to the low returns most of them earn. He added that the offer is meant to make saving in Spain worthwhile again.

“Spanish households have more than one trillion euros in deposits, a record figure, and most of it barely generates any return.”

Rival promotions in Spain

Revolut announced on 20 October a 3.51% TAE rate for four months on balances up to €25,000, aimed at new customers. Those customers must open a savings account within 30 days of registering, and from the second month make three card payments of at least €5 every 30 days. Openbank pays 3.25% TAE for 12 months with no balance cap, provided the customer is new, activates Bizum and opens the account. Monzo, which entered Spain in late October, offers 4% on balances up to €5,000 for 12 months. HelpMyCash, a financial comparator, lists Kutxabank at 3.10% TAE in the first year and 0.75% in the second.

November rankings and the rate outlook

The ABC ranking puts Raisin first at 3.30% TAE, followed by B100 at 3.15%, Trade Republic at 3.04%, Bankinter at 3.00%, EBN at 2.50%, Cajamar at 2.27%, N26 at 1.30% and ING at 1.00%.

Raisin3.3%

B1003.15%

Trade Republic3.04%

Bankinter3%

EBN2.5%

Cajamar2.27%

N261.3%

ING1%

Raisin

3.3 %

B100

3.15 %

Trade Republic

3.04 %

Bankinter

3 %

EBN

2.5 %

Cajamar

2.27 %

N26

1.3 %

ING

1 %

Data from the article text

A separate podium from La Razón places B100 first among three accounts, all within 0.15 percentage points of each other on TAE. B100's Cuenta Health requires at least eight card purchases a month totalling a minimum of €200 to reach its top rate, and it is open to customers aged 18 or over who sign up online. Two savings challenges, tied to daily steps and time offline, can move between €1 and €30 a day into the account, capped at €60 a day in total on balances up to €50,000. EBN pays 2.50% TAE on balances from €3,000 to €10,000 and 1.50% from €10,001 to €50,000. The ABC ranking notes that the ECB left its rates unchanged at its late-October meeting, while a market forecast cited in one report sees a rise to 2.75% in December. On €10,000 at 3.04% TAE, ABC estimates about €304 in gross interest over a year.