Trade Republic opens branch in Belgium and attracts with three percent interest
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Finance The German online bank Trade Republic is expanding its business in Belgium. The company is opening its own branch and will offer accounts with a Belgian IBAN to its now more than 100,000 Belgian customers. At the same time, the bank is advertising interest on uninvested balances. According to Trade Republic, new customers receive three percent interest on balances up to 50,000 Euros. Existing customers receive the current interest rate of the European Central Bank (ECB) of 2.5 percent. Interest is calculated daily and paid out monthly. There will be no upper limit for existing customers. With the Belgian branch, Trade Republic also wants to simplify tax processing. According to the company, Belgian taxes will be automatically taken into account in the future – including those on stock market transactions. "90 billion Euros lie in Belgian current accounts without yielding even a single cent in interest, while inflation continues to rise," explains Belgium head Vincent Grard. With an interest-bearing current account, Trade Republic wants to ensure that this money generates returns again. At the same time, by automatically processing Belgian taxes, they offer a more comprehensive solution for the local market. (belga/calü)
