Trade Republic Introduces Free Current Account in the Netherlands
Trade Republic has recently launched its first service in the Dutch market, introducing a free current account aimed at providing enhanced banking services to local users.
This new offering allows individuals to send and receive funds easily. Users can make instant transfers between banks for free and withdraw cash from other banks without any additional costs above EUR 100. Moreover, depositors earn an attractive annual interest rate of 2%, which is paid out monthly and is uncapped on all cash deposits.
Features of the Free Current Account
The account supports various banking activities such as receiving salaries, making free transfers for bills, and other daily transactions. Additionally, users benefit from a Saveback program where they earn 1% back on their card payments. There are no ATM fees for withdrawals over EUR 100, and there are no surcharges for global transfers.
Trade Republic aims to help Dutch savers gain better control over their finances by offering free current accounts with Dutch IBANs, savings plans, and automated tax services. The company’s data reveals that Dutch household savings exceeded EUR 600 billion in December 2024. However, the majority of Dutch savers remain dissatisfied with the low interest rates offered by traditional banks.
The new service from Trade Republic provides a transparent rate of 2% based on the full ECB rate, available to both new and existing customers. For those interested in investing, there is an added benefit: a flat fee of EUR 1 per trade for low-cost investing opportunities, along with free savings plans for stocks.
Trade Republic ensures that customer funds are held safely through partnerships with major banks such as Credit Agricole, Deutsche Bank, J.P. Morgan, and HSBC. These deposits are protected up to EUR 100,000 by the European Deposit Guarantee Scheme. By offering daily interest calculations and monthly payouts, users can benefit from returns on their cash even when it is not actively invested.
The overall approach of Trade Republic integrates money management and investing into a single, secure platform with an intuitive user interface. This setup provides an additional layer of growth through the 1% Saveback program that reinvests these savings automatically back into users’ accounts.
