Trade Republic, the German start-up with a banking license for a year, is launching an attractive offer on the French market. “France is our second largest market, with 1 million customers,” mentions Matthias Baccino, director of European fintech markets, which claims 8 million customers in Europe. By establishing a French branch, the company can now offer a current account, with a French Iban. This account will pay its clients remuneration equal to the ECB deposit rate, currently 3%.
“This hybrid system works thanks to the deposit of unused assets at the Central Bank and the use of a dedicated monetary fund, managed by BlackRock,” explains Matthias Baccino. Another new feature: the launch of a free stock savings plan (PEA). French specificity, this envelope is rarely offered by actors of foreign origin. It will be possible to set up scheduled payments to invest in stocks or ETFs.
However, initially, clients will not be able to benefit from share splitting, one of Trade Republic’s specific features. “A law has been passed to allow it but we still have to wait for the administration to publish the order making it applicable, which we hope for the month of June,” specifies the leader. This PEA will be exempt from custody fees. As for transaction fees, they will amount to 1 euro per order, regardless of the amount.