Taking advantage of the rise in interest rates, two players now remunerate, in real time, the money deposited by their customers in their current accounts.
On the one hand, Trade Republic, a stock market investment company from Germany; on the other, Bunq, a nobank created in Amsterdam in 2012. The two actors have in common to belong to the generation of 100% mobile financial services. But also to be among the rare, in France, remunerate the cash deposited by their customers on their current accounts.
The practice is not entirely new to Bunq. The proposed rate, however, is more and more attractive, as the key interest rates of the European Central Bank rise. Already increased from 0.27% to 1.05% at the start of December, it was 1.31% raw, with immediate effect, from 3 January. This compensation applies up to 100,000 euros in depositson all accounts offered by Bunq, including the Easy Savings account, accessible free of charge and allowing up to two instant withdrawals per month.
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In terms of yield, Trade Republic is doing better: since January 1, 2023, cash deposits made on the cash accounts of their customers are remunerated 2% raw. However, this rate only applies on the first 50,000euros deposited. Unlike Bunq, which issues bank cards, this account is not intended to make daily payments, but serves as a support for investing in the different types of assets offered by the platform: stocks, ETFs, cryptoassets, etc.
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Bunq and Trade Republic accounts have another thing in common: how interest is calculated. Contrary to practice in France (interest calculated fortnightly and capitalized in one go, at the end of the year), the two players calculate the gains in real timeday to day, and pay them into the account every month. A real plus for savers, who thus minimize losses during transactions on the account.
Everything you need to know about the calculation of interest on savings accounts