Blackcatcard - interest on balance

[void]

This just hit my inbox - just in case some lovers of counterparty risk would like to make "easy money" 😉

 

[uplana]

Looks interesting to me, however, it would require that I trust them with a big‌ portion of my money and I don't do that. Why would I want to earn‍ 4% in interest if this is an high risk investment where I can risk all⁠ my money!??

 

[AlexPCS]

Blackcatcard reamins an EMI so far, not a bank, so seems like they do not‌ fall under asset protection plan for all the balances under 100k EUR. But they call‍ themselves a banking platform, kind of misleading 🙂

 

[bigdaddyleon]

The interest was credited to my account without any problems, I had a smaller 5-digit‌ sum parked there for a few weeks.

Trade Republic should currently also have 4% interest‍ per year on EUR (they also recently received their banking license)

 

[uplana]

Small amount bring you small interest - how is that fun ?

 

[Cavaliere]

An EMI named after a ransomware strain is always hard to trust with your savings.‌ Look into Papaya Ltd. and the recent AML complaint.

 

[Forester]

Good to know.‍
Nevertheless, 4% interest per year on EUR is IMO not so much... (taking into account⁠ that this is not a conservative investment...)
Correct; perhaps worth mentioning that they currently onboard German residents only.

 

[bigdaddyleon]

https://support.traderepublic.com/e...to-be-a-permanent-resident-to-open-an-account
"
As an investment firm, we can only accept applications from customers if‍ they are a permanent resident in the country in which we also offer our product.⁠

At the moment, Trade Republic is available in Germany, Austria, France, Spain, Italy, the Netherlands,⁤ Belgium, Luxembourg, Finland, Ireland, Greece, Portugal, Estonia, Latvia, Lithuania, Slovenia and Slovakia.

We are working⁣ on giving customers residing in other countries access to Trade Republic in the future."

 

[Forester]

Well, so they apparently have inconsistent information at their pages – see⁢ their FAQ, Who can open an account 🙁

 

[Marie Manila]

Does anyone know, when they credit cashback for card purchases?
The cashback for my debit‌ card purchases last month are still missing.

I hope the interest will be paid more‍ reliably.

 

[uplana]

So this service is only for‍ people living in Germany! Nice, all the rest can't use this service..

 

[Forester]

From what I recall, also another DE‍ neobanks started in this way, N26 included, I guess. Maybe some local habit 😉 😉

And seriously⁠ – the another information referenced by @bigdaddyleon names Eurozone countries (just at a glance, have⁤ not checked it thoroughly). This also makes sense.

So either one is outdated or one⁣ concerns current account openings and another one concerns investments...

 

[bigdaddyleon]

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[Marshal]

Seems like they are only available in‌ countries where euro (€) is the official currency.