Trade Republic built its entire model around a single insight: eliminate the friction of traditional banking. The result is a unified ecosystem — brokerage and current account in one app — where the vast majority of everyday actions cost nothing. But the pricing architecture is more nuanced than it looks. This guide decodes every layer: from the famous €1 trade fee to the 3% cash yield, the Saveback loop, ATM rules, and the edge cases that can catch you off guard.
The Unified Ecosystem: Two Accounts, One App
Trade Republic operates a dual-account structure under a single interface. On the left sits the classic brokerage depot (equities, ETFs, derivatives) — focused on capital growth. On the right is the current account (cash management, SEPA transfers, debit cards) — focused on liquidity and daily spending. Two separate regulatory frameworks, zero friction between them.
One interface, two regulatory frameworks. The ecosystem is designed to eliminate legacy banking friction.
The three pillars: invest & trade (stocks, ETFs, bonds, crypto), transact & spend (current account, SEPA, Visa), and yield & growth (3% interest, 1% Saveback, automated savings plans).
The Cost Hierarchy: 0€ / 1€ / 5–50€
Trade Republic's entire pricing philosophy can be summarised in a three-tier pyramid. Understanding this architecture tells you exactly when you'll pay — and when you won't.
The cost pyramid: €0 for all self-service digital actions, €1 for standard executions and micro-withdrawals, €5–€50 for analog or physical premium services.
- Base level (€0): Everything automated and digital — account maintenance, SEPA transfers, virtual cards, ETF savings plans.
- Mid level (€1): Standard manual trade executions and ATM withdrawals under €100.
- Peak level (€5–€50): Analog, manual, or physical premium services — physical card issuance, postal orders, voluntary tax reporting.
Key insight: Trade Republic monetises behaviour, not accounts. If you stay fully digital and automated, your cost is €0. Friction gets priced in — not convenience.
Foundational Costs: What You Never Pay
Before diving into the transaction fees, it's worth cataloguing what Trade Republic does not charge for. Across both the brokerage and current account, the baseline is zero.
Account opening, annual custody/depot maintenance, app access, and electronic statements: all €0 across both account types.
Trading Fees: The €1 Flat and the Free Savings Plan
This is the headline number Trade Republic built its brand on. There is no order provision — no commission percentage on trades. The only trading cost is the Fremdkostenpauschale, a flat third-party fee of €1.00 per manual trade.
Flow A (manual trade): order provision €0 + Fremdkostenpauschale €1. Flow B (savings plan): both charges €0. Dividends processed free in all cases.
The full fee matrix: €0 order provision, €0 savings plan execution, €1 third-party cost per manual trade, €25 for postal order placement.
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Partial executions: If a single order is partially filled across multiple executions within the same trading day, the €1 Fremdkostenpauschale is only charged once.
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Dividend processing is free. Stock dividends and ETF distributions/accumulations are both €0. Foreign currency dividends are automatically converted to EUR at the interbank rate.
ETF & Stock Savings Plans: Completely Free
The €1 fee applies only to manual, single-execution trades. Automated savings plan runs are entirely free — €0 order provision and €0 Fremdkostenpauschale — for both ETFs and individual stocks, with amounts ranging from €10 to €10,000 per execution.
Capital allocation (brokerage) vs capital deployment (banking): SEPA transfers, card payments, currency conversion, and ATM withdrawals above €100 are all €0.
Account Structures & Geographic Interest Tiers
Trade Republic offers a standard account for adult investors and a child savings account (managed by parents, with tax advantages, transitioning to full client control at age 18). The critical variable for European investors is the geographic interest tier — which determines how much of your cash earns the headline rate.
Three interest tiers based on IBAN type: Tier 1 (TR IBAN: DE, FR, AT, ES, IT) earns on unlimited cash. Tier 2 (non-TR IBAN) is capped at €50,000. Tier 3 (no Portuguese IBAN) earns nothing.
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Portuguese investors: check your IBAN tier. Clients without a TR-issued IBAN may fall into Tier 2 (€50,000 cap) or Tier 3 (no interest). Upgrading to a Trade Republic IBAN (DE, FR, AT, ES, IT) unlocks Tier 1 unlimited interest.
Cash Interest: The Flow of Yield
Trade Republic pays interest on uninvested cash held in the current account. The rate is tied to the ECB effective rate as the benchmark, with up to 3% offered to new customers on the first €50,000. Above that threshold, the ECB rate applies. Interest accrues daily, is credited monthly, and compounds — once credited, it earns interest itself.
The yield cycle: ECB benchmark → nominal annual rate applied to available balance (net of withholding taxes) → monthly capitalisation → compounding effect.
Saveback: The 1% Spending Loop
Saveback is Trade Republic's reinvestment incentive. When you spend with your Trade Republic card, 1% of eligible transaction value is automatically reinvested into your active savings plans. It creates a self-reinforcing loop: spending fuels investing.
The yield/loop dual engine. Sitting cash earns up to 3% (accrued daily, paid monthly) and automatically flows into savings plans. Spending cash earns 1% Saveback — up to €15/month, requiring an active €50/month savings plan.
Saveback conditions: You must have an active savings plan with a minimum €50/month investment. Maximum Saveback earnings are capped at €15/month, meaning the first €1,500/month in card spending qualifies.
Banking & Card Tier Architecture
Trade Republic's current account comes with three card options. The key distinction is between the free virtual card and the physical options — where a one-time issuance fee applies but no annual fee ever.
Three card tiers: Virtual Card (digital only, €0 issuance), Classic Card (physical plastic, €5 issuance), Mirror Card (premium physical, €50 issuance). All cards share: €0 currency conversion, €0 card payments, €1 fee on micro-withdrawals only.
Full banking matrix: maintenance and SEPA are always €0. ATM withdrawals ≥€100 are free; under €100 costs €1. Credit/Apple Pay deposits carry a 1% fee.
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Card top-up trap: Depositing via Credit/Debit Card, Apple Pay, or Google Pay incurs a 1% fee on the deposited amount. Always fund via SEPA bank transfer to avoid this cost.
ATM Fee Logic: The €100 Threshold Rule
Trade Republic's ATM fee is deliberately designed to discourage frequent small withdrawals. The rule is simple: withdrawals of €100 or more are free. Withdrawals below €100 cost €1 flat. Currency conversion at ATMs is done at the interbank rate — no platform markup.
The ATM decision tree. The system incentivises larger, less frequent cash withdrawals to optimise network costs. FX rate applied at interbank with no platform markup.
FX Conversion Margins
When trading international securities (US stocks, UK equities, etc.) or making purchases in foreign currencies, Trade Republic applies a markup over the interbank rate. The margin varies by currency and is tiered by liquidity and volatility.
FX margin tiers: Tier 1 (major currencies — GBP, USD, CHF: lowest margins). Tier 2 (mid-liquidity — CAD, AUD, PLN). Tier 3 (high-volatility/exotic — HUF, JPY, IDR: highest margins). BRL and INR carry zero margin.
For EUR-based investors: Trading US stocks (USD) costs a 0.0014 margin (~0.14%) on the conversion. This is competitive but not zero — active traders in international equities should factor this in on high-frequency positions.
Corporate Actions & Edge Cases
Most corporate actions — mandatory events like stock splits, mergers, and index rebalancing — are processed automatically at no cost. Costs only arise when you actively instruct Trade Republic to take a specific action beyond the standard.
Corporate action fees: mandatory participation is always free. Standard instruction processing costs €1. Specific instructions via letter/email: €5. Voluntary instruction (conversion, termination, exercise): €10.
Digital Self-Service vs Analog Friction
Trade Republic's pricing philosophy is most visible in the contrast between digital and analog channels. Everything in-app is cheap or free. Everything via paper or post is expensive — by design, to price in the operational cost of manual processing.
The digital/analog pricing split. In-app actions: €1 trade, €0 SEPA, €0 tax certificate (PDF). Analog equivalents: postal order placement = €25, postal transfer = €25, voluntary tax reporting (Tax Voucher) = €25.
Miscellaneous Operational Fees
Edge-case fees: card deposits carry a 1% charge. AGM registration (domestic bearer shares only) costs €25 per event. Share name registration costs €2. Security/account recovery via video-ident costs €5.
Complete administrative fees: standard corporate action = €0, standard instruction = €1, specific instruction = €5/€10, Video-Ident reset = €5, registered shares = €2, AGM registration = €25, voluntary tax reporting = €25.
Cash Protection & Security Structure
Understanding how Trade Republic holds client assets matters as much as understanding the fees. Cash and securities are treated very differently — but both benefit from robust structural protection.
Cash deposits flow into either omnibus trust accounts (held at partner banks, protected up to €100,000 per client under statutory deposit guarantee schemes) or qualified money market funds (segregated, excluded from the bank's insolvency estate).
Two-tier protection: uninvested cash held in omnibus trust accounts at Citi, Deutsche Bank, HSBC, J.P. Morgan — guaranteed up to €100,000. Invested securities are legally your direct property, shielded from TR's insolvency estate.
Key protection fact: Your securities (stocks, ETFs, bonds) are not covered by deposit guarantee because they don't need to be — they are legally yours and excluded from Trade Republic Bank GmbH's insolvency estate. Only cash needs the €100,000 guarantee umbrella.
Total Cost of Ownership: 3 Real-World Profiles
The most useful way to understand Trade Republic's pricing is to model it across real usage profiles. The same architecture produces vastly different monthly costs depending on how you use the platform.
Three TCO profiles: the passive investor (ETF savings plans + virtual card + SEPA deposits) pays €0/month. The active digital trader (10 trades + ATM withdrawals + physical card) pays ~€11/month. The analog user (postal orders + paper transfers + tax voucher) pays ~€100/month.
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Concluding insight: The fee architecture operates as a behavioural engine — eliminating costs for digital-first actions while pricing legacy friction at a significant premium. Choose digital, choose automated, and your costs approach zero.
⚖️ WhichBrokr Verdict: Who Is Trade Republic For?
Trade Republic is a flawless engine for automated, mobile-first wealth building — provided you avoid manual administration and card-based account funding. Here's the breakdown:
✅ TR Wins
Passive Wealth Builders
€0 automated ETF savings plans. No custody fees. Free SEPA. The savings plan investor pays nothing for core investing.
✅ TR Wins
Cash-Heavy Users
Up to 3% daily-accruing interest on sitting cash (monthly payout). Better than most EU savings accounts with no lock-up.
✅ TR Wins
Everyday Spenders
1% Saveback on all eligible card spending, auto-invested. Free currency conversion on card payments globally.
⚠️ Watch Out
High-Volume Card Funders
Topping up via Credit/Debit Card, Apple Pay or Google Pay costs 1% of the deposited amount. Always use SEPA.
⚠️ Watch Out
Manual/Paper Users
Postal orders, paper transfers, tax vouchers: €25 each. The analog penalty is steep and deliberate.
⚠️ Watch Out
Micro-ATM Withdrawers
Multiple small ATM withdrawals under €100 each cost €1 per trip. Batch your cash withdrawals above €100 to pay €0.
Frequently Asked Questions
Does Trade Republic charge a monthly fee? +
No. Account opening, custody/depot maintenance, app access, and electronic statements are all €0 for both the brokerage and current account. Trade Republic only charges for specific active triggers: €1 per manual trade, €1 for ATM withdrawals under €100, and premium/manual services like physical cards or postal orders.
Are Trade Republic ETF savings plans really free? +
Yes. Automated savings plan executions (€10–€10,000 per run) for both ETFs and individual stocks are completely free — €0 order provision and €0 Fremdkostenpauschale. The €1 flat fee only applies to manual, single trade executions placed in-app.
What interest rate does Trade Republic pay on uninvested cash? +
Trade Republic pays up to 3% on uninvested cash for new customers (capped at €50,000 for Tier 2 IBAN holders), or the ECB effective rate above that threshold. Tier 1 users (DE, FR, AT, ES, IT TR IBAN) earn on unlimited cash. Interest accrues daily, is credited monthly, and compounds. Tier 3 users (no Portuguese IBAN) receive no interest.
What is the Trade Republic Saveback program? +
Saveback returns 1% of eligible card spending automatically into your savings plans. Requirements: an active savings plan with at least €50/month investment. Maximum Saveback earnings are capped at €15/month — meaning the first €1,500/month of eligible spending qualifies. Saveback is not applied to ATM withdrawals or card funding transactions.
How does the €100 ATM rule work? +
ATM withdrawals of €100 or more are completely free. Withdrawals below €100 incur a flat €1 fee. There is no currency conversion fee at ATMs — Trade Republic applies the interbank rate with no platform markup. The system is designed to incentivise larger, less frequent withdrawals.
Is Trade Republic regulated and safe? +
Trade Republic Bank GmbH is a licensed German bank regulated by BaFin and the European Central Bank. Client cash is protected up to €100,000 per customer under the German statutory deposit guarantee scheme, held in omnibus trust accounts at major partner banks (Citi, Deutsche Bank, HSBC, J.P. Morgan). Invested securities are legally your direct property and shielded from TR's insolvency estate — they are not part of any deposit guarantee because they are not the bank's assets to begin with.
How much does a Trade Republic physical card cost? +
The virtual card is always free (€0 issuance, €0 annual fee). The Classic physical plastic card costs €5 to issue (€0 annual fee). The premium Mirror card costs €50 to issue (€0 annual fee). All cards share the same benefits: €0 currency conversion on payments and free ATM withdrawals above €100.
