Trade Republic Gives Portuguese Customers Deadline to Switch to Local Accounts

Trade Republic, a Berlin-based fintech company, has given some Portuguese customers two days to switch their accounts to a local one or lose interest on their cash. The move affects those who hold German account numbers and were previously earning interest at the European Central Bank (ECB) deposit rate.

The company, which holds a full German banking license, had over 200,000 customers in Portugal as of July this year, double the number from a year earlier when it opened a local branch. Trade Republic aims to reach 300,000 Portuguese customers by the end of 2026.

According to an email cited by newspaper ECO, customers who stay on their German numbers will also lose access to 24/7 customer support. The company claims that running two account configurations creates significant complexity and costs.