Trade Republic Gives Portuguese Customers Two-Day Deadline to Switch Accounts

Trade Republic, a Berlin-based fintech company, has sent emails to some of its Portuguese customers warning them that they have two days to switch to a local account or lose interest on their cash. According to newspaper ECO, the company's decision is due to the complexity and costs of running two separate account configurations.

The affected customers were among the 200,000 who opened accounts in Portugal before Trade Republic launched its local branch in July. At that time, new customers were offered a 3% interest rate on balances up to EUR 50,000, above the European Central Bank's deposit rate.

In its email, Trade Republic informed customers that they would no longer earn interest if they stayed with their German account numbers. They would also lose access to 24/7 customer support.