Trade Republic has launched current accounts in Greece, expanding its local service from investing to everyday banking. Customers can now receive salaries, pay bills and make instant SEPA transfers through the same app they use for stocks, ETFs and bonds.
The German company already offered Greek users investment products, a payment card, interest on uninvested cash and its Saveback programme. The current account lets users use incoming money for payments, earn a return while uninvested, or direct it into savings plans.
Saveback invests 1% of eligible card spending into a customer’s selected savings plan. It is therefore an investment contribution linked to spending, rather than cashback returned as cash.
3% Rate Is Limited to New Customers
Trade Republic’s Greek website advertises a 3% annual return for new customers on cash balances of up to €50,000. The return is calculated daily and paid monthly, while customers can withdraw their money at any time.
The 3% may be funded through interest from partner banks, returns from liquidity funds and a top-up from Trade Republic. It is therefore a promotional rate applied to the customer’s cash balance rather than a uniform deposit rate paid by a single bank.
Trade Republic has not specified what return would apply above the €50,000 threshold or after the promotional rate ends. The company said 58% of Greek household financial assets are held in deposits and contrasted its offer with an average rate of 0.03%.
Bank of Greece data use the 0.03% figure specifically for overnight household deposits; it should not be treated as the average return across all deposit products, as term deposits can pay more.
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Cash May Be Held under Different Structures
The sources of the 3% return also point to a distinction in how customers’ cash may be held. Trade Republic Bank GmbH is a German bank supervised by BaFin, rather than a locally incorporated Greek bank.
According to the company’s Greek disclosures, customer cash may be held in up to two omnibus trust accounts at partner banks. Money held at those banks is covered by the relevant deposit guarantee scheme up to €100,000 per customer.
Higher balances may also be allocated to liquidity funds. Those assets are held separately from the company’s own assets but are not covered by bank deposit insurance.
The allocation therefore matters: not every euro displayed as cash in the app necessarily has the same legal protection.
Trade Republic has not disclosed how many customers it has in Greece, whether access to the current account will be introduced in stages or how long the promotional 3% rate will remain available.
