Trade Republic's High-Yield Savings Account Disrupts Spanish Market

Trade Republic Launches High-Yield Savings Account in Spain Trade Republic, a popular European brokerage, has launched a new savings account in Spain that offers a high-interest rate of 2.27% APR. This is significantly higher than rates offered by many traditional banks in the country. The account also has no minimum balance requirements or other conditions, making it attractive to a wide range of savers. "Trade Republic has just launched in Spain the only savings account with a Spanish IBAN that pays you interest at the same rate as the European Central Bank," explains Xavi Abat, a lawyer and social media influencer who discusses the account in a recent video. "This means you get 2.27% without any conditions, no payroll requirements, and no minimum balances." The account is designed to be user-friendly, with all tax compliance handled automatically by the platform. In addition to the high-interest rate, Trade Republic also offers a debit card that provides 1% cashback on all purchases. This cashback can be reinvested into the account, further increasing savings. The launch of this account is a welcome development for Spanish savers, who have been facing low interest rates for many years. It provides a simple and convenient way to earn a competitive return on their savings, and the added benefit of the cashback debit card provides an additional incentive to use the platform.