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Thoughts on Trade Republic? Is it Trust worthy as a Main Savings/Payment Account? (lemmy.blahaj.zone)

submitted 4 days ago by Mr_Mofu@lemmy.blahaj.zone to c/personalfinance@lemmy.ml

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I've gone on a Vacation with some Friends recently and one of them was going on and on about how I should go get myself a Trade Republic account for General Payment and savings, Singing its Praises along the way.

The, what was Basically a Sales Pitch, came down to the Points that you'd get 2% Monthly on any Money you saved on that Account... but also, you'd get 1% back on any purchase, no matter what.

To be quite Frankly, this sounds too good to be True. And If something sounds too good, it probably is. So I'm rather a bit cautious here and wanted to ask your Folks Thoughts on Trade Republic?

Now, another reason that I'm cautious is that I could sweaaaar that I've heard thier name involved in some Crypto Scam a while back. I feel that I may just be plain wrong with that however...?

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[–] tja@sh.itjust.works 3 points 4 days ago* (last edited 3 days ago)

It feels very much to me that they want to monetize their users a lot under any circumstances. There are a lot of ads in their app for all their services.

They already started with the enshittification of their app and it feels like they have a lot more planned.

If you think this does not bother you it can be a good app. I don't think I ever heard anything about them being involved with a crypto scam. They are a real bank afaik and fall under bafin regulations.