Number26/N26 Mastercard/Account now for Irish Residents

wassie

Revolut - Depends on which product you are putting your money into.

• Instant Access Savings is a straight bank deposit account so yes - 33% DIRT applicable.
• Flexible Cash Funds (up to 3.95%) is an investment fund product so DIRT not applicable (i.e. 41%).
• Taxed at source for Irish customers.

Trade Republic - Not straight bank deposit account (& not covered by Deposit Guarantee Scheme) so DIRT not applicable. German bank and not taxed at source for Irish customers.

N26 - Straight bank deposit account so DIRT applies. Also German bank and not taxed at source for Irish customers.

JohnCleary

Regarding Trade Republic protection: https://traderepublic.com/en-es/interest - Says protected up to €100k per investor.

With N26 reducing Metal interest down to 3% from 1st Oct and now TR removing interest limits (used to be €50k), if you have €100k, move it to TR from 1st Oct for a 0.75% higher interest rate.

Sheep Shagger

https://www.boards.ie/discussion/comment/122456582#Comment_122456582

Trade Republic deposits are guaranteed though though their partner banks though.

Hibernicis

Having read a lot about Trade Republic and the DGS, there is no way I would place funds on deposit with them, irrespective of the interest rate. All that talk about escrow/omnibus/collective accounts sounds like a recipe for a long legal battle.

wassie

https://www.boards.ie/discussion/comment/122456734#Comment_122456734

That guarantee is nowhere near equivalent to the bank DSG scheme.

You would want to be familiar with the exact T&Cs to understand exactly how that guarantee operates.

And after that, you would need to be familiar with how it applied to any of the separate partner banks with which your funds may be invested with. It might be one, it might be all four.

The difference between after tax income earned on N26 metal vs TR is so minimal for me (even with a sizeable deposit), I'll leave my money in N26 and I'll sleep well at night if the sh!t hits that fan - YMMV.

Hibernicis

In addition to which a guarantee such as that described by Trade Republic hasn't been tested in the courts. You are also dependent on Trade Republic's records being available and accurate in the event of a call on the guarantee, or in the event of Trade republic going bust as the third party banks where the deposits sit will have no record other than one bank account with a large sum of money in it.

One hopes that such an event will not come to pass, but for me it's not worth the risk, however remote the possibility. Like @wassie I'm happy to keep this part of my assets in a bank that is able to state, clearly and unambiguously, that the funds are covered up to €100k by the relevant country's EU mandated DGS.

Sheep Shagger

@Jim2007 can you merge this TR into a suitable thread given this thread os actually about n26?

Re the EU deposit bank guarantee, if deposits are with Citi (thats where I wire my money when toppng up my TR deposit) given they are in Germany. is the deposit guarantee not covering that?

Also, TR are regulated by Bafin the German regulator who presumably (they are more rigorous than the CBI) comfortable with their business model.and how the business is conducted with the use of partner banks etc.

wassie

Why dont to you just ask that query in TR?

Only suggesting as we were discussing the merits of N26 vs TR vs Revolut give the interest rate cut.

Mimikyu

https://www.boards.ie/discussion/comment/122432389#Comment_122432389

My wife rang them the other day to change the DD over to our joint Revolut account and apparently they can't take Revolut IBANs now. 🙄

Brian201888

They can, I'm not sure why they're being difficult about it because when I finally got them to cave after 20 minutes arguing with them it seemed to take about 30 seconds for her to finalise it so I assume it requires some sort of manual intervention on their part to process the payment each month so they're telling staff to tell people it can't be done.

newincity

https://www.boards.ie/discussion/comment/122456616#Comment_122456616

I signed up for metal a few months back. Is it possible to cancel it without any penalty?

StaticNoise

Metal is a monthly product. You'll be refunded the unused months from your subscription.
I confirmed this only days after they announced the rate change.

Amouar

I thought that there is a 12 months contract in all N26 plans?