Trade Republic Opens Portugal Branch, Tops 200,000 Clients And Launches 3% Interest Current Account

German neobroker Trade Republic has opened a fully localized branch in Portugal, marking its biggest expansion in the country to date. The move introduces Portuguese IBANs, a free current account, simplified tax reporting, and a market-leading 3% annual interest rate on cash balances of up to €50,000 for new customers.

The launch transforms Trade Republic’s offering from a pure investment platform into a full-service digital bank. Portuguese customers can now receive salaries, pay bills, and make instant transfers through a local PT50 IBAN without requiring a separate bank account. The account integrates with Trade Republic’s debit card, which offers free ATM withdrawals for amounts over €100 and no foreign exchange fees on purchases abroad.

Interest on uninvested cash is calculated daily and paid monthly. New customers receive 3% annually on balances up to €50,000. Existing customers continue earning the European Central Bank deposit rate (currently 2.25%) on their entire balance with no upper limit. A referral program lets existing clients unlock the 3% rate for three months per successful referral, up to a maximum of one year. Client cash is held with partner banks including Deutsche Bank, HSBC, and Crédit Agricole, with some balances possibly invested in qualifying money market funds.

The company also extended its Saveback programme to Portugal: customers earn 1% of eligible card spending as cashback, which is automatically invested into a chosen savings plan rather than paid as cash.

Trade Republic now serves more than 200,000 customers in Portugal, having doubled its client base over the past year. The growth reflects rising retail demand for digital investment and savings platforms as consumers seek higher returns on cash compared with traditional bank deposits.

Co-founder Christian Hecker said the branch is designed to make long-term wealth building easier for Portuguese households. “In Portugal we have doubled our customer base in just one year and now serve more than 200,000 people. With our Portuguese branch, our attractive savings and investment products now include all the local advantages, creating the best offering in the market for customers’ money.” He added that the service helps “a new generation of Portuguese savers take control of their money.”

Pablo López, Regional Manager for Spain, Portugal and Greece, said the launch aims to increase competition in Portugal’s banking market, which has faced criticism for low savings rates despite higher ECB rates. “We combine the security of a regulated bank with the agility of modern technology and force a highly saturated market to finally compete on transparency, costs and fair returns for retail investors.”

The Portuguese branch is part of a broader European expansion. Over the past year Trade Republic introduced more than 30 new platform features, including 24-hour Portuguese-language customer support, enhanced tax reporting, and best execution for equities and ETFs across multiple trading venues. The company also expanded into fixed-income and private market products, broadening its appeal beyond equities and ETFs. Access to the new banking services will be rolled out gradually to existing customers.