European investment platform, Scalable Capital, will pay 2.3 per cent interest on cash balances, designed, the firm says, to enable investors to benefit from the positive interest rate trend.
The offer starts on February 1st and the firm writes that it applies to both new and existing clients of PRIME+ across Europe, with the price model PRIME+ combining a deposit interest offer with ‘the most affordable and best brokerage service for stocks and ETFs’.
“For only EUR4.99 PRIME+ offers you a full service investment offering; combining trading of global stocks, saving in ETFs and earning interest on your cash. In addition to competitive interest rates, both unlimited trading as well as savings plans are fee free”, says Erik Podzuweit, Founder and co-CEO of Scalable Capital. “We’ve made the PRIME+ membership so attractive that it would be almost irresponsible not to become a member”.
The variable interest of 2.3 percent p.a. is paid from the first Euro in the cash account up to EUR100,000 euro, it is credited on a quarterly basis and is valid until further notice. All client deposits are protected up to 100,000 euro by the statutory deposit protection scheme of German banks and beyond that by the deposit protection fund of private German Banks. The cash account and the securities account are held with the German bank Baader Bank AG. Taxes from interest earnings will be listed in an intuitive tax report, provided annually, to assist clients with their tax filing.