We offer direct debit payments from your reference account for each savings plan you create. This added convenience ensures your savings plan gets executed, regardless of your cash balance.
To do this, first make sure you’ve sent a bank transfer from your reference account (or another bank account in your name) to your Trade Republic cash account, if you haven’t already done so.
To enable direct debit:
- For existing savings plans, go to Wealth > Orders & Insights > Savings Plans and find your savings plan. Then select Manage to change your payment method to direct debit to a stored bank account.
- When creating a new savings plan, select direct debit as the payment option.
Key details:
- The payment will be executed 1 day before your selected savings plan execution day. Then, on savings plan execution day, you will see the payment deducted in your bank account.
- You can set up a maximum total of 2500 EUR per month.
- Setting up direct debits is completely free.
- You can view the direct debit in Cash > Transactions after your first payment.
- If you delete your savings plan just before the savings plan execution, your funds might already be in flight. Otherwise, direct debits stop once you delete your savings plan.
- Currently, direct debit is only available for savings plans.
Keep in mind that your direct debit payments can fail for a number of reasons:
- Your IBAN is invalid
- Insufficient funds on your bank (reference) account
- Your bank is unable to process the payment
- Your account is closed
- You didn’t make the cutoff date (connect your savings plan to direct debit at least 1 day before execution)