Trade Republic or bunq: which one to save with?

Two neobanks that come up when you want to make your money work, two opposite approaches. Trade Republic remunerates idle cash alongside a securities account; bunq is a full neobank that pays interest on the balance. To save in Belgium, the real question isn't "which is best", but which one pays more once the tax is paid. Here's how I tell them apart.

Trade Republic or bunq: which one to save with?

To grow spare money, Trade Republic has the edge on a fee-free rate: around 2% gross in summer 2026, up to 3% on a new-client promotion, capped at €50,000, with no account-keeping fee. bunq pays a comparable rate, weekly, but its remunerated savings run through a paid plan. The point to remember: Trade Republic isn't a current account, it's a securities account with remunerated cash.

The distinction matters, because these two accounts don't play the same role. Trade Republic does one thing very well: keep your uninvested cash at a decent rate, alongside your stock-market holdings, without charging anything. bunq casts a wider net: card, up to 25 sub-accounts each with its own IBAN, built-in savings, all inside a paid neobank. I've opened and used both — to park a reserve fee-free, I go for Trade Republic; for a flexible account that sorts my budget into sub-accounts, bunq is worth it, provided you accept the subscription.

Trade Republic or bunq: what are the differences for savings?

The gap comes down to four points: the cost (free versus subscription), the interest payment rhythm, the country of the licence (hence of the guarantee fund) and the purpose of the account. The rest — polished mobile app, security, fully online management — is very similar.

Here are the entry-level terms, current as of summer 2026. Pricing changes often, because rates follow the European Central Bank: always check the current offer before opening an account.

In practice, for everyday use: if you want to remunerate idle cash without paying a subscription, Trade Republic is the more obvious pick. If you want a full neobank that sorts your budget into sub-accounts while paying interest, bunq holds up, provided you offset its plan.

Trade Republic or bunq: which offers the better rate?

On the gross rate, it's very close in summer 2026. Trade Republic pays around 2% a year on uninvested cash, capped at €50,000, with a promotion that rises to 3% for new clients for a few months, and interest paid monthly. bunq shows a rate of the same order, up to about 2% gross depending on the plan, with a weekly payment — a faster rhythm that's pleasant to watch.

But the gross rate doesn't tell the whole story, because bunq charges a subscription. I left a few thousand euros on each account to compare: bunq's weekly rhythm is pleasant, but once the monthly subscription is deducted, the edge melts away on small amounts. At Trade Republic there's no fixed fee to offset, so every euro of interest stays in your pocket before tax. For a modest balance, that absence of fees counts more than the tenth of a point of rate; for a large reserve, Trade Republic's 3% promotion clearly takes the lead while it lasts.

How much does each account really earn you after tax?

This is where many go wrong: the rate shown in big letters on the homepage is a gross rate. Both accounts are unregulated, so their interest is subject to 30% withholding tax from the first euro, without the exemption reserved for Belgian regulated accounts. On 2% gross, that leaves about 1.4% net, on either side — and on the bunq side you still have to subtract the subscription cost.

And since the IBAN is foreign, the withholding tax is not deducted at source: you must declare the interest received in section VII of your tax return, and report the account to the Central Contact Point of the National Bank. The first year, I forgot that box for a German account — the slip can be fixed, but it's still an obligation. So always compare on the net return: on €20,000 parked for a year, around 2% gross earns close to €280 net, from which you must deduct some fifty euros of annual subscription at bunq. The gap isn't trivial as soon as the capital grows or the Trade Republic promotion kicks in.

Are your deposits guaranteed with Trade Republic and bunq?

Good news: both are licensed banks, so your deposits are protected up to €100,000 per depositor. The nuance is the country of the guarantee fund. Trade Republic falls under the German scheme (German banking licence); bunq under the Dutch one, with a full banking licence in the Netherlands. The €100,000 cap is the same across the European Union — it's a harmonised rule — but if something goes wrong, it's the home-country fund that pays out, in its language and on its timeline.

What does it change in practice? For the vast majority of savers, nothing: the guarantee works the same way. It's mainly a reason to check the status before depositing large sums — a mere payment or e-money institution wouldn't offer this protection, unlike these two banks. The licence and country can be checked with the FSMA and the National Bank of Belgium. And as a precaution, I never concentrate more than €100,000 with a single provider, whatever its country.

Trade Republic or bunq: which as an everyday account?

To live in Belgium day to day, bunq is the more versatile of the two. It's a full neobank: card, multi-IBAN sub-accounts, contactless payments and a budget sorted into envelopes. Trade Republic stays above all a securities account with remunerated cash and a card, but it isn't meant to replace a current account. Neither, however, issues a Belgian IBAN: bunq's is Dutch (NL), Trade Republic's is German (DE).

That IBAN nuance is worth a pause. A foreign IBAN still runs into direct-debit refusals here: I've seen a payment rejected because the IBAN started with a non-Belgian prefix — technically banned by the SEPA regulation, but still common practice. And above all: neither Trade Republic nor bunq supports Bancontact, the network behind about 85% of in-store card payments in Belgium. Their cards run on Mastercard or Visa, accepted almost everywhere, but some Belgian parking machines, terminals and sites still require Bancontact. So neither fully replaces a Belgian bank.

Trade Republic or bunq for which profile?

Start from your actual use rather than a one-size verdict:

For a reserve awaiting a project that I want to remunerate without paying a subscription, I switch to Trade Republic: the net rate, with no fixed fee, makes the difference over time. For an everyday neobank that sorts my budget into sub-accounts and pays interest along the way, bunq ticks more boxes, if I accept its paid plan. Many people I know keep a foot in each logic. Our quiz suggests a recommendation in two minutes based on your profile, and the comparator puts both offers side by side.

In short

Between Trade Republic and bunq, there's no universal winner, but two jobs. Trade Republic is the benchmark for fee-free return on cash: around 2% gross, up to 3% on promotion, capped at €50,000 and backed by a securities account, but with a German IBAN and no current-account role. bunq is the full neobank, with multi-IBAN sub-accounts and weekly interest, at the price of a monthly subscription. Both are licensed banks with a €100,000 guarantee, both tax at 30% to declare yourself, and neither supports Bancontact. For small amounts, a regulated Belgian savings account often still wins. To go further, compare every offer line by line in our comparator, or read our guide to the best neobank for savings if saving is your priority.

Sources: National Bank of Belgium (deposit guarantee, Central Contact Point), FPS Finance and Wikifin (withholding tax, exemption for regulated savings accounts), FSMA (register of licensed institutions), Trade Republic and bunq pricing terms consulted in July 2026.