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Home General

Exclusive: XTB to Offer Up to 5% Interest on Idle Client Deposits

November 5, 2023
in General
Exclusive: XTB to Offer Up to 5% Interest on Idle Client Deposits
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Seeking new
ways to expand its client base continually, Polish-origin broker XTB has
introduced interest on uninvested funds for all clients, joining an
increasingly popular trend in the industry. As Finance Magnates learned,
the publicly traded fintech will offer up to 5% interest for idle deposits in
EUR, USD, GBP, and PLN.

On Monday
morning, XTB will start a campaign promoting its new offer, where it will
provide clients the opportunity to earn interest on deposited but uninvested
funds, the company exclusively revealed to Finance Magnates.

Interest
will be calculated daily and deposited on a monthly basis. The interest rate
will be activated automatically for all new and existing clients regardless of
the amount of uninvested funds in their accounts.

The
interest rate varies by country. From 6 November, a promotional offer will
apply, during which the interest rate will be up to 5% for USD deposits, 3.8%
for EUR, 4% for PLN, and 4.9% for GBP. After the promotion ends (which will
last until 12 November), the interest rate will be reduced to 2-2.5%, depending
on the currency.

Omar Arnaout, CEO at XTB

Omar Arnaout, CEO at XTB

Omar
Arnaout, the CEO of XTB, in an interview with Finance Magnates, shared
that investors can withdraw the accrued interest within five business days of
the following month at any time. He disclosed that the company also plans to
add more currencies to the offer in the future.

“We
are working to add local currencies as well – CZK and RON,” Arnaout
stated. The CEO added that the company is constantly looking for ways to
provide its clients with more passive forms of investing and earning even when
they are not actively investing.

After ETFs, It’s Time for
Interest on Idle Funds

Recently,
XTB offered its clients an ETF-based product for long-term passive investing,
and now it adds another savings option.

“We
are fully aware that our clients are looking for additional ways to put their
money to work while waiting for market opportunities to start investing
actively. In line with our approach ‘one app – many possibilities’, we’re
offering them a tool to benefit from rising interest rates while ensuring the
liquidity of their funds,” Arnaout added.

As he
admits, the main goal of the broker is to constantly expand the client base,
and introducing interest on uninvested capital is meant to “encourage
potential clients to set up their investment account with XTB.”

The fight
for clients is clearly visible in XTB’s latest report for the third quarter,
which, despite a 29% drop in revenue due to decreasing market volatility , saw a
47% growth in the number of active users.

More Companies Are
Offering Interest

In an
environment of rising interest rates, savings accounts have once again become
an interesting and safe alternative for saving money. This trend could
potentially cause consumers to prefer keeping their cash in a deposit account
rather than in a brokerage account. As a result, neobanks and retail trading
companies have started to offer interest on uninvested funds this year.

In April,
for instance, Swissquote announced this in response to strong interest rate
hikes in Switzerland. In September, Amsterdam-based BUX presented a similar
offer, and in the meantime, Robinhood also introduced it.

XTB’s move
may cause more brokers in the FX/CFD industry to offer their clients a similar
solution.

Seeking new
ways to expand its client base continually, Polish-origin broker XTB has
introduced interest on uninvested funds for all clients, joining an
increasingly popular trend in the industry. As Finance Magnates learned,
the publicly traded fintech will offer up to 5% interest for idle deposits in
EUR, USD, GBP, and PLN.

On Monday
morning, XTB will start a campaign promoting its new offer, where it will
provide clients the opportunity to earn interest on deposited but uninvested
funds, the company exclusively revealed to Finance Magnates.

Interest
will be calculated daily and deposited on a monthly basis. The interest rate
will be activated automatically for all new and existing clients regardless of
the amount of uninvested funds in their accounts.

The
interest rate varies by country. From 6 November, a promotional offer will
apply, during which the interest rate will be up to 5% for USD deposits, 3.8%
for EUR, 4% for PLN, and 4.9% for GBP. After the promotion ends (which will
last until 12 November), the interest rate will be reduced to 2-2.5%, depending
on the currency.

Omar Arnaout, CEO at XTB

Omar Arnaout, CEO at XTB

Omar
Arnaout, the CEO of XTB, in an interview with Finance Magnates, shared
that investors can withdraw the accrued interest within five business days of
the following month at any time. He disclosed that the company also plans to
add more currencies to the offer in the future.

“We
are working to add local currencies as well – CZK and RON,” Arnaout
stated. The CEO added that the company is constantly looking for ways to
provide its clients with more passive forms of investing and earning even when
they are not actively investing.

After ETFs, It’s Time for
Interest on Idle Funds

Recently,
XTB offered its clients an ETF-based product for long-term passive investing,
and now it adds another savings option.

“We
are fully aware that our clients are looking for additional ways to put their
money to work while waiting for market opportunities to start investing
actively. In line with our approach ‘one app – many possibilities’, we’re
offering them a tool to benefit from rising interest rates while ensuring the
liquidity of their funds,” Arnaout added.

As he
admits, the main goal of the broker is to constantly expand the client base,
and introducing interest on uninvested capital is meant to “encourage
potential clients to set up their investment account with XTB.”

The fight
for clients is clearly visible in XTB’s latest report for the third quarter,
which, despite a 29% drop in revenue due to decreasing market volatility , saw a
47% growth in the number of active users.

More Companies Are
Offering Interest

In an
environment of rising interest rates, savings accounts have once again become
an interesting and safe alternative for saving money. This trend could
potentially cause consumers to prefer keeping their cash in a deposit account
rather than in a brokerage account. As a result, neobanks and retail trading
companies have started to offer interest on uninvested funds this year.

In April,
for instance, Swissquote announced this in response to strong interest rate
hikes in Switzerland. In September, Amsterdam-based BUX presented a similar
offer, and in the meantime, Robinhood also introduced it.

XTB’s move
may cause more brokers in the FX/CFD industry to offer their clients a similar
solution.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FinanceMagnates – https://www.financemagnates.com//forex/exclusive-xtb-to-offer-up-to-5-interest-on-idle-client-deposits/

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