Swedish digital bank Nordnet is preparing to enter Germany after a lengthy planning phase. CEO Rasmus Järborg and Germany chief Arno Walter, the former head of Comdirect, presented the company’s plans in Frankfurt on Monday.
The German app is scheduled to go live for selected customers on November 16. Users will be able to trade shares, ETFs and investment funds, as well as access various market information and analytical tools.
At launch, Nordnet will offer customers a free securities account and a savings account. The savings account will pay 2.5 percent interest during the first six months, followed by 2 percent. By comparison, JPMorgan’s digital bank Chase is currently advertising 4 percent interest for the first four months on savings accounts in Germany.
Nordnet says its securities account will have no account or custody fees, and savings-plan executions will also be free. All other trades will cost a flat 2.95 euros per transaction.
Järborg and Walter said there would be no additional hidden charges, including costs applied through the spread. A spread is the implicit markup created by the difference between an asset’s buying and selling prices.
Sources: Handelsblatt.