On Monday, XTB is introducing a new savings product.
As the brokerage's CEO admits, the move aims to maintain the growth momentum in active clients.
Seeking new
ways to continually expand its client base, XTB, a broker of Polish origin, has
embraced a growing industry trend by introducing interest in uninvested funds for all clients. As Finance Magnates learned,
the publicly traded fintech will now offer up to 5% interest on idle deposits in
EUR, USD, GBP, and PLN.
XTB Offers Interest on
Uninvested Funds for All Clients
Starting on Monday
morning, XTB will start a campaign promoting its new offer, which allows clients to earn interest on funds deposited but not actively uninvested, 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, 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.
"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
admitted, the main goal of the broker is to constantly expand the client base,
and introduce interest in 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 drop of 29% in revenue due to decreasing market volatility, the company saw growth of 47% 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.
XTB's move
may cause more brokers in the FX/CFD industry to offer their clients a similar
solution.
Seeking new
ways to continually expand its client base, XTB, a broker of Polish origin, has
embraced a growing industry trend by introducing interest in uninvested funds for all clients. As Finance Magnates learned,
the publicly traded fintech will now offer up to 5% interest on idle deposits in
EUR, USD, GBP, and PLN.
XTB Offers Interest on
Uninvested Funds for All Clients
Starting on Monday
morning, XTB will start a campaign promoting its new offer, which allows clients to earn interest on funds deposited but not actively uninvested, 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, 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.
"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
admitted, the main goal of the broker is to constantly expand the client base,
and introduce interest in 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 drop of 29% in revenue due to decreasing market volatility, the company saw growth of 47% 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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!