Trade Republic gave some Portuguese customers on German account numbers two days to switch to a local account or stop earning interest on their cash, newspaper ECO reported on Friday. Those who stay put will also lose 24/7 customer support, according to the email cited by the magazine. It is not clear how many customers received it.The Berlin-based company, which holds a full German banking license, had more than 200,000 customers in Portugal, double the number a year earlier, when it opened a local branch there in July. It aims to reach 300,000 by the end of 2026, ECO reported.Interest on cash was the center of that launch. New customers were offered 3% a year on balances up to EUR 50,000, with the European Central Bank (ECB) deposit rate paid above that.What Customers Were Told in JulyThe branch went live on July 16 with Portuguese account numbers, direct debits and instant payments. At the time, ECO reported that moving to the new account was optional for existing customers, and that those who stayed on German numbers would not get the features of the new offer.Trade Republic chega a Portugal com IBAN nacional e 3% de juros na conta à ordem https://t.co/OQMaM1SiCF— SIC Notícias (@SICNoticias) July 16, 2026In its Friday report, ECO said the company had also told customers in July that they would keep earning the ECB deposit rate on their full balance. No deadline or loss of service was mentioned then, according to the newspaper.Existing customers can reach the 3% rate for up to a year through its referral program, according to Jornal Económico.Portugal is one of 18 markets Trade Republic serves under a single German license. Switching also brings Portuguese tax withheld at source on interest, ECO reported.A week before the emails were reported, Jornal Económico wrote that Trade Republic would raise the rate for customers who joined before May 12 to 2.50% from September 16.Pablo López, the company's regional manager for Spain, Portugal and Greece, said Trade Republic remained committed to passing on ECB rate decisions to clients in full.It would do so "without conditions or additional costs," López told the newspaper.[#highlighted-links#]Money Market Funds Above a Set AmountOn the Portuguese account, customers receive interest from partner banks and dividends from money market funds, which carry market risk, plus a top-up paid by Trade Republic, according to its Portuguese website.The site says deposits at partner banks are protected by the relevant deposit guarantee scheme up to EUR 100,000 per depositor. Its customer agreement ties that protection to cash held in trust accounts at those banks.Under the customer agreement dated September 2026, clients instruct Trade Republic to invest cash above a "partner amount" in qualified money market funds. The agreement says that amount is set individually for each customer and that the company can adjust it.Trade Republic's Spanish homepage advertises its 3.04% rate for new customers without a reference to money market funds.Local Accounts Across EuropePortugal follows a plan Trade Republic set out in January 2025 to establish national branches in France, Spain and Italy with localized banking services.In Spain, new customers received Spanish account numbers from June 2025 and existing ones were to be moved progressively. Spanish comparison site Kelisto reported that at the time, citing company sources.Revolut has handled similar moves differently. When it shifted Central and Eastern European clients to its Lithuanian entity in 2020, it told them they did not have to do anything.This year Revolut completed the transfer of more than 2 million Hungarian customers to a local branch with Hungarian account numbers, Hungarian business site Economx reported in July.Company Points to Cost of Two Account SetupsTrade Republic told ECO that moving to a Portuguese account remains optional for customers who opened accounts before the branch launched. It said running two account configurations and service models in parallel creates significant complexity and costs.The differences in service stem from operational and technical questions, the company said.The company told the newspaper that customers who stay on German numbers are not being penalized but are giving up advantages. It said the decision was not driven by a specific target for converting its customer base, ECO reported.This article was written by Damian Chmiel at www.financemagnates.com.