Business · Companies · 10 hrs ago
Sparkassen open more than 50,000 investment accounts through S-Neo
Germany’s Sparkassen opened more than 50,000 S-Neo investment accounts in the months after the service launched in late July.
The offer lets customers trade investments, including exchange-traded funds, through the Sparkassen app.
The service is the banks’ response to the success of online brokers such as Trade Republic.
Sparkassen had aimed to exceed 50,000 new accounts by the end of the year, and the group’s president, Ulrich Reuter, said it had already passed that target.
The total is small compared with the banks’ customer base: Sparkassen have about 38 million private current accounts, while around 20 million people use the app.
About half of those app users do not yet have an investment account.
The new offer is competing in a crowded market, even as Sparkassen say they have more than eight million investment accounts overall.
Sparkassen customers have opened more than 50,000 securities accounts through the S-Neo service since its launch at the end of July.
Sparkassen president Ulrich Reuter said the total had already exceeded the group’s year-end target.
S-Neo lets customers trade securities, including exchange-traded funds, directly through the Sparkassen app.
The service is aimed at 20 million app users, about half of whom do not yet have a securities account.
The Sparkassen group has around 38 million private current accounts and more than eight million securities accounts.
- Who
- Sparkassen customers opened the accounts. Sparkassen president Ulrich Reuter reported the figure.
- What
- More than 50,000 securities accounts have been opened through S-Neo.
- When
- Since the service launched at the end of July; Reuter gave the update on Tuesday.
- Where
- Through the Sparkassen app.
- Why
- The Sparkassen launched S-Neo in response to the success of online brokers such as Trade Republic.
This story does not have two clearly opposing sides.
S-Neo launched, allowing customers to trade securities through the Sparkassen app.
Sparkassen president Ulrich Reuter said customers had opened more than 50,000 S-Neo accounts, surpassing the year-end target.
- S-Neo accounts
- More than 50,000 opened
- Launch
- End of July
- App users targeted
- 20 million
- App users without a securities account
- About half
- Sparkassen private current accounts
- Around 38 million
- Sparkassen securities accounts
- More than eight million
What people are saying
We wanted to reach well over 50,000 new accounts by the end of the year.
That went well. We are already well above that.