To start a free savings plan , open your Trade Republic app and log in. After that click the search button and type in the stock or ETF you want to create a savings plan for.
Trade Republic offers savings plans for selected stocks of individual companies, so make sure that the company you want to invest in is has a savings plan option in Trade Republic. A savings plan can be created for all available ETFs in Trade Republic.
Once you select the company you want to invest in scroll down and click the “Create Savings Plan” button. Then select the interval of either “Twice a month”, “Monthly” or “Quarterly” depending on the frequency you want to invest in.
After that select the starting date, either “Beginning of Month” or “Middle of Month”. Then the amount you want to invest, this amount will be based on the interval you selected i.e if you have selected once a month this amount will be invested once every month and if you select twice a month then the selected amount will be invested twice in the month.
Then in the overview you can verify the details and also read the terms and conditions as well as cost information of your savings plan. Finally click Create Savings plan now button to create your savings plan.
Once created you can modify or even delete your savings plan by going to the order manager tab and selecting your desired savings plan. You can modify all the options of your savings plan like the interval, the starting date and the amount. And if you want to delete your savings plan you can simply click delete and your savings plan will be deleted.
The creating and deleting of the savings plan is absolutely free and the buying fees are waived off if you create a savings plan. Please remember that the costs (TER) associated with managing and operating the ETFs shall be charged.
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*None of this is meant to be considered as investment advice, as I am not a financial expert and am only sharing my experience with stock investing. The article and video are accurate as of the posting date but may not be accurate in the future.