# German Brokers Announce Fee Waivers Ahead of 2027 Retirement Account Launch

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/34991
Published: 2026-10-19T19:34:33.000Z
Updated: 2026-10-19T19:34:33.000Z
Section: Business

> The new German account will permit investing without a capital guarantee. Eligible savers can receive an annual basic subsidy of up to €540.

German brokers Trade Republic, Scalable Capital and SMARTBROKER+ have announced lower-cost offers for state-subsidized retirement accounts launching in 2027, giving savers fee terms to compare before the accounts become available.

Trade Republic plans to charge no account fee or fee for scheduled purchases. It also plans to cover ongoing product costs on several dozen selected exchange-traded funds (ETFs). That product-cost offer applies to the selected funds.

Scalable Capital will pay the ETF costs for its standard-account customers until at least Dec. 31, 2027. In a separate account for self-directed investors, it plans to rebate costs on selected ETFs.

SMARTBROKER+ plans to reimburse ongoing ETF costs during the first three years on up to €25,000 invested in its standard account. Its offer therefore has both a time limit and a cap on the assets eligible for reimbursement.

The firms’ terms cover different charges and periods. Trade Republic’s account and scheduled-purchase fee waivers are distinct from its offer on selected ETF product costs. Scalable Capital has set a minimum end date for ETF cost coverage in its standard account, while SMARTBROKER+ has specified a three-year reimbursement period.

Germany’s new Altersvorsorgedepot is scheduled to become available Jan. 1, 2027. It allows eligible savers to invest without a guarantee that their contributions will be preserved. Effective costs for the standard account are capped at 1%, regardless of the lower-cost terms a broker may offer.

Eligible savers can receive a basic state subsidy of up to €540 a year, with an additional subsidy of up to €300 per child each year. Those subsidies are part of the retirement account system; the brokers’ announced offers concern account, purchase or ETF costs.

Existing Riester contracts can continue, and their holders can choose whether to move to the new system. Germany counted 14.664 million Riester contracts at the end of 2025 across insurance, bank savings, investment fund and housing categories. The figure includes dormant contracts.

An online survey of 1,081 eligible people in early September 2026 found that 11% were interested in an account without a capital guarantee. The brokers’ announced terms apply to accounts scheduled to become available Jan. 1, 2027.