Euros saving account

njrb

I worked in Ireland for a year and set up a Revolut account, which is where my salary was paid into in Euros. Now back in the UK, my plan was to keep my Euro savings in Revolut for my 'holiday fund' so I didn't need to pay to convert it. Interest in Revolut is not great but I've also just seen in Which Magazine that they don't protect your money as well as other banks and as I have a decent amount in there it has made me nervous. Not to lose out having to pay conversion fees, I was wondering if anyone knows if other online financial providers such as Wise or Starling are the same or do they protect your money more? Or is it just safer for me to convert to Pounds and then move it into my UK saving account?

Any advice would be appreciated. Thanks

cwep2

As a UK based customer/client of Revolut, whilst funds held in my spending 'pot' are not FSCS protected, the funds (in Euros or Usd or Gbp) in the interest bearing Vaults are. If you click on "details" below the Euro Vault balance (next to Withdraw) it shows the interest rate and the fact it is FSCS protected up to £85k. When I click 'i' next to that and "Open protection document" it shows in the details that it is deposited at Investec Bank PLC, which would mean if I had other savings at Investec I would only be protected up to £85k across all of my accounts with them including the Euro vault contents. 

This may be different if you are an "Irish" customer of Revolut - maybe as customer of Revolut Ireland rather than Revolut UK, but you should be able to check easily enough in the App.

There is also Trading 212 which pays a better rate on Euros (4.2%) and is FSCS protected.

njrb

@cwep2 Thanks! Yes I see this now. That is a relief. I'll leave it where it is for now then. 

Can I ask what the Trading 212 is which pays interest of 4.2%? I'm only getting 1% on my savings at the moment in the Euro Vault.

thanks.

wmb194

njrb said:

I worked in Ireland for a year and set up a Revolut account, which is where my salary was paid into in Euros. Now back in the UK, my plan was to keep my Euro savings in Revolut for my 'holiday fund' so I didn't need to pay to convert it. Interest in Revolut is not great but I've also just seen in Which Magazine that they don't protect your money as well as other banks and as I have a decent amount in there it has made me nervous. Not to lose out having to pay conversion fees, I was wondering if anyone knows if other online financial providers such as Wise or Starling are the same or do they protect your money more? Or is it just safer for me to convert to Pounds and then move it into my UK saving account?

Any advice would be appreciated. Thanks

Starling's an actual bank so your deposits, including euros. are protected by the FSCS up to £85k. Wise isn't a bank but if you opt for interest your money will be held in a low risk Blackrock fund. 

Trading212 is the same as Revolut Vaults, your deposits are held at other banks - to date JPMorgan, Barclays and Natwest - and/or in a money market fund (low risk but not no risk) although so far I've never noticed the app stating that any of my euros are in a MMF.

friolento

cwep2 said:

There is also Trading 212 which pays a better rate on Euros (4.2%) and is FSCS protected.

Are you sure? In my app, it says "Your cash may be held in a qualifying money market fund". That's not the same a FSCS.

Whilst some of your money might be held by banks and is then protected by FSCS, it is unclear how it gets decided where your money is held. You can't choose yourself between bank and QMMF

Rheumatoid

I'm getting 3.44% on € balances and 4.49% on Sterling with Wise

friolento

Rheumatoid said:

I'm getting 3.44% on € balances and 4.49% on Sterling with Wise

That’s also not FSCS protected 

Rheumatoid

friolento said:

Rheumatoid said:

I'm getting 3.44% on € balances and 4.49% on Sterling with Wise

That’s also not FSCS protected 

It does say assets 'may' be protected under FSCS but in any case the money is held in funds containing govt guaranteed assets so is pretty safe.

friolento

Rheumatoid said:

friolento said:

Rheumatoid said:

I'm getting 3.44% on € balances and 4.49% on Sterling with Wise

That’s also not FSCS protected 

It does say assets 'may' be protected under FSCS but in any case the money is held in funds containing govt guaranteed assets so is pretty safe.

Pretty safe might be acceptable to people but it’s still not the same as FSCS