Revolut / Clearbank Savings Account

Bakesy_44_MoneySaving

Hi All,

If after some advice. I currently have savings in a Revolut savings account (which in essence is with Clearbank via Revolut).

If Clearbank go bust, what am I likely to get back being a Revolut customer (not clearbank)? 

Will it be everything I have placed into the account (up to and including £85k as per FSCS)?

I'm new to this so keep it simple please! 

Thanks

PRAISETHESUN

https://www.revolut.com/legal/clearbank-savings-partner-terms/
https://help.revolut.com/business/help/more/security-and-personal-data/is-my-money-protected/

Clearbank has FSCS protection up to £85k. If Clearbank goes bust whilst holding your money, then your money is safe.

Revolut is an e-money institution (ie. not a bank). They do not have any FSCS protection. Any money saved directly in your Revolut account is potentially at risk. This could include if your money is in transit to/from Clearbank.

Personally I've never had a good experience with Revolut. Their Clearbank savings also isn't the most competitive. Plenty of better options with higher rates and actual FSCS protection.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/