Revolut

steveksullivan

I know they've been around a while but not had any dealings with them - doing my own research but guys on here may be able to save me some time .....

1. Any general opinions of them?

2. I know they're not a bank  -  how do you know whose got your money for the purposes of FSCS etc.?

3. The instant access account says it pays 'daily interest' and the interest can be paid away - would they really pay away (for example...) 1.33 pence a DAY on a balance of £100 ?

5. The account shows on Moneyfacts but isn't listed here on MSE  - is it just MSE being a bit late as they sometimes are, or is it because Revolut aren't a bank  - or some other reason?

As always any answers gratefully received....

ToastLady

Revolut has got banking licence now in UK since July 24.
However, when you google, top of page comes up with:-
Yes, Revolut has secured a UK banking licence after a three-year wait. The company received the licence in July 2024, marking a significant milestone for the fintech firm.234 However, Revolut has entered a mobilisation phase, a restricted period where new banks must complete the build-out of their banking operations before launching fully in the market.23 During this phase, Revolut can only hold up to £50,000 of total customer deposits, and it did not specify how long this mobilisation stage would last.

Anyway, best to to your own research. I've been using them for years with no problems, mainly when abroad, and never have held a great amount in the account.

daveyjp

What do you want from your bank?  Are Revolut the only outfit offering it?  If so use them, if not with the above info on their licence situation you may wish to look at fully licenced alternatives.

steveksullivan

daveyjp said:

What do you want from your bank?  Are Revolut the only outfit offering it?  If so use them, if not with the above info on their licence situation you may wish to look at fully licenced alternatives.

Thanks for your reply
Like most people on here I'm simply exploring the best interest rates - and Revolut are currently offering an instant  access account at 5%, which I believe is Top Of The Table. 

slinger2

They seem to be big on "plans", i.e. monthly fees. I've used them only for sending small amounts of money abroad. Have you looked up what sort of monthly fee you'd have to pay to get 5% on your savings?

grumpy_codger

steveksullivan said:

2. I know they're not a bank  -  how do you know whose got your money for the purposes of FSCS etc.?

"Instant Access Savings are powered by ClearBank. Revolut introduces you to, and works together with ClearBank, to provide you with Instant Access Savings. When you put money into your Instant Access Savings, this amount is deposited on your behalf directly within your Financial Services Compensation Scheme (FSCS) protected account held with ClearBank." - https://www.revolut.com/savings/
However, 5% is available only with 'Ultra' plan that is £45 p.m. and even £45 is just an 'introductory offer'. 
Are you still interested?

steveksullivan

slinger2 said:

They seem to be big on "plans", i.e. monthly fees. I've used them only for sending small amounts of money abroad. Have you looked up what sort of monthly fee you'd have to pay to get 5% on your savings?

..... err..... none as far as I can see.  5% instant access savings account opened alongside a basic current account .... unless anyone can tell me any different?

grumpy_codger

"What is the interest rate?

Interest is payable on this account, according to your active Revolut subscription plan:

• Standard Plan - 4% AER (variable)

• Plus Plan - 4% AER (variable)

• Premium Plan - 4.25% AER (variable)

• Metal Plan - 4.5% AER (variable)

• Ultra Plan - 5% AER (variable)

"

AndyW79

I have been using them for almost 10 years.

Regarding your questions:

1. All good on average, I have had one issue where they blocked funds as they wanted to know where they came from (this was many years ago and it has not happened again)

2. All there savinggs are FSCS and they do have a licence both in the UK and in Europe.

3. Yes they pay daily intetest. 100 woudl give you a couple pence a day.

4. Its not listed as you have to pay/susbcribe to get the higher interest.

I have a Revolut premium subscription because you get two kids cards and other benefits. With this tier I get 4.2% in savings  (easy to beat elsewhere ) to get the 5% you need the higher tier which is 60 pounds a month as @grumpy_codger has shared above.

Hope it helps

steveksullivan

AndyW79 said:

I have been using them for almost 10 years.

Regarding your questions:

1. All good on average, I have had one issue where they blocked funds as they wanted to know where they came from (this was many years ago and it has not happened again)

2. All there savinggs are FSCS and they do have a licence both in the UK and in Europe.

3. Yes they pay daily intetest. 100 woudl give you a couple pence a day.

4. Its not listed as you have to pay/susbcribe to get the higher interest.

I have a Revolut premium subscription because you get two kids cards and other benefits. With this tier I get 4.2% in savings  (easy to beat elsewhere ) to get the 5% you need the higher tier which is 60 pounds a month as @grumpy_codger has shared above.

Hope it helps

Many thanks both of you! I thought there musts be a catch I was missing ..... Moneyfacts does indeed mention the Ultra plan, I was suffering from selective vision!!!

Guess I will be sticking with Kent Reliance then....

Thanks again!

cwep2

Purely from an interest perspective the Ultra plan doesn't make it a best buy based on £85k deposit and £45/month fee (especially when the former is taxed and the latter is not tax deductible). Obviously if you didn't care about FSCS cover and wanted to deposit a larger amount then the fees are smaller relative the the 'extra' interest over say 4.5-4.6% available elsewhere.

But Ultra doesn't just get you better interest there are loads of other benefits, various insurances, airport lounge access and free subscriptions included (eg. FT, NordVPN, UberOne) which *if* you otherwise pay for these might make it worthwhile, but if you don't use them they won't.

There was a while (about 6 months) when Virgin Private savings was the best rate, even after the monthly fee, but it rarely got mentioned on best buy tables, partly because the fees were fixed and the interest depended on how much you deposited so the 'effective AER' was variable but often best buy above £50-60k.

I have used Revolut for about 7yrs and found them to be pretty good, but their benefits seem targeted at someone who is young and travels a lot, which with school aged kids is not me. They have often come up with a product no one else is offering but often get copied and then are no longer the most competitive, interest on foreign currency balances was one, they have offered it for several years, then Wise started to offer it, now Trading212 and the latter offers the best rates, but for a fair time there were very few other options.