Revolut Savings Accounts and FSCS Protection – Are They Safe?

alwaysquestioning

I’ve been looking for a good high-interest easy-access savings account and noticed that Revolut is offering around 4.50%. https://i.postimg.cc/5t9RmxNp/IMG-6946.png

However, I couldn’t see Revolut in your popular website’s (moneysavingexpert, becleverwithyourcash etc) list of top savings accounts — is there a reason for that?

I remember that in the past money held in Revolut wasn’t covered by FSCS (because they aren’t technically a bank). From what I can see on their website now, it looks like savings accounts are held with ClearBank, which should make them FSCS-protected:

https://help.revolut.com/help/app-features/savings-vaults/understanding-savings-vaults-products/how-are-the-funds-in-my-savings-vaults-protected/

That said, I’m still a bit skeptical about trusting Revolut with a significant portion of my savings.

My questions:

1. Is there a specific reason Revolut isn’t listed in your savings rate table?
2. Do you consider Revolut savings accounts to be reliably FSCS-covered now?
3. If it were you, would you trust a Revolut savings account for holding your savings?

Thanks in advance, I’d really appreciate your opinion.

p.s. I already have savings with Chase at 4.5%, but I’d like to diversify and keep a separate pot elsewhere. At the moment I’m using Starling, but the 3% rate feels quite low, so I’m looking for a better alternative 

Frequentlyhere

Firstly, I am confused as to how you're seeing 4.5% for a standard Revolut plan, is this screenshot current?

Mine shows 3% for standard, 3.25% for premium and 3.51% for metal. 

Second, yes Revolut savings are FSCS protected as per:

https://help.revolut.com/help/app-features/savings-vaults/understanding-savings-vaults-products/how-are-the-funds-in-my-savings-vaults-protected/

I personally trust anything with FSCS protection, but that's up to you.

edit: OK, i see where this rate is from. It's a promo rate detailed as per here:
https://www.revolut.com/savings/

Which is probably why it's not listed on the best buy tables - though the chase bonus is, so perhaps that's a little inconsistent, not sure.

Woodstok2000

There's a lot of additional terms with revolut....the 4.5% is only for new customers and only available for a limited time. While their savings are FSCS protected (as they're with clearbank), you have to also have an e-money account, which has no protection. Finally the 4.5% rate only applies to the first £20k.

Its also a recent offer, which may be why it's not on MSE.

Is your chase account over the FSCS protection limit? If not theres not much reason to diversify for identical interest.  Personally I'd be looking elsewhere.

Frequentlyhere

I will say also that I agree with Woodstok that if you already have that rate elsewhere, I wouldn't bother diversifying. Chase is clear and uncomplicated, whilst everything to do with Revolut feels (personally speaking) like a bit of game designed so that you might trip up.

Oh and if anything goes wrong, the customer support is awful.