I was excited to open a Revolut account to put my savings into and generate interest, after recommendation from a friend. However, then I opened Reddit to investigate for potential tips etc and all I found were horror stories about getting your account blocked, etc and having little to no assistance at all from Revolut. Even the top post right now on the sub is from someone almost getting their account cleared and receiving no assistance from Revolut.
Now I'm of course a lot more hesitant. I have about 10k saved up. That's all I have to my name. If I lose that I lose all I have. I don't need Revolut to pay for stuff, just to save or invest.
Is it truly as bad as Reddit makes it seem? Would you avoid using it for big lumps of money like this?
The thing is that Revolut offers better options than other more established banks in my country, that's why I was inclined to it. Now I'm not so sure anymore.
I'm based in Europe by the way, in case it's relevant.
Experience with Revolut Savings?
Is Revolut safe for savings?
revolut savings
Does anyone have any experience with Revoluts savings account? I have a metal plan
How much does it cost to get a Revolut account?
Revolut offers several plans and the cost of running your account varies depending which one you choose.
Revolut Standard, for example, is free to open and there are no monthly operating fees. The first physical debit card is free (although a delivery fee applies). Any additional physical debit card costs £9.99.
The Revolut Plus account costs £3.99 to operate. Again, the first physical debit card is free, although a delivery charge applies.
Revolut Premium costs £7.99 per month and there’s a one-off payment of £9.99 for a physical debit card.
Revolut Metal account costs £14.99 per month and a physical debit card (which is made of solid reinforced steel) costs £39.99.
Revolut Ultra costs £55 per month, with a one-off payment of £49.99 to get a physical (platinum plated) debit card.
Plus, Premium, Metal and Ultra account holders are not charged for additional debit cards.
Can I use Revolut like a normal bank?
Revolut has a UK banking licence. While it’s still in a mobilisation period, it offers some everyday banking services including setting up direct debits, making payments, bank transfers, and cash withdrawals.
Is Revolut worth getting?
Revolut’s standard account could be an ideal choice for regular travellers. That’s because you can use the same card and account to spend in more than 36 currencies in the app depending on your destination – and pay no foreign transaction fees on your spending.
Revolut also offers budgeting tools and free currency transfers when made to other Revolut customers.
However, it may not be the best option for customers in search of an everyday bank account.
Currently, it does not offer a full range of banking services such as an overdraft facility or the option to pay into your account using cash and cheques.
And since Revolut is a digital-only provider, there are no physical branches if you favour in-person support.
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My infant son got given a little bit of money (three figures) over Christmas and his birthday and I want to set it aside for him. Since, at the moment, I’d rather chew my arm off than go to a local branch to deal with trying to make a new account, I was considering the Revolut savings accounts. Does anyone have any experience with this? Anything to consider and look out for? Is it straightforward to use?