Revolut's Savings Account is a feature within the Revolut app that allows users to set aside funds and earn interest on their balance. When money is deposited into the Savings Account, it is transferred from the user's main Revolut account to a dedicated savings account managed by Revolut Bank UAB. Interest begins accruing immediately upon deposit and is calculated daily, with payments made on a daily basis as long as the account remains open. Users can withdraw funds at any time, with withdrawals typically appearing in their main Revolut account instantly.
The interest rates vary depending on the user's subscription plan and the type of savings product. For example, in the United States, Revolut offers a High-Yield Savings Account with APYs of 5.50% for Metal users, 4.50% for Premium users, and 4.00% for Standard users on balances up to $10,000. For balances exceeding $10,000, the interest rate is reduced, and users can open additional standard savings accounts. In the UK, interest rates are variable and depend on the plan: Standard and Plus plans offer 3% AER, Premium offers 3.25% AER, Metal offers 3.51% AER, and Ultra offers 4% AER. These rates are subject to change, and Revolut provides at least 14 days’ notice for any reduction in interest rates due to plan changes.
Revolut does not operate as a bank; instead, its savings services are powered by partner institutions. In the UK, savings are held with ClearBank, which is protected under the Financial Services Compensation Scheme (FSCS), offering up to £85,000 in compensation per person per depositor. In the United States, savings are provided by Cross River Bank, a Member FDIC institution, offering deposit insurance up to $250,000. In other regions, such as the EU, deposits are insured under the Lithuanian Deposit Insurance scheme up to EUR 100,000. However, Revolut’s savings products are not covered by the European Deposit Guarantee Scheme, which provides up to €100,000 in protection.
Users can open a savings account through the Revolut app with no minimum deposit requirement, and they can add funds via one-off transfers, recurring deposits, or automatic round-ups. The app also allows users to set savings goals and manage their funds seamlessly. For users seeking higher returns, Revolut offers Flexible Cash Funds, which invest in money market funds and offer higher yields but carry slight market risk. In contrast, Instant Access Savings provides a stable, risk-free return, making it suitable for those prioritizing safety over potential growth.
Overall, Revolut’s Savings Account is designed for flexibility, offering easy access to funds, daily interest accrual, and integration with other financial tools such as budgeting and investing features. The account is accessible to users who are at least 18 years old, have completed KYC checks, and are UK tax residents (for UK accounts).
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.
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So Revolut just opened their savings offerings here. Seems to offer better rates than the banks here (not hard). I’m tempted, but just wondering if I’d be better off investing in a different currency?
As you can see here, the %APY is higher in GBP and USD. I know you’d have to be wary of currency fluctuations, but is that enough of a deterrent do you think? Am I better off just sticking to Euro?
Also if anyone has any idea how this compares to something like Trade Republic I’d be grateful also, I really need to start doing something with my money instead of leaving it in a current account!