# Revolut Bank open for deposits and loans from today



## Brendan Burgess (24 Mar 2022)

Revolut launches as a bank in Republic with deposit accounts
					

Fintech’s 1.7m Irish customers can avail of additional services such as personal loans




					www.irishtimes.com
				





Revolut has officially begun operating as a bank in the Republic with the launch of protected deposit accounts for Irish customers.
The fintech, which has 18 million customers globally and 1.7 million in Ireland, said it has operationalised its European specialised banking licence here. The result is that Irish customers can upgrade to Revolut Bank to avail of additional services.
These include deposit accounts and personal loans with rates starting from 5.99 APR (annual percentage rate).
Revolut said the upgrade process to become a banking customer only takes a few minutes and can all be done via its mobile app.


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## TLO (24 Mar 2022)

To me it looks like the real deal; €100k Deposit Guarantee.  So I've signed up.  From skim reading the small print it seems that the funds in your emoney account ( Revolut Payments UAB ) get transferred automatically to your deposit account in Revolut Bank UAB.  And when you spend on your card the funds are automatically pulled from the "deposit account" to the "emoney account" to facilitate the payment.  But it all seems to happen automatically in the background.

Main effect is that the €100k deposit guarantee is in place if you sign up.


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## stuartbloom (24 Mar 2022)

Just got the email as well. seems to be exactly what I was hoping for, especially with UB leaving.  could have happened a couple of weeks ago, have opened an EBS account and switched, will have to switch again  oh well, good practice and a chance to consolidate everything


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## Itchy (24 Mar 2022)

Is there an Irish IBAN for use with Direct Debits?


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## TLO (24 Mar 2022)

Itchy said:


> Irish IBAN?


Nope. Lithuanian.  Both entities, Revolut Payments UAB and Revolut Bank UAB are Lithuanian.

@stuartbloom - EBS and Revolut are a good combination.  Both free.  EBS for branch network, cash/cheque lodgements.  Revolut for functionality & FX.


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## theresa1 (24 Mar 2022)

I would not close that EBS account as it gives you access to a branch and cheques for example. You can still switch everything and use Revolut Bank primarily if you wish.


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## Peanuts20 (24 Mar 2022)

I presume if Putin invades Lithuania we'll have bigger issues to deal with then whether or not they'll honour the guarantee?


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## theresa1 (24 Mar 2022)

Do you get any interest with the demand deposit account and if so do they automatically deduct D.I.R.T.?


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## lledlledlled (24 Mar 2022)

Itchy said:


> Is there an Irish IBAN for use with Direct Debits?



Out of interest, why do you ask? Do you foresee it being an issue?


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## lledlledlled (24 Mar 2022)

One disadvantage with the Revolut app i find is that it doesn't allow Joint Accounts. 
Will this be the same with the Revolut Bank i wonder?


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## theresa1 (24 Mar 2022)

Some companies here still discriminate. Please see  the link for more info.









						Fighting against IBAN discrimination
					

What you should know about IBAN discrimination - which is not only inconvenient but also illegal.




					blog.revolut.com


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## nephster (24 Mar 2022)

theresa1 said:


> Do you get any interest with the demand deposit account and if so do they automatically deduct D.I.R.T.?



From their new T&Cs:
_We will pay interest on the balance of your Demand Deposit Account at the end of each business day. Interest will be calculated at a yearly rate of 0%. However, since the rate is 0%, no interest will be payable._


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## stuartbloom (24 Mar 2022)

@TLO & @theresa1 thanks for the advice.  just did a transfer from EBS to revolut, UB used to be instance, this still not there afer 6 hours .  Will see how things go in the next couple of months, dont want my wife to have to give in two salary transfer forms


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## Brendan Burgess (24 Mar 2022)

nephster said:


> We will pay interest on the balance of your Demand Deposit Account at the end of each business day. Interest will be calculated at a yearly rate of 0%. However, since the rate is 0%, no interest will be payable.



They are more Irish than the Irish themselves.


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## theresa1 (24 Mar 2022)

EBS Debit Card to revolut transfer will be instant but bank transfer could take 1-2 days or so.


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## stuartbloom (24 Mar 2022)

theresa1 said:


> EBS Debit Card to revolut transfer will be instant but bank transfer could take 1-2 days or so.


Now, why didnt I think about that . Will give it a go in the am whenn/if salary has changed.

Thanks


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## jigsaw (24 Mar 2022)

Are there any fees for this account?

I think I signed up for it but cant see any fees displayed.

Whats the difference between the regular rev account and this new bank account besides the €100k protection?


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## theresa1 (24 Mar 2022)

"Will my account change in any way when I join the Bank?​When you join Revolut Bank UAB, you’ll have a Demand Deposit account which works seamlessly alongside your e-money account with Revolut Payments UAB (the one you're using now).
The functionality of your e-money account stays the same, and your money is automatically transferred and stored in your Demand Deposit account with Revolut Bank. When you store your money with Revolut Bank UAB, your deposit is protected by deposit insurance. Please read the Demand Deposit Information for more details.
Even after you join Revolut Bank UAB, you will continue to use your e-money account with Revolut Payments UAB for transfers, so there are no changes to your IBAN details.
Whilst there will be no changes to the way you access existing Revolut services, by joining Revolut Bank UAB, you'll be able to access our new Credit services (personal loans, credit cards)."

Sounds like this account is simply a 'holding' account and the interest rate will always remain at zero. All the news articles are giving people a completely different impression like it will offer higher interest rates to savers.


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## jigsaw (24 Mar 2022)

so theres really not much difference


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## theresa1 (24 Mar 2022)

jigsaw said:


> Are there any fees for this account?
> 
> I think I signed up for it but cant see any fees displayed.
> 
> Whats the difference between the regular rev account and this new bank account besides the €100k protection?



FREE account is available plus €2.99 - €7.99 and €13.99 options per month.

As I say it's basically a 'holding' account - big difference is the €100k protection and loans and credit card launches later.


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## tomdublin (24 Mar 2022)

Peanuts20 said:


> I presume if Putin invades Lithuania we'll have bigger issues to deal with then whether or not they'll honour the guarantee?


Then you will be covered by the Russian Deposit Insurance


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## Pinoy adventure (24 Mar 2022)

Could they eventually get into mortgages ?


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## theresa1 (24 Mar 2022)

Pinoy adventure said:


> Could they eventually get into mortgages ?


Maybe in a few years - who knows.


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## faolteam (24 Mar 2022)

So I can set this up for my direct debits can I transfer my Ulster Bank account balance to this and close   UB


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## theresa1 (24 Mar 2022)

You can't use the switching code like say from Ulster Bank to BOI so you will need to open Revolut account and notify all companies with new details for direct debit and then close UB account.


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## lledlledlled (25 Mar 2022)

theresa1 said:


> "Will my account change in any way when I join the Bank?​When you join Revolut Bank UAB, you’ll have a Demand Deposit account which works seamlessly alongside your e-money account with Revolut Payments UAB (the one you're using now).
> The functionality of your e-money account stays the same, and your money is automatically transferred and stored in your Demand Deposit account with Revolut Bank. When you store your money with Revolut Bank UAB, your deposit is protected by deposit insurance. Please read the Demand Deposit Information for more details.
> Even after you join Revolut Bank UAB, you will continue to use your e-money account with Revolut Payments UAB for transfers, so there are no changes to your IBAN details.
> Whilst there will be no changes to the way you access existing Revolut services, by joining Revolut Bank UAB, you'll be able to access our new Credit services (personal loans, credit cards)."
> ...


When you conclude that it's just a holding account with no interest applicable, in an era of zero interest rates, does this really matter?

I suppose what most people want to know is can they simply use Revolut as a Current Account now. This would be especially attractive to UB and KBC customers who may be undecided about where to switch their accounts to, now those banks are leaving.


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## cream1 (25 Mar 2022)

Can I get my salary paid into it? And does it have google pay? Looking for options after KBC. Thanks


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## lledlledlled (25 Mar 2022)

cream1 said:


> Can I get my salary paid into it? And does it have google pay? Looking for options after KBC. Thanks


Same as that. I think a lot of people would be interested if you can use it effectively as a Current Account, with maybe a back-up a/c from EBS in case of any cheque or cash lodgements.
It would also be important to some to find out if Joint Accounts are now permitted, as this wasn't possible previously with Revolut.


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## RetirementPlan (25 Mar 2022)

cream1 said:


> Can I get my salary paid into it? And does it have google pay? Looking for options after KBC. Thanks


I've seen reports of some employers refusing to pay to a Lithuania bank account with the LT IBAN number, so you might want to double-check with your employer or colleagues before you finally decide.


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## cream1 (25 Mar 2022)

Yeah, I think the non Irish IBan is an issue. Thanks


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## NoRegretsCoyote (5 Sep 2022)

Revolut under pressure after UK regulators find audit flaws​


> Revolut is under pressure from its auditors to improve internal controls after UK regulators highlighted significant flaws in the auditing of its accounts, including an “unacceptably high” risk of “material misstatement”.
> 
> The rapidly growing payments group, which has suffered a string of high-profile defections in its risk and compliance teams in recent months, is the unnamed “financial services provider” whose audit by BDO was criticised by the Financial Reporting Council in its latest audit quality inspections, people familiar with the matter told the Financial Times............................
> 
> Revolut must improve “unsexy things like its back office and controls” because it “needs to have a back office like a bank and it’s got the culture of a tech firm”, said a second person familiar with the situation.


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## ClubMan (11 Oct 2022)

Revolut dismantling Irish business hub after abandoning its licence plan
					

Digital payments and banking firm Revolut is in the process of dismantling its Irish operating entity after abandoning plans to run its Western European business from Dublin.




					m.independent.ie


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## Firefly (11 Oct 2022)

ClubMan said:


> Revolut dismantling Irish business hub after abandoning its licence plan
> 
> 
> Digital payments and banking firm Revolut is in the process of dismantling its Irish operating entity after abandoning plans to run its Western European business from Dublin.
> ...


Does this mean that deposits (upto 100k) are / are not covered by the guarantee scheme does anyone know?


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## NoRegretsCoyote (11 Oct 2022)

Firefly said:


> Does this mean that deposits (upto 100k) are / are not covered by the guarantee scheme does anyone know?


As of today the Central Bank says that Revolut Bank UAB is "authorised in another Member State of the EEA which has notified the Financial Regulator of its intention to provide deposit-taking and other services in the State on a cross-border basis."

Link.

I presume (correct me if I'm wrong) that the Lithuanian deposit protection scheme applies.


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