Revolut Bank open for deposits and loans from today

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

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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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.
 
Can I get my salary paid into it? And does it have google pay? Looking for options after KBC. Thanks
 
cream1 said:
Can I get my salary paid into it? And does it have google pay? Looking for options after KBC. Thanks
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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.
 
cream1 said:
Can I get my salary paid into it? And does it have google pay? Looking for options after KBC. Thanks
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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.
 

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