Revolut for chunk of savings

[estuarine]

Hi all, long time since I've posted here. I'm thinking about putting a chunk of my savings (about €25k) into a Revolut 2pc savings account. Seems like a no brainer given I'm a Revolut customer and it's a very decent return. I really would appreciate honest thoughts on this. Does anyone feel it would be risky or foolish for particular reasons?

Many thanks in advance for your thoughts.

 

[Fortune]

You'd get better elsewhere

 

[estuarine]

You'd get better elsewhere

Thanks. I suppose just to be clear, I'm looking for people's thoughts specific to Revolut. Obviously it is a bank but there are the issues people raise about no physical presence, regulated in Lithuania... I'm just seeking people's views on putting the money in Revolut. Fully aware there are other institutions.

 

[Senben19]

Im saving a bit with revolut and have no concerns. I have only ever had a good experience with revolut.

 

[Knuttell]

Wouldnt put more thst 100 euro in Revolut. Too prone to scammy carry-on. Tbh thinking of closing my Revolut account as a result.

 

[TLO]

€700 went missing from Caoimhe's Revolut account. Revolut said, "The transactions cannot be considered unauthorised". Full newspaper article here:

‘Wholly inadequate’: Caoimhe lost €700 in a scam. Revolut said there was ‘no trace of fraud’

The company offers cold comfort, asserting the transactions ‘cannot be considered unauthorised’

www.irishtimes.com

Have a read, and see if you still feel comfortable putting €25,000 on deposit with Revolut.

 

[Innisfree]

Given that the 25k would not be sitting in your main spending account, but in a separate one earning interest, the risk of loss is not as great.
Biggest concern I would have is of those infamous "revolut froze my account" stories. Where you could be waiting a long time to get access to your money again, with no human to speak to or branch to march into.

I would still do it though - but I would not go with Revolut, as N26 will give you 2.8% in their free account (and you can speak to a human) and Trade Republic will give you 3.75%. Just because you are a customer wouldn't be reason enough for me, it takes a few minutes to open an account with those other options - for a lot more money (although you will have to pay the DIRT yourself).

 

[Pinoy adventure]

You'd get better elsewhere

Any example of where ??

 

[Pmc365]

Any example of where ??

Here:

Best Buy - Savings Best Buys

Savings Best Buys: There are 3 savings best buy threads on AskAboutMoney that are updated frequently. Instant Access and Notice Accounts - Lump sum variable rate savings. Fixed Term Deposits - Fixed Lump Sum Term Deposits from a few months to a few years. Regular Savings - Smaller sum...

www.askaboutmoney.com

 

[Gordon Gekko]

Thanks. I suppose just to be clear, I'm looking for people's thoughts specific to Revolut. Obviously it is a bank but there are the issues people raise about no physical presence, regulated in Lithuania... I'm just seeking people's views on putting the money in Revolut. Fully aware there are other institutions.

Ah, one of my Askaboutmoney favourites, the “can we please stick to the question, I asked what gun would be best to shoot myself in the face, so can people stop posting about the wisdom of shooting oneself in the face?”

The interest rate isn’t great, and there seems to be swathes of complaints about Revolut lately, particularly in relation to people’s experiences with scams and their poor customer service. There’s your answer.

 

[dublinbay24]

The interest rate isn’t great, and there seems to be swathes of complaints about Revolut lately, particularly in relation to people’s experiences with scams and their poor customer service. There’s your answer.

The rate is decent, dirt is taken care off, interest is paid daily, it is convenient. There are no stories of people losing savings, majority of stories here are posted about fraudulent transactions, the two are separate issues. As far as I am aware and have personally experienced, irish banks are also subject to fraud issues.

 

[tomdublin]

Why risk it for a paltry 2%?

 

[euroDilbert]

I have had no problems with Revolut so far. However, I only use it for small amounts, splitting bills etc.
I have zero confidence that any issue which arose would be resolved in a transparent and efficient manner, so I would not trust any large amounts with them.

 

[Senben19]

The rate is decent, dirt is taken care off, interest is paid daily, it is convenient. There are no stories of people losing savings, majority of stories here are posted about fraudulent transactions, the two are separate issues. As far as I am aware and have personally experienced, irish banks are also subject to fraud issues.

Spot on. Revolut no better no worse than any of em really. Alls we can goes by is our experience and for me iv had far worse experiences oer the years with the aibs and boi's of this world.

 

[Innisfree]

If staying with Revolut, definitely worth considering the money market fund rather vs the savings account. 1.74% after tax vs 1.34% after tax (assuming you are on standard plan).

 

[podgerodge]

Hi all, long time since I've posted here. I'm thinking about putting a chunk of my savings (about €25k) into a Revolut 2pc savings account. Seems like a no brainer given I'm a Revolut customer and it's a very decent return. I really would appreciate honest thoughts on this. Does anyone feel it would be risky or foolish for particular reasons?

Many thanks in advance for your thoughts.

With 25k, segregated into the savings account, which can't be withdrawn as I understand it without doing a transaction out to your main account first and then a second to withdraw, it's safe enough imo.

With 25k, if maths is right, moving to premium for 100 a year and getting the fx benefits and stuff, might be paid for by itself with the difference in interest rate (2.5%).