Revolut launch instant access savings account 1.70%-3.49% Less Fees

Better late than never I suppose.



It looks as though the €22,000 amount seems to be where the premium and metal options begin to pay off. Certainly welcome, but doesn't really compete with most of the others out there.

Wouldn't keep more than 50 quid in Revolut though. Too many horror stories.

Deposit Interest Retention Tax (DIRT)

In line with applicable Irish tax law, we will deduct Deposit Interest Retention Tax (DIRT) from any interest credited to your Instant Access Savings(s), except where DIRT exemptions apply. The Irish Government sets the rate of DIRT and may change it at any time.

Finally - hope other's follow.

I have a Revolut Standard account so will consider putting some savings here. Had a Quick Look and it's pretty easy to transfer money into the savings account with on demand access with a 2% deposit rate. AIBs 7 day notice pays 0.75% so pretty appealing. The fees for the upgraded revolution accounts seem costly but perhaps wash out when compared to AIB and other banks standard charges.

Knuttell said:

Wouldn't keep more than 50 quid in Revolut though. Too many horror stories.

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Can you elaborate? I have been using Revolut for some time now, granted dont keep much in the account. I use it for the instant transfer and for my <18 daughters account. Would be interesting to see if anyone is using Revolut for everything and therefore are closed accounts with Irish banks. I'm thinking of using it more and transferring wages (or some of it) to Revolut to see if bank charges reduce and savings interest earned increases.

random2011 said:

Can you elaborate? I have been using Revolut for some time now, granted dont keep much in the account. I use it for the instant transfer and for my <18 daughters account. Would be interesting to see if anyone is using Revolut for everything and therefore are closed accounts with Irish banks. I'm thinking of using it more and transferring wages (or some of it) to Revolut to see if bank charges reduce and savings interest earned increases.

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I love Revolut have been a customer since day one.

I have about 10 pockets on the go and I would regularly have approx €1500 /2000k sitting in them at any one time for gym / car tax / food shopping budgets, holiday savings etc. I would never have a cent in my account I drip feed in as and when I need it.

I transfer over what I need from my wages which are still paid into the bank - I just keep funds in my current account for DD's and then the rest gets shipped off to the joint account for mortgage & house bills. Not sure I want to get rid of my current account entirely.

I have heard some horror stories but thankfully I have never had any issues with them and any minor ones I have had I got resolved by speaking to one of the reps online.

Whilst it is good to see Revolut finally launch a standard savings account, but there is nothing special with this product.

The rates offered are 'middle of the road' at best.

It seems to be aimed at those who are either unaware of better options or don't want to hassle of opening further accounts.

Not sure why anyone would pay for the premium accounts, to get access to higher rates, when you can get up to 4.20% elsewhere with no fees.

While there are better rates out there (Trade Republic, Advanzia, etc.) sometimes it's just quicker to have some funds in the same bank one uses for daily banking for example.

With spare change roundups (a function I loved at bunq) it's also easy to save daily on the go and it can make a significant difference.

Plus, in effect you can use it as getting 2.0% (and up) to temporary park funds in that account and move money to the main account in seconds once you need it as the transfer to/from the savings account is in real time.

They should have just paid 2% on the main account instead of this construct but at least it's a way better than what the irish cartel is offering.

Now once Revolut Points (and hence Avios) are also making it to Ireland I will be happy!

Original said:

Better late than never I suppose.

Revolut to offer saving accounts for Irish customers with rates of up to 3.49%

Announcement marks financial app's latest expansion into the Irish banking market

www.irishexaminer.com

Turn Idle Cash Into Interest | Start Saving Online | Revolut Ireland

Grow your savings faster with interest paid daily at excellent rates, with instant access.

www.revolut.com

It looks as though the €22,000 amount seems to be where the premium and metal options begin to pay off. Certainly welcome, but doesn't really compete with most of the others out there.

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Can you elaborate on what you mean by the 22k is where it pays off?


Also whats the difference between this and the fleixible savings accounts paying interest that were already an option?

random2011 said:

my <18 daughters

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That is a lot of daughters!

Knuttell said:

Wouldn't keep more than 50 quid in Revolut though. Too many horror stories.

Click to expand...

random2011 said:

Can you elaborate?

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DublinTexas said:

While there are better rates out there (Trade Republic, Advanzia, etc.) sometimes it's just quicker to have some funds in the same bank one uses for daily banking for example.

With spare change roundups (a function I loved at bunq) it's also easy to save daily on the go and it can make a significant difference.

Plus, in effect you can use it as getting 2.0% (and up) to temporary park funds in that account and move money to the main account in seconds once you need it as the transfer to/from the savings account is in real time.

They should have just paid 2% on the main account instead of this construct but at least it's a way better than what the irish cartel is offering.

Now once Revolut Points (and hence Avios) are also making it to Ireland I will be happy!

Click to expand...

This is the point, Revolut have become an 'Amazon' of investment products. The barriers to entry are low, people have already signed up, it's just a couple of extra clicks to access whatever new service they offer.

All Revolut need to do is offer more attractive rates than the mainstream banks (which ain't that hard to do!), and they will attract the punters.

nest egg said:

This is the point, Revolut have become an 'Amazon' of investment products. The barriers to entry are low, people have already signed up, it's just a couple of extra clicks to access whatever new service they offer.

All Revolut need to do is offer more attractive rates than the mainstream banks (which ain't that hard to do!), and they will attract the punters.

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2% on an instant access account with real time transfers back into the current account (the revolut main one) is already better than what Irish Banks are offering.

While it does not beat N26 (2.8%) or Bunq (2.46%) the combo of being able to have money earn interest and have immediate access to it with a simple click is best.

Revolut was always the "Amazon" of products, it started as an app on top of 3rd party multi-currency cloud by an UAE service provider, then they added cards by another provider, transfers by another provider etc. All they did was package third party products into a single nice app.

And once they had perfected that, they slowly moved to provide the core banking services themselves from accounts, cards, investments, savings etc. and then after a lot of failed attempts they finally got a banking license for their EU customers.

Now does Revolut have issues with their AI being in charge and humans not even able to overwrite AI decision if it's clear that the decision was wrong (as mentioned in same of the articles posted above), sure. If there are no problems, they are great but if you hit a snag (whatever it is) then customer services are next to useless and the times to get help are outrages.

DublinTexas said:

Now once Revolut Points (and hence Avios) are also making it to Ireland I will be happy!

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Revolut and Avios will be linked??!
Ohhhhhhhh

Brendan Burgess said:

That is a lot of daughters!

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If he has that many daughters he defo needs to own a bank!!!

DublinTexas said:

Revolut was always the "Amazon" of products, it started as an app on top of 3rd party multi-currency cloud by an UAE service provider, then they added cards by another provider, transfers by another provider etc. All they did was package third party products into a single nice app...

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I meant more In terms of its ubiquity. I often order from Amazon because I'm already signed up, and the amount of effort involved is lower than going to another website, where I have fill in my details again. This is where the competition should be concerned. Even with more competitive offerings, people will often opt for the path of least resistance.

Sarah Ryan said:

Revolut and Avios will be linked??!
Ohhhhhhhh

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Not yet in Ireland, in some countries Revolut has started offering "RevPoints".

You earn points by spending on cards, using the spare change roundups feature on the savings account, completing challenges like x amount of apple pay transactions and other stuff.

Then you can use it for hotel stays etc. or you can convert it to Flying Blue Miles or BA/IB Avios.

Sarah Ryan said:

If he has that many daughters he defo needs to own a bank!!!

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What I really meant to say was for my daughter who is linked to my account as an under 18. Just shows as <18 on the app. But rather funny nonetheless I do have one other daughter but she is only 6. I'll wait til she's at least 6 and a half before getting her a Revolut < 18 card

This is an interesting offering. I use Revolut constantly but I have an account with trade republic that I have some savings in. I would have more faith in Revolut though as I use it so much.

Daily interest, instant access are attractive, but particularly attractive is that Revolut will look after DIRT and take the deduction. I know this is straightforward to do yourself but handiness is worth something.

I subscribe to Revolut Metal as I used to directly subscribe to the Financial Times and you get it free with Revolut Metal for basically the same price so it was a no brainer to me. This gives me 3% interest.

Am I right in saying that this gives me very similar net returns to Revoluts money market account ?

random2011 said:

What I really meant to say was for my daughter who is linked to my account as an under 18. Just shows as <18 on the app. But rather funny nonetheless I do have one other daughter but she is only 6. I'll wait til she's at least 6 and a half before getting her a Revolut < 18 card

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Just a note on this.

My stepdaughter went out for lunch with her friends, tried to use her card to pay but as it was in a place that sold alcohol, Revolut blocked the payment and Bank of Dad had to step in and pay!