Yeah, got same
Revolut launch instant access savings account 1.70%-3.49% Less Fees
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podgerodge
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New Revolut rate will be 1.7pc after the rate is reduced. Premium account will go from 2.5pc to 2.1pc. Metal and Ultra accounts will stay the same at moment at 3pc and 3.49pc.
(Per Indo today)
(Per Indo today)
Does the metal not make the most sense from the above? The 15.99 a month option?
I redid it with the upcoming rates and DIRT.
I used 22k for consistency but it appears to be the point where the Standard (free) and Metal meet. Of course other back may offer better returns.
Open to corrections.
Hey
Are you saying that at a certain level of savings in revolut (and therefore net interest) it covers the upgrade fees? But surely thats still you paying for an upgrade akin to any other way youd pay for it i.e that net interest youve earned is paying for the upgrade?
Are you saying that at a certain level of savings in revolut (and therefore net interest) it covers the upgrade fees? But surely thats still you paying for an upgrade akin to any other way youd pay for it i.e that net interest youve earned is paying for the upgrade?
I’m not sure I understand the question but the point is the more expensive the plan the higher rate of interest you receive.
At some point it’s worth paying for the plan with the higher rate of interest, once the additional cost of the plan is covered. Although the plans come with other perks that may also have some value to you.
Other banks do, not may, offer better returns.
In fact there are 20+ different options to earn interest above 1.70% where there is zero fees.
If one has 22k EUR to save, as per your example, one is far better staying on the free Standard Revolut package and putting the 22k elsewhere such as in T212 where there are no fees and a 3.70% return.
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Of course. I’m note sure where my edit went but I included a comparison with Trade Republic show that the money would be € 19 a month better off with TR.
I guess it depends how you value perks and other benefits I guess.
Why is Trade Republic chosen as the comparison? Would the highest instant access rate, without fees, not be the best comparison? i.e. T212.
Your table lists annual savings. Let's stick with the annual net benefit as it makes most sense.
Feel free to re-post the table with the edit that you mentioned.
Sticking with the 22k EUR example:
With T212:
- Gross interest on 22k: 814 EUR
- Fees: Zero
- Net benefit: 814 EUR.
With Revolut Metal:
- Gross interest on 22k: 660 EUR
- Fees: 191.88
- Net benefit: 468.12 EUR.
With Revolut Ultra:
- Gross interest on 22k: 767.80 EUR
- Fees: 540
- Net benefit: 227 EUR.
i.e. The difference is large in net benefit terms. Unless one values other perks very highly, it is not worth paying for Revolut, in order to gain access to higher rates, at any amount.
The Sunday Times today also failed to make a proper analysis on this point today when they referred to the threshold that makes it worthwhile. Critical that this comparison is done correctly with best alternative options included or people will be unnecessarily be paying fees.
On my phone so can’t post the excel. I just used TR as an example that there was better out there and how much could be left on the table. I wasn’t trying to compare it to the best. I happen to have a TR account thats all.
I suppose the fact Revolut manages the DIRT for people is worth something.
Isn’t T212 a bit more complex. As in it’s a money market?