Revolut Launch Money Market Fund Product

No, I think you would need to but I imagine most won't and Revenue probably couldn't care less over a few hundred euro in interest as long as they get their 41%
 
jpd said:
No, I think you would need to but I imagine most won't and Revenue probably couldn't care less over a few hundred euro in interest as long as they get their 41%
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Revenue like having their ducks in a row.
 
Yes, but they have bigger fish to catch than someone you didn't file a Form 11 with a a small amount of interest, especially if they got the tax due from Revolut
 
2 things I have learnt from elsewhere:
- Fidelity get 0.03% back via a portion of the Revolut service fee.
- The Revolut service fee is not tax deductible but a fund fee would have been tax deductible.
 
How much would this compare to AIB Online Saver accounts?

AIB OnSav accounts you can put a max of 1,000eur in per month but can have 4 accounts open at once so technically 4,000eur pm.

How would someone compare these 2 together (calculation wise) due to Rev being a fund and not a deposit saving as someone alluded to?
 
Revolut is fine as a payment app. but it's not really suitable for anything else.

If anything goes wrong, it's impossible to sort out.

You don't want to have €100k in savings available to buy a house only for Revolut to tell you that it's frozen because your surname is Martin and you might be politically connected and no one will tell you how to unfreeze the money.

Brendan
 
I was fully converted to Revolut last year. App is great, and i had a few interactions that built trust. Paid salary in there and had a large sum building up.

I have recently decided to revert to the established bank - after hearing too many tales of people who were scammed not getting support. The stories may exist for established banks too but I have not heard them, and for the sake of an amazing app I don't want my life savings lost in a scam.

The fees on the savings are unsurprising though, the biggest users of Rev will be in their 30s and 20s, and many of them do not got a clue and make no effort to gain a clue. Revolut could make the fee 3%, they do not understand it. They like the flashy app though. I'd do the same if I was running their business.

I have some sympathy for banks pushing bank on refunding everyone from scams too - some people are beyond naïve when they react to a WhatsApp or scam phone call. However, for every 100 scams there is 1 or 2 extremely sophisticated, and even the best of us could be fooled if on an off day, or in a rush. I want to at least feel my bank will support me on that day.
 
Has it become any clearer if you would have to do a form11? I'm a big fan off State Savings but with rates gone so bad I'm looking elsewhere. I have kept away from Bunq, Raisin etc. as they won't withhold DIRT automatically.
 
Is the money in this product protected like savings? I see there is 22,000 investment protection but not sure what this means in the context of this being an investment fund rather than a savings account.
 
dcoughlan said:
Is the money in this product protected like savings? I see there is 22,000 investment protection but not sure what this means in the context of this being an investment fund rather than a savings account.
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The Lithuania Investor Protection Scheme protects the first 22,000 EUR if Revolut or Fidelity go bust.

There is no protection against the money market fund declining. i.e. no capital protection.
 
I came across Revolut ultra via the app. Any catches you see with this service. I’m happy to use revolut but I don’t leave much money in it. So opening this account would be a change for me.
 
€55 euro a month? That is … hefty. From the wording it also looks like they are funds so there’s some risk associated with it.
Also, what’s the ‘tax’ here? Doesn’t look like DIRT?
 
newirishman said:
€55 euro a month? That is … hefty. From the wording it also looks like they are funds so there’s some risk associated with it.
Also, what’s the ‘tax’ here? Doesn’t look like DIRT?
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so basically they take the interest from the first 16k you put on deposit? (55*12/3.95%=16K)
 
Except it’s not 3.95%, it’s 2.31% after tax and hefty service charge. And the investor protection guarantee on this is €22,000 not the €100,000 DGS.
 
Revolut Ultra is more than just the fund product though, it includes travel insurance, lounge access, cashback etc etc etc

None of these premium plans make much sense to me unless you do a lot of travelling, particularly outside the euro.
 
Still confused on taxation of this product. Maybe somebody could clarify
If already filling in a form11 would this be a matter of declaring this exit tax but because it was withheld by Revolut customer pays no additional tax ?
Somebody mentioned 'interest' on the form11 but I assume there is no 'interest' as this was a fund and so was withheld as 'exit tax' ?
 
Great care for customers by Revolut by reducing the Flexible Cash Funds rates without even sending a notification (at least I haven't received any).
Now 3.38 % for Standard (was 3.49%), the other plans interest rates got lowered as well.
Their strategy is to make changes unnoticed but likely we have this Forum
 
That was sly of them. I didn't get a notification either.
 
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