Revolut 1.35% Savings Account

[MrOrange]

Just got an email from Revolut - the bank is offering 1.35% AER, which ain't bad.

No restrictions (gotta be a UK res), simple to move money around, protected to £85k and interest paid daily. Anyone taken it up?

[bitchstewie]

You couldn't pay me to give my savings to Revolut.

[paulguitar]

bhstewie said:

You couldn't pay me to give my savings to Revolut.

Why's that? I have had a card with them for a couple of years and not had any issues.

Have you had a bad experience with them?

[bitchstewie]

paulguitar said:

Why's that? I have had a card with them for a couple of years and not had any issues.

Have you had a bad experience with them?

No it's simply that when you can get 1.15% with NS&I which is 100% government backed I wouldn't consider the risk worth it for an extra 0.2% reward.

[I 8 a 4RE]

I hope it comes with an SLA with predefined minimum number of days you’ll be locked out of your account for no reason

[alistair1234]

MrOrange said:

Just got an email from Revolut - the bank is offering 1.35% AER, which ain't bad.

No restrictions (gotta be a UK res), simple to move money around, protected to £85k and interest paid daily. Anyone taken it up?

I didn't think Revolut were FSCS registered?!

[bitchstewie]

alistair1234 said:

I didn't think Revolut were FCA registered?!

Looks like they're partnering with Flagstone.

Revolut's site says they are not FSCS protected but this says the savings product is

https://techcrunch.com/2020/01/23/revolut-partners...

[CzechItOut]

alistair1234 said:

I didn't think Revolut were FCA registered?!

They're not, but the funds deposited with Paragon Bank who are and therefore protected by the FSCS up to a value of £85,000.

Whether one feels this is a suitable arrangement is of course personal choice.

[anonymous-user]

Or just get a Marcus account which also pays 1.35% without having to worry about where your money is, and if the account it is in is covered by the FSCS.

[Brainpox]

Joey Deacon said:

Or just get a Marcus account which also pays 1.35% without having to worry about where your money is, and if the account it is in is covered by the FSCS.

Just what I was going to say. Same rate and no concerns. A nice simple webapp too.

[MrOrange]

bhstewie said:

No it's simply that when you can get 1.15% with NS&I which is 100% government backed I wouldn't consider the risk worth it for an extra 0.2% reward.

Agreed, but I'm maxed out on NS&I. I also won't support Goldman Sachs.

As an existing (and happy) Revolut user with the card and the app it just seemed a simple solution - I wasn't quite expecting a wave of negative comments. Ho hum.

[bitchstewie]

MrOrange said:

bhstewie said:

No it's simply that when you can get 1.15% with NS&I which is 100% government backed I wouldn't consider the risk worth it for an extra 0.2% reward.

Agreed, but I'm maxed out on NS&I. I also won't support Goldman Sachs.

As an existing (and happy) Revolut user with the card and the app it just seemed a simple solution - I wasn't quite expecting a wave of negative comments. Ho hum.

You have a million with them?

Honestly you pays your money you makes your choice or whatever the phrase is.

But there are a shedload of institutions that I'd choose ahead of revolut or many of the other startups.

[DoubleSix]

MrOrange said:

bhstewie said:

No it's simply that when you can get 1.15% with NS&I which is 100% government backed I wouldn't consider the risk worth it for an extra 0.2% reward.

Agreed, but I'm maxed out on NS&I. I also won't support Goldman Sachs.

As an existing (and happy) Revolut user with the card and the app it just seemed a simple solution - I wasn't quite expecting a wave of negative comments. Ho hum.

Pretty sure Marcus is a loss leader for Goldman so you are hardly “supporting” them if thats the only product you buy!

[gregf40mark2]

bhstewie said:

No it's simply that when you can get 1.15% with NS&I which is 100% government backed I wouldn't consider the risk worth it for an extra 0.2% reward.

The savings vault is protected up to 85k.

If you have a Revolut account and are happy with them I can't see why you wouldn't do it.

Plus, you aren't lending money to the government - win win.

[DonkeyApple]

If you’re a Revolut customer then treat it as a sweep account to keep everything off their balance sheet and on Paragons and under appropriate regulatory protection. Because let’s face it, ultimately your standard Revolut account is already openly connected someone else’s sweep account

You certainly wouldn’t actually become a Revolut customer to access someone else’s savings service.

Whether this has changed but initially this service was only available to customers paying a monthly fee. So again you need to ascertain how much money you need to lodge at 1.35% to cover this fee or whether the other services your supposed to be buying in the bundle have any actual intrinsic value to you personally. The monthly payment banking product for a bundle of services is a viable model because you’re basically selling a product that a consumer thinks they need but will never actually use, like the gym membership side model.

So if a Revolut customer already and it costs you no money then dive in and use it as a sweep account to keep your money off their balance sheet. If you’re not a Revolut customer then it’s of no value as you’re just sticking an insecure middleman in between you and your savings account which makes no sense at all.