Revolut has entered the UK savings market, an increasingly competetive space for fintechs, in partnership with Flagstone and offering an easy-access savings account with a "market-leading" interest rate of 1.35 per cent.. With this account, Revolut says aims to tackle the consumer loyalty trap. Revolut is an e-money institution and your money is therefore not protected by the FSCS, however, Revolut says it is committed to 'safeguard' money it receives from its customers in an account with a tier-one UK Bank. Revolut has entered the UK savings market, in partnership with Flagstone, offering premium account customers an easy-access savings account with a limited market-leading interest rate of 1.35% AER Like a normal bank would be under FSCS … The FSCS covers deposits in the event a bank goes bust. The banking service does, however, hold a Lithuanian banking licence, which it obtained in December 2018, and is regulated by the Bank of Lithuania. If you have multiple deposit accounts with one bank, building society or credit union – or several accounts with different brands that come under the same authorisation – you will only be protected under the FSCS up to a total of £85,000. share. Fintech bank Revolut has entered the UK savings market, in partnership with Flagstone, offering an easy-access savings account with a limited market-leading interest rate of 1.35% AER. Revolut has applied for a banking license however it is not yet able to operate as a fully-fledged bank account. Can only be contacted by online chat, there is no telephone number (Whitwell, 2018) Charge downgrade fees if a person wants to close account or swap to a cheaper account (Whitwell, 2018). report. The new Savings Vault, which is FSCS protected up to £85,000 through Paragon Bank, is an addition to Revolut’s popular Vaults feature. Such vaults are commonly used by banks to keep their precious metals holdings safe. 100% Upvoted. When it comes to security, Revolut’s smartphone app is protected by a password or fingerprint ID. Eligible deposits in Starling Bank Limited (Starling) are protected by: The Financial Services Compensation Scheme (“FSCS”). Are Revolut Pockets the new feature is the money here also protected? ... Revolut Plus review. Revolut has announced a revamp of its paid plans and the addition of Revolut Plus, an option that allows customers protect their purchases from theft, damage, or no-returns policies. Cons If you are withdrawing cash from overseas ATMs, you can get up to £200 every 30 days … Revolut is still not technically a bank in the UK, rather it is an e-money institution, this means that while it is regulated by the FCA money held in Revolut accounts are not protected by the FSCS. And because Monzo is a regulated bank, it means every eligible deposit is protected. The most reasonable explanation I heard so far was that, long story-short, money is protected from Revolut per se going down, but is not protected from customer’s standpoint by FSCS, as technically the money “belongs” to Revolut. Yes! It’s a fully licensed bank, and deposits are covered by the Financial Services Compensation Scheme ( I have Revolut Premium so most of my money is FSCS protected due to the Revolut Vaults. This means that if Monzo would become insolvent, your deposits would be reimbursed to you (if eligilble) within 20 working days. 0 comments. What protections are in place for customers at digital banks Limit of protection: £85,000 per depositor per bank. Revolut aren't a bank so have no FSCS protection, if they go pop you potentially lose your money. Savings Vaults allow Revolut customers to […] So if Monzo or any other bank or building society goes bust, you won’t be left out of pocket. Log in or sign up to leave a comment Log In Sign Up. Just wondering if money on your revolut account particularly Euros would be protected under Govt compensation scheme i.e if Revolut went bust? Funds in Savings Vaults are deposited with Paragon Bank and are protected by the FSCS up to an £85,000 limit. Revolut consumers are not protected by the FSCS, but competitors Monzo and Starling consumers are (Whitwell, 2018). Click the button and you'll be able to add your accounts (bank, building society or credit union) to check how much of your money is protected. If you have more eligible deposits at the same bank: All your eligible deposits at Starling are “aggregated” and the total is subject to the limit of £85,000. On the other hand, what Revolut … save. The FSCS will ensure that you won’t lose eligible savings up to £85,000. Eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (“FSCS”) up to £85,000. Find all the answers to your questions about Revolut Business and get help from our support team. hide. best. The FSCS covers companies that have been authorised by the UK regulators, the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). Use the FSCS protection checker to check your money is protected. We are here to help you. Sort by. The FSCS compensation limit applies to all deposits you have with an authorised institution, which may include several banking and building society brands. Be the first to share what you think! Image source: Bruno Cervera from Pexels. Add further control by turning online, ATM and contactless payments on or off. no comments yet. As this is a variable rate, Revolut says it will give customers reasonable notice if the interest rate is going to go down. Revolut keeps all Precious Metals via its trusted gold services partner who ensure the Precious Metals are stored in the vaults of the London Bullion Market Association. If you open an account with Starling or Monzo they too have zero FX fees (including on weekends, unlike Revolut), but are proper banks so have FSCS protection (i.e. Your money is protected by the FSCS up to £85,000. Precious Metals holdings are not protected by the FSCS … That last part is important – any amount you hold over £85,000 in one institution is highly unlikely to be protected. However, if you are a customer of both Paragon Bank and Revolut, only the first £85,000 is protected. insurance from the government for £85k). Immediately freeze or unfreeze your card in the app if it’s been misplaced, lost or stolen. Past that, no clue - nobody has had an issue to date, but no clue what's coming tomorrow.