Revolut Launch Money Market Fund Product
- Thread starter coolwap
- Start date
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?
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?
Brendan Burgess
Founder
- Messages
- 52,116
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
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
presidenttttt
Registered User
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- 271
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.
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.
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.
newirishman
Registered User
- Messages
- 1,133
€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?
Also, what’s the ‘tax’ here? Doesn’t look like DIRT?
so basically they take the interest from the first 16k you put on deposit? (55*12/3.95%=16K)