Revolut 0.65% interest rate coming soon

TheJackal

Registered User
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I got this by email from Revolut today. Among other benefits they list


New and improved plans from 2,99 EUR

Grow your money with daily interest
Maximise your money with as much as 0.65% interest when you stash cash in a Savings Vault. (Coming soon in Europe!)


By my maths €5,520 on deposit x 0.65% interest rate = €35.88, which is their anuual fee (€2.99 x 12 months)

Now they will have to deduct DIRT of 33%, and the 0.65% interest rate may not apply in Ireland (it could be lower) but assuming it is correct we get

€8,239 on deposit x 0.65% interest rate = €53.55 less €17.67 (33% DIRT) = €35.88, which is their anuual fee (€2.99 x 12 months)

So you'd need to keep an average of €8,239 on deposit daily to pay for their annual fee. It must also be in a 'Vault' to count
 
Grow your money with daily interest
Maximise your money with as much as 0.65% interest when you stash cash
I wouldn't run too many calculations until I see the rates they offer on EURO funds.
They currently accept GBP & USD in UK, with different rates on each obviously.

Edit: the 0.65% rate mentioned appears to be for USD funds based on press releases.
 
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