Revolut Bank open for deposits and loans from today

Brendan Burgess

Brendan Burgess

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www.irishtimes.com

Revolut launches as a bank in Republic with deposit accounts

Fintech’s 1.7m Irish customers can avail of additional services such as personal loans
www.irishtimes.com www.irishtimes.com


Revolut has officially begun operating as a bank in the Republic with the launch of protected deposit accounts for Irish customers.
The fintech, which has 18 million customers globally and 1.7 million in Ireland, said it has operationalised its European specialised banking licence here. The result is that Irish customers can upgrade to Revolut Bank to avail of additional services.
These include deposit accounts and personal loans with rates starting from 5.99 APR (annual percentage rate).
Revolut said the upgrade process to become a banking customer only takes a few minutes and can all be done via its mobile app.
 
To me it looks like the real deal; €100k Deposit Guarantee. So I've signed up. From skim reading the small print it seems that the funds in your emoney account ( Revolut Payments UAB ) get transferred automatically to your deposit account in Revolut Bank UAB. And when you spend on your card the funds are automatically pulled from the "deposit account" to the "emoney account" to facilitate the payment. But it all seems to happen automatically in the background.

Main effect is that the €100k deposit guarantee is in place if you sign up.
 
Just got the email as well. seems to be exactly what I was hoping for, especially with UB leaving. could have happened a couple of weeks ago, have opened an EBS account and switched, will have to switch again :D oh well, good practice and a chance to consolidate everything :)
 
I would not close that EBS account as it gives you access to a branch and cheques for example. You can still switch everything and use Revolut Bank primarily if you wish.
 
I presume if Putin invades Lithuania we'll have bigger issues to deal with then whether or not they'll honour the guarantee?
 
Do you get any interest with the demand deposit account and if so do they automatically deduct D.I.R.T.?
 
One disadvantage with the Revolut app i find is that it doesn't allow Joint Accounts.
Will this be the same with the Revolut Bank i wonder?
 
@TLO & @theresa1 thanks for the advice. just did a transfer from EBS to revolut, UB used to be instance, this still not there afer 6 hours :(. Will see how things go in the next couple of months, dont want my wife to have to give in two salary transfer forms ;)
 
EBS Debit Card to revolut transfer will be instant but bank transfer could take 1-2 days or so.
 
Are there any fees for this account?

I think I signed up for it but cant see any fees displayed.

Whats the difference between the regular rev account and this new bank account besides the €100k protection?
 

"Will my account change in any way when I join the Bank?​

When you join Revolut Bank UAB, you’ll have a Demand Deposit account which works seamlessly alongside your e-money account with Revolut Payments UAB (the one you're using now).
The functionality of your e-money account stays the same, and your money is automatically transferred and stored in your Demand Deposit account with Revolut Bank. When you store your money with Revolut Bank UAB, your deposit is protected by deposit insurance. Please read the Demand Deposit Information for more details.
Even after you join Revolut Bank UAB, you will continue to use your e-money account with Revolut Payments UAB for transfers, so there are no changes to your IBAN details.
Whilst there will be no changes to the way you access existing Revolut services, by joining Revolut Bank UAB, you'll be able to access our new Credit services (personal loans, credit cards)."

Sounds like this account is simply a 'holding' account and the interest rate will always remain at zero. All the news articles are giving people a completely different impression like it will offer higher interest rates to savers.
 
jigsaw said:
Are there any fees for this account?

I think I signed up for it but cant see any fees displayed.

Whats the difference between the regular rev account and this new bank account besides the €100k protection?
Click to expand...

FREE account is available plus €2.99 - €7.99 and €13.99 options per month.

As I say it's basically a 'holding' account - big difference is the €100k protection and loans and credit card launches later.
 
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