Revolut launches instant-access savings accounts

Revolut has launched a new savings product for its more than 2.7 million customers in Ireland, marking a significant enhancement to its financial services offering here. 

The new instant-access savings account from Revolut combines a competitive rate of interest along with seamless integration into the Revolut app, and helps further position the fintech as a viable alternative to the traditional banks. It also provides Irish savers with an ever-growing list of options for their money.

Here's everything you need to know...

Revolut instant-access savings 

The rate of interest will depend on the type of account you hold.   

Customers who hold a Standard or Plus account will get 2% interest. Premium account holders will get 2.5% interest. And Metal account holders will get 3% interest.  

Those with Revolut’s top-tier Ultra account will receive 3.49% interest. This account is packed with extra features and benefits and of course a higher rate of interest on savings. However it also has a huge €55 monthly fee so you’ll clearly need to weigh up the benefits against the costs.

There’s no minimum deposit amount or any set-up fees. And you can access your money or top up your savings whenever you like quickly and easily within the Revolut app. However the maximum amount you can have on deposit across all savings accounts is €100,000.

As a fully licensed bank, all savings up to €100,000 in Revolut are protected by the Lithuanian deposit guarantee scheme. 

 *€45 a month for the first 3 months 

How do you open a savings account?

If you’re already a Revolut customer then opening a savings account is quick and easy. But first you should make sure that you’ve downloaded the latest version of the Revolut app. Then:

• Log into the app
• Select ‘Accounts’
• Select ‘Add new account’
• Tap on ‘Savings & Funds’
• Choose ‘Instant Access Savings’
• Answer a few simple questions - your account policy documents will then be emailed to you almost instantly
• Transfer money into your new savings account - this can only be done by moving money from your main Revolut current account. It’s not possible to lodge money directly into your new savings account by way of a regular bank transfer from another bank account for example

You can also easily set up a daily, weekly or monthly regular transfer into your savings account. And when you make a payment with your Revolut card you can choose to 'round up' your purchase to the nearest euro and put it directly into your savings account also. 

This is a key step in our mission to make Revolut the best choice for everyday banking. With daily interest payments and instant-access withdrawals, secured by our fully licensed bank, we’re making it simpler and better than ever for our customers to save and grow their money in Ireland.

Albert Codorniu, General Manager of Savings at Revolut

Review all your options 

Revolut isn’t the only provider offering good instant-access rates of interest right now. So it’s important to review all the options that are available out there. 

Trade Republic, a German digital investment platform, is offering customers 4% interest on any uninvested cash on amounts up to €50,000. While N26, the German online-only bank which is one of Revolut’s main rivals, offers 2.8% interest for standard account holders and 4% interest with its top-tier ‘Metal’ account. It also places no limit on the amount you can deposit. And Raisin, an online marketplace for savings account providers across Europe, currently offers rates above 3% from its partner banks across Europe.

Finally Bunq, the Dutch online-only bank, offers customers a rate of 2.46%. 

In short, there are lots of options out there for your money so be sure to get the best rate for your particular circumstances.

Compare savings accounts on bonkers.ie

You can easily compare savings accounts across all providers right here on bonkers.ie.

Use our comparison tool here to compare savings rates from the likes of AIB, Bank of Ireland, PTSB, Trade Republic, Raisin, Bunq and more!