Okay, so it looks like savings accounts are now available to Irish customers, or Revolut have made a big mistake giving me one 😂
So quick summary, it's a mixed monetary investment fund, as in the investment is mostly low risk cash and bonds, no stocks or shares
However because it isn't a savings account per se, it's only covered up to €22k against Revolut going insolvent. So don't put your life savings into it
Interest is calculated daily, DIRT tax is withheld automatically and there's a daily service fee
Annual interest after all that was 1.91% for me, not great but better than 0%
Functionally it works the same as a vault, setup was instant and you can add or remove money instantly. You can also set a recurring transfer
Heading to Chicago in 2 weeks and was hoping just to use card or phone to tap and pay for most things.
Will probably withdraw a bit of cash when get over there, not much maybe like $100. Will we get charged on this or is it all ATM dependent?
Best answer is it depends 😉
Assuming you're below your limits for ATM withdrawals and currency exchanges, then you should be able to avoid most fees
Make sure to exchange currency before you go to avoid the weekend surcharge and any declined transactions because you didn't have enough in your account
The ATM provider could still charge fees, it's up to each provider
You might be asked if you want to be charged in dollars or euros, always select dollars
Last time I was in the US (admittedly nearly 9 years ago) a lot of places still hadn't a clue about chip and pin. Make sure you've Swipe payments enabled on your card, and also sign the card on the 1% chance someone bothers to check the signature matches
You might also want to disable location based security before you take off. I've had issues once or twice where the phone location takes ages to update and will block transactions
It's not DIRT as stated in the post previous it's 41% (I believe it's called exit tax) as its considered profits from investment not interest.
But just to confirm - it's charged at source by Revolut and you don't need to piss about with revenue at end of the year?
The Euro rates are as follows:
The net rate shown is after deduction of both 41% withholding tax and also the comparatively expensive daily Revolut Service Fee
US dollar and Sterling rates are also available.
the_amazing_raisin posted (#5983) above ...
Who ponies up the €22K if Revolut goes insolvent?
Covered under the Lithuanian Investors Insurance Scheme
Details here: https://www.revolut.com/en-IE/legal/investors-liabilities-insurance-description/
Yes you're right, it's Exit tax not DIRT
I forgor 😁
The fund is managed by Fidelity and they'll pay the 41% tax to Revenue on your behalf. I imagine you'll need to ensure your Form 12 has the correct income amounts and taxes paid
I can’t see a saving’s option, is this Irish aswell?
Yeah it should be there
Try tapping Accounts and then Add New
The second option should be savings accounts
I'm up to 3 of them already 😆 basically moved some pockets over to them as may as well earn something over nothing. I'm only using it for low values, I think the trade republic offering is far better if you are not already using it.
Yeah I did pretty much the same thing, figure in January I'll skim the excess due to interest and be able to afford a coffee
Maybe even stretch to a sandwich if rates stay where they are
The fees are very high on this new Revolut "savings" product. 0.5% of the interest deducted in fees.
The taxes are very high on this product too. 41% tax.
Anyone know why the 41% tax is deducted from the return before fees rather than after fees?
It’s far worse than that. The service fee is .5% of the amount invested, which is 12.5% of the interest.
Is there a way to set up a recurring payment out of a savings account? I can see how to do it into one...
Your numbers make no sense. Care to share the source?
Edit: Ah you are talking about the lower tier plans.
Yup. It’s all from the information provided by Revolut in the App.
You're welcome
I'm Metal so couldn't understand where .5 was coming from I see in the pdf on standard it's 0.47 (revolut) + 0.03 (fidelity).
On metal its .12 + .03
It's not hugely competitive but when you already have a Marrow account and Trade Republic maxed out its better than leaving it in a slush fund pocket making absolutely 0.
If you think this is a poor offering for easy access deposit rates don't go looking at the regular brick banks.
Fees below:
Metal fees:
So,the US and UK are mostly exempt.Plane Earth is a big place
I would expect its declarable if making a tax return to Revenue
Why is the service fee not deducted *before* applying tax? Irish tax law allows the deduction of fees when calculating gains.
Fair question 🤷♂️ I think without doing the exact math you end up better off still over the Bunq offering by time you subtract DIRT from Bunq (2.46% pre tax with 2 withdrawal a month limit).
I use Revolut as my main bank and dislike them as a company as their customer service is shocking and God help anyone who has an issue and needs to deal with them. Inept staff that are only capable of responding from a list of template answers (on loop if you ask for further clarification) like drones is the best description of their abilities.
You can setup a regular payment into a savings account but I'm pretty sure you can't do it the other way
Super.. got it thanks
I can second this. I attempted to make them my primary bank but boy oh boy the issues and complete and utter sham that is support? No thanks. There is no way you can use these as your main bank with any confidence at all.
Remains just a convenient transfer mechanism for me.
I use them as my main bank, haven't had any major issues
I do agree the customer service is crap, probably my biggest concern is getting access to my account in an emergency
As a general recommendation, I think people should always have accounts with 2 banks in case one has issues
However I just can't justify paying the fees demanded by the Irish banks for their extremely subpar offering
Fair question but nobody can answer it 🤨 I wonder if Revolut have made a mistake with how they apply the tax pre fees rather than post fees.
There are better paying options than Bunq such as Trading212, Trade Republic, Lightyear or money market funds such as XEON.
Try their customer service and ask them 🤣
Already use raisin (marrow, bff and younited) and Trade Republic.
As an existing revolut customer ill use the product for money i have laying around in there making 0 to have it on hand in a couple clicks instantly. But I would not advise anyone to join them for this product.
Because the service fee is creamed off applied by Revolut after they receive the investment return from the fund manager (Fidelity). The tax is applied by the Fund Manager. Key point here is that this is not a fund management fee applied by the fund manager, in which case it could and should be calculated before tax. It’s akin to an insurance broker’s fee charged on top of the insurer’s premium and government levy.
