Fidelity actually charges a 0.03% fund service fee daily as per the small print which is withheld by Revolut and paid on the customers behalf.
That fee is however hidden in the service fees which break down to 0.03% for Fidelity and x.xx (depending on your plan) for Revolut.
optiplexgx270 has a good summary a few posts up.
Thanks. I now understand that because Revolut/Fideility are not applying fees via the fund but rather via an on-top fee outside of the fund, the fee is not tax deductible but a fund fee would be tax-deductible if they had of applied the fee the normal way. This results in the consumer paying way more tax than they would via a MMF like XEON that applies fees inside the fund.
This product has high fees and high taxes. Not worth it when there are better options.
It's a question of balance IMO, none of the competitors with better rates offer truly instant access. You'll still be waiting a day or so for a bank transfer to go through
So if you've got money sitting in a vault that you want easy access to then might as well get whatever interest you can get
If you can afford to wait a day then might as well go with a competitor that offers a better overall rate
Compared to the banks savings accounts which are also instant access, the Revolut savings seem reasonably competitive
AIB probably has a slightly better rate after DIRT (3% pre tax), but you need to pay for a current account
I may be wrong but that AIB 3% is a regular savers right? caped at 1k per month could take a while to get your funds into it too 😉
Oh and I don't think you "have" to have a current account with them to open that account. I have an AIB visa and AIB deposit account and no current account and both cost nothing in fees.
Oh however as I don't have a current account you cannot setup any payees so are limited to 1k once off transfers to irish accounts or a branch visit to move more money a bit of a pain just a heads up.
Correct it is a regular saver, and above €12k the interest rate drops to something pretty pathetic AFAIK
As you said, even if you can open the account without an AIB current account, you still effectively need one for it to be convenient
Referral question: I finally found someone who didn't already have an account and now they owe me money :-) So they're setting up an account. Sent them a referral, and the text message says "revolut.com Revolut UK". This would still be an Irish euro account they set up, I presume?
Quick question...... Can i get an additional Card for my Adult Son on my account and he can use it when funds are on it.
He currently has his own card... that he used in his 'small' business that he uses as the basis of his 'Accounts' etc.
However - I sometime send him €50 to treat the grand-kids etc. Or if he had a major bill (car repair etc) I might send him a contribution towards it.
So - I just want to give him a card that he can keep to himself and not have to account for same on record.
Can this be done...... ??/
You can't get a card in his name on your account. I have seen situations with kids using a card in the adult's name. Once the transactions stay under the limit for contactless payments, no one is ever going to check the card.
That be no problem...... it could be in my name. Most of the time he just be tapping it and so there would be no worries that the card is not in his name.
I do know about the 'kids' card... but as my son is over 18 this would not be the route for me. But a 2nd card in my name that has its own funds is what I want. Don't want him spending on my own cards / funds?? Hope I am explaining myself correctly??
regards
What about a joint account? It’s separate to your own personal account and you would both have a card. Can top it up from your own Revolut account or through a bank transfer.
If he's over the age of 18, why wouldn't he just get his own account/card and you can transfer him money? Revolut is free.
Sorry, no, you can't segregate funds on the one account. You may well have to go on the record.
Could you just setup an U18s card in a grandchild's name and he could use that
That's a good idea... will look at that Thanks
Will look at that..... and see it allows me same. I suppose I could set up a grandchild with one and give him the card to spend off it..
he is with Revolut already. Unfortunately his current card is used a lot for business etc in his work (self-employed) and so I didn't want to confuse matter with lodgements coming in on same and he having to explain same to his accountant etc.
I'd say that's his problem to manage to some degree, if he doesn't have another Irish bank account then he's probably doing his personal shopping from his Revolut account already, in which case the accountant will be dealing with that already
Probably best to just straight up ask him if sending money to his account is causing any issues
He probably should get a Revolut Pro account for the business if he's going to be self employed for the long run
Does anyone know if you can get one of the basic current accounts (fee free) offered by BOI or AIB when you have a Revolut account?
Ones of the conditions is that you don't have another Irish bank account, and I'm not sure if Revolut counts in that regard
An aside not related to revolut per say but I don't think anyone will ever check the card regardless you insert it yourself in most places - I have often used my wife's or one of my parents cards when buying things on their behalf and never encountered an issue
As above the joint account is a better option of course.
EBS is fee free and is a normal account without any stipulations to get it.
No. Revolut have a free basic account for Ireland https://www.revolut.com/en-IE/legal/basic-bank-account/
Yeah I have an EBS account for this purpose but unfortunately it isn't very useful
Basically, I just need a bank account for the one or two times a year that someone gives me a cheque to lodge
Now I will go out of my way to avoid using cheques, but unfortunately some people just can't get around them
I can lodge cheques to my EBS account, but transferring to another bank is a massive pain. I asked to do it in the branch and they said they can't transfer to another bank for some reason
I could use their online banking, but it's about as bad an online service as there is
So I end up withdrawing as cash or signing the cheque over to my wife, both of which are hassle. I spent 30 mins queuing in a "real" bank to do exactly that today
Having an AIB or BOI account would make life easier because I could use the lodgement machines or go to the post office
Of course ideally I could lodge cheques directly to Revolut using a third party like An Post or Western Union, but I don't see them adding that service anytime soon
I regularly use their online banking and while it isn't great it very useable and certainly don't think its near as bad as you would suggest. Biggest pain is the 5k daily limit which is very annoying but since you are taking out cash instead I doubt you would be hitting this.
Hmm, maybe I'll give it another go, it's been a while since I logged in
One of the issues is my account keeps getting suspended for lack of use, but that's probably an issue everywhere
So does Raisin (Marrow) represent a better savings option, for a Revolut 'Standard' account holder?
Maybe for marrow dirt would be 33% so net interest would be 2.02%. I'm not sure what net rate on revolut standard is
Morrow is a Norwegian bank and therefore from outside the EU. And so, according to Revenue, “If you are a higher rate taxpayer or you have not made a timely return, a DIRT rate of 40% will apply.”
Has anyone tried the USD or GBP savings accounts? Looks like the rates are a lot better at around 2.52-2.55% after DIRT tax and fees.
Again taxes are withheld by Fidelity so no messing around with paying Revenue directly
There's obviously a double risk of currency devaluation, but it could also gain value the other way
How can I unterminate my account I some how managed to do it ? Will I need to start fresh
It is unclear to me what you are asking....
Have you closed an account on terminated your entire relationship with the institution?
I accidentally terminated my account and I don't know how to undo it 😞
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