Revolut Megathread.

Firstly its not a savings account, its an investment product that looks and functions similar to a savings account. Therefore, it is not covered by the Deposit Guarantee Scheme (DSG).

Your money is not earning direct interest like a normal savings account, rather you are paid a given rate from the profits from the investments. Also it is taxed at 41%.

When you mentioned the €22,000, I assume you are referring to the Liabilities to Investor Insurance Scheme - this is not capital protection as such. Its insurance that pays out when a specified event occurs eg Revolut becomes insolvent. From their support website:

Investor liability insurance does not cover compensation for investment risk, i.e. this insurance scheme does not apply if the value of the financial instrument decreases or the issuer of financial instruments does not redeem all the issued financial instruments.

Basically the investment risk may be considered low, but if market conditions result in the loss of your investment (i.e. savings) then your money is gone.

If you dont understand this product, based on the information in Revolut's support section & T&Cs and are concerned about risk of losing your money, as for any other investment, then don't invest.

If you want to simply earn interest and have your money at call, consider an actual savings account (covered by the DSG up to €100,000) that pays a reasonable amount of interest. You will also pay less tax DIRT 33% (+PRSI 4% if applicable), but you may have to do a tax return if its not taxed at source. Not difficult, but does require effort none the less.

I use them as my main bank also but 2 points I'd make are:

1. Their customer service is abysmal and worst I know of at the moment across any service provider in and also outside banking. I just hope I never need to deal with them for any larger issues.

2. Partly because of above I don't trust them one bit and if they needed to investigate a security issue (or look into anything tbh) they wouldn't because it's not on the script of responses in the "reply to customer drop down templates". As such I move the bulk of salary out of the main account day it arrives due to lack of confidence in them and their attitude to customers.

If anyone came along with a similar offering I'd jump ship today . And I know N26 is fairly close but an Irish Iban does cause less headaches regardless of the legality around companies not allowed to not accept other country Ibans. Again I don't see bunq as hitting the same level as the other 2.

They won't be my main bank until they have a branch I can go into and a phone number to call. While AIB/BOI/PTSB etc have those, they'll be my main bank.

As you say, they need to address their poor customer service.

Its a weird one. I only get scam texts and emails for BoI and AIB, never for Revolut, N26 or Bunq.

Ulster bank used to have all the branch phone numbers put through to Thier Belfast cost centre, and the people there knew there stuff and could solve issues straight away. If they were busy, calls would bounce to the branch, and they were hopeless and didn't have a clue about anything.

No but get calls from "revolut" for a charge press 1 to get a refund at least once per week.

Revolut basically do not have customer care as said by numerous people above.

What worse each time you contact them the case bounces to a new agent that starts all over again to get to know case it's non functional "support". Each time I've contacted them it's resulted in me giving up and opening formal complaints. AI chat bots have more intelligence than that lot and I wouldn't be surprised if it is AI with goal of making people give up and close cases.

AIB and PTSB are just as bad, except sometimes they tell you to call into a branch where they also won't be able to fix problems.

I am that generation. When it comes to banking, while I hate phone calls, dealing with a person on the phone is better.

Of course, if they drastically improved their chat, I'd consider switching fully. Until they fix their customer service, they'll never be my main bank.

What's the fraud potential of topping up with apple pay or card?

Same. Having dealt with Revolut support / N26 support and Open24 support only the latter actually dealt with me as a human.

Revolut gave me their scripted answers for the issue I had with them. Took weeks to resolve.

N26 couldn't help at all and I can't open an account with them.

Open24 is actually people. They investigated the issue I had at the time and returned phone calls. Took a couple of days but I didn't feel like it was going into a black hole.