I believe that is the case, however if there's any kind of questions to be resolved then you'd need to contact the relevant country's authorities
In any case, it's always worth bearing in mind that the whole deposit guarantee scheme hasn't really been put to the test yet
I'm not saying it won't work, just that it's always prudent not to put all your eggs in one basket or all your savings into one bank
In the case of an EU bank collapsing am pretty sure no matter where the bank is located, they are required to repay all retail investors in 10 business days. Regardless of if that's AIB, BOI, Revolut, Trade Republic etc
He is talking about the depositor's state guarantee of 100k in the event of a bank going under. The guarentte is EU wide but the implementation is at the state level. In this particular case your deposits would be guaranteed by the Lithuanian government and in the event of things going wrong, you'd need to deal with them in order to recover your deposit.
I meant as regards the deposit guarantee, that's only relevant if Revolut goes bankrupt. DIRT will be paid to Irish Revenue by Revolut and deducted from your interest gains daily
I'd suggest familiarising yourself with the terms of their deposit guarantee. It's largely the same as the Irish one but there may be some need to send documentation to the Lithuanian banking authorities
Again, this is only relevant if Revolut goes under
As regards security, there's no automatic top up from a savings account to your Revolut current account. If your card details are stolen then they can only take the money in your current account
However if someone gains access to your Revolut app then they'll have full access to your funds, same as any other online banking
For that reason it's important to protect your phone and app with secure PIN codes or fingerprint recognition (not the same PIN for both!)
I'd also recommend being very cautious about downloading apps you don't absolutely need, including games. There's a considerable amount of malware on many apps these days which pose a security risk
Finally, always be sure to encrypt your phone if possible and ensure you have a backup strategy in place
Last piece of advice, Revolut (or any other bank) will never contact you to request any personal details including PIN codes. There's plenty of scams out there that will tell you your account is blocked and you need to click the link or authorise some transaction to get access. There's always some time pressure as well to try and force you to panic
NEVER follow their instructions, NEVER click any links you get via text message, etc. If your bank calls you, get the callers name and department, hang up and then call the bank back on their official number (not the one they called you with).
Tell them you got cut off and ask them to put you back through to the relevant person, if they don't know who you're talking about then it was a scammer calling you
Sorry for the lecture, but there's so many fraud scams going around nowadays and it seems a lot of people really aren't prepared for them
Your revolut card is as secure/insecure as your AIB/BofI/PTSB card, so I wouldn't be worried. If you have access to somebody's card you can't directly access other vaults/accounts in Revolut, so it would only be if you lost access to your entire account.
Re. Lithuania - the issue there is that the bank guarantee system that covers the savings accounts appears to be in Lithuania. So if Revolut went belly up tomorrow you'd need to deal with Lithuanian authorities to get your money back, not the Central Bank here. But the likelihood of Revolut failing is probably pretty small anyway…
I'm moving funds into revolut for the 2% savings account and have two questions.
What does amazing raisin mean by saying you'll have to deal with Lithuanian banking authorities? As DIRT is taken at source surely there's no need for any extra hassle?
I'm concerned about the security of revolut ie card number getting stolen. If this occurred would someone be able to also access funds in saving account?
Well Revolut has the lowest interest, but is also free
I personally wouldn't bother with Revolut if you're looking for a high return unless you already have an account set up
Revolut also pay the DIRT tax for you, so no need for extra work on your part
N26 have slightly better interest rates and seems to be the same deal, so probably a better proposition
Trade Republic seems to be the best deal if you're staying below the €50k limit
While you'd need to transfer the money to another bank to use it, I believe transfers from Trade Republic to Revolut or N26 are usually instant
It's only Irish banks that take forever to process a bank transfer
Looking to set up a accessible savings account, a standard one with no monthly fees.
I know I'll need to sort out DIRT myself, I will initially deposit 5k and top it up every month by about 1k. Want to have these funds accessible too should I need them.
Who shout I go with? Trade republic, Revolut, Bunq or N26?
They're also guaranteed up to €100k as opposed to €22k
I'm not sure there's any significant difference in the risk, if MMFs and cash funds collapse then the banks have effectively collapsed anyway
But it's definitely better if you're going above the €22k limit to have a deposit guarantee
Worth noting that it's the Lithuanian deposit scheme, so you'll need to deal with the Lithuanian banking authorities. Nothing against them, but it is a barrier compared to an Irish bank
Some context info on the above in link below metal is 3% and ultra is 3.5% at the moment.
https://www.rte.ie/news/business/2024/0523/1450719-revolut/#:~:text=Online%20bank%20Revolut%20has%20launched,plan%20to%20earn%20higher%20rates.
see the new savings accounts are now available in Ireland. I’m very risk averse so have moved my money from the fund account into it. Lower interest rate but you pay dirt on these instead of the 41% on the fund account
I like to live life on the edge though :D
Thanks for the reply,only done an update meself yesterday,i was onto revolut and they told me to do what you done but im not getting that option and i have 3 cards linked and cant delete any of them.
Starting to think its my phone its huawei.
Strange. I just deleted an old linked card from mine. After I tapped the i inside the circle on the right for the card it gave me a clearly visible "delete" option for it and it worked.
There was an update for the app available this morning which I installed first. Maybe try updating.
Hi all,
Hoping for some help,im trying to delete a linked card from revolut and cant seem to be able to.I have gone to add money and pressed change and the linked cards came up i then tapped the i on the rite and card details come up but no option to delete but there should be?
Any help would be appreciated ,cheers guys.
Difference is - those Raisin rates are fixed, the N26 one isn't (and interest rates are expected to dropsometime this year).
It's unusual, but not odd. There are a couple of different types of validation done:
So yes based on the laws of probability, you can be asked several time in a very short period to provide identity. One would hope that they have put in some kind of a limit in their algorithm as to the number of times this can happen….
Now as it happens, I'm off to be validated in person at my local bank for the third time this year. And the kicker - I'm a retired senior employee of this bank and am very well known to the local staff! When I pointed this out to one of them, the young whippersnapper commented: but you might have died in the meantime!!!
Anyone getting repeat requests for new ID with Revolut?
Ive submitted passport and driver's license in the last month and theyre still asking me for updated ID. Odd.
Yeah EBS has no banking app. Only an online banking website. However thats where Revolut comes in. Best of both with no fees on the EBS current account. Free banking since UB left and no word of EBS shuttering yet.
Anyone using a virtual card for their joint account and notice the card design changed? It was all blue originally and now changed to blue and green on my Apple Pay. Wife’s is still the original all blue design. Not a big deal just curious why it changed.
Hmmm the best Raisin has right now seems to be 3.5% and the money is tied also for 3 months / 6 months. Will stick with the 4% and Metal
All depends on the country the money is in and Tax. I stick to the ones with no withholding tax by the bank country. As such it's the same end result when reporting to revenue at the start of the year for the previous year. You will have to declare the interest earned in n26 and they will take 33% tax of the declared amount.
Yeah I looked into Raisin too but looks like a more cumbersome setup and extra paperwork for the DIRT stuff. Happy enough with the Metal card; includes travel + phone insurance too so the cost all in all is pretty minimal and covered by the extra interest I wouldn't get elsewhere.
I must try that next time I'm in the US.
In Chicago I tried a real ZIP code for the area I was staying in but it still refused payment. They sure know how to make it difficult! Maybe I should go back to cash…
Ah so you must have 50k in trade republic then and at least 20k in N26 to make the metal pay for itself ;) if I could do same with N26 I would be doing the same but had to go with raisin in a few countries instead 😁
Took 3 seconds to find this on google
https://www.revolut.com/en-IE/legal/deposit-insurance-information/
24k Gold plated and Ultra (as well as pro cards) are still Mastercard but it does look like the others have moved to Visa Debit. I've one of each at the moment and no notification to get it reissued from them ... yet.
ah yes I know 😅
I only got Metal with N26 to take advantage of the 4% interest so anything else is a bonus 😅
Had to cancel my Revolut debit card and get anothet reissued, it was mastercard and the new one is now Visa....are they phasing out Mastercard debit cards ?
Maybe turn off location based security?
I did some googling and it looks like NY subway might require a ZIP code when buying a metrocard, people say entering 99999 sometimes works
However there does seem to be several people mentioning issues with Revolut specifically even when they enter a fake ZIP code
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