Revolut Megathread.

So Revolut have increased the interest on their instant access savings from 1.5% to 1.75% - hooray! But...that's only on the first €2500. Above that, interest rate is being reduced to 1% .

That's going to push me into moving cash over to their Flexible Cash Funds at 1.62% (38% tax) or some actual investment options. Probably their intention with this move?

Standard:

1.75% AER for balances up to €2,500

1% for balances over €2,500

Plus:

1.75% AER for balances up to €2,500

1% for balances over €2,500

Premium: 1.75% AER

Metal: 2.0% AER

Ultra: 2.25% AER for balances up to €100,000

2% for balances over €100,000

If you have a Joint Instant Access Savings account, the lowest plan rate will apply if holders are on different subscription plans.

If you have a Revolut - Kids & Teens Instant Access Savings account, the plan rate of the lead parent account will be applied.

Joint Instant Access Savings accounts and Revolut - Kids & Teens Instant Access Savings accounts do not follow the rates outlined above. For both account types, the rates are:

Standard: 1.50% AER

Plus: 1.50% AER

Premium: 1.75% AER

Metal: 2.0% AER

Ultra: 2.25% AER

Revolut is obliged under Irish tax regulations to deduct Deposit Interest Retention Tax (DIRT) from any interest you earn on your account at the prevailing rate on the day the credit interest is paid subject to exemption . For more information regarding DIRT see www.revenue.ie

Looks like if you have over 2500 in lower plans you need your kids to save the rest 😄

Source:

https://www.revolut.com/en-IE/legal/pre-contractual-information-instant-access-savings-account/

When you use make payments with a retail merchant, you are using Visa or Mastercard payment network (depending on what card you have been issued), not with Revolut directly.

Contactless payments is fairly widespread in the US since Covid, but there are still a lot of places that will only accept chip & pin - restaurants would be common enough for this (and they may want to hold you card while dining).

Just saw this on their Instagram

https://www.revolut.com/en-IE/crypto/crypto-card/

I want to book a UK hotel, payment is in advance. The bill will be in sterling and I have a sterling account in Revolut. If I convert some of my Revolut Euro balance to sterling and then use my Rervolut debit card to make the booking, will it take the money from my Revolut sterling account? Or, will it take it from my Euro account and do a Euro to sterling conversion?

And, does it make any difference. i.e will the conversion rate and any commission be the same for converting Euro to GBP as the exchange rate/comission for paying for soething charged in sterling with my Euro debit card?

Thanks

If you have enough in your sterling account it will take that automatically. If you don't, it'll just convert the euro balance as needed.

Only obvious reasons to convert in advance would be if the exchange rate is particularly favourable and you want to convert then, or if you expect the payment to be taken at weekends (as I believe Revolut charge a small percentage - 0.5% or something? - to convert at weekends).

Revolut are changing their airport lounge partner service over from Dragonpass to lounge key in the coming weeks

For ultra customers this will mean enhanced lounge access at Dublin,not only the huge new phoenix lounge but now also the very nice Martello and 51st and green for the first time

Provided the card hasn't expired it's not necessary to remove it. When you select add money you should see a drop down symbol on the right hand side of the identified payment method. Select this & you should see all the transfer methods available. Select your card & complete the transfer.

Revolut try to force people to add money by bank transfer rather than debit card because it costs them less.

I mentioned earlier that my account was defaulting to bank transfer. However, now that I have selected my card as the transfer method for the last 3 or 4 transfers my card has been re-established as the default.

Is there anywhere to see list of these? A list I found on their website only listed the Liffey Lounge, and a 23 EUR discount for the restaurant. I felt like this was a downgrade as it no longer had the refurbished T1 lounge.