Although it’s technically an e-money institution rather than a bank, Revolut is a top contender if you want to open a digital current account.
Digital-savvy features include requesting money through a link or QR code, bill splitting, and setting aside cash in a savings account called a Saving Vault. This one pays in-credit interest of 2.29% AER (variable). You can also set up automatic savings that round up transactions to the nearest £1 and set aside the change.
Another Revolut digital perk is the opportunity to earn rewards when you spend. Through the app, you can browse for deals with brands to earn cashback and other discounts. Customers can also book activities directly through Revolut ‘Experiences’ – an in-app marketplace for tours, activities and attractions – on which you could also earn cashback.
Revolut could also be a particularly strong choice for international payments, too. Through the app you can send and receive money in 29 different currencies without paying any fees. You can also use your card abroad as normal
However, with a Revolut Standard account you can only make five ATM withdrawals per month, or £200. After this, you’ll be charged a 2% fee on all withdrawals, and a minimum of £1 per withdrawal.
Bear in mind that your money won’t be covered by the Financial Services Compensation Scheme (FSCS) in Revolut. Instead, funds are protected through ‘safeguarding’ laws.
To open an account with Revolut, you must be at least 18 years old.
