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You may like Revolut if you’re comfortable with mobile money management and frequently travel or use international financial services. But you may want to consider other options if you’re looking for one of the best high-yield savings accounts.
Revolut Account
Fees
no monthly service fees on Standard plan
Annual Percentage Yield (APY)
Standard plan: up to 3.25% APY, Premium plan: up to 4.25% APY, Metal plan: up to 4.25% APY
Minimum Opening Deposit
$0
- No minimum opening deposit
- No monthly service fees on Standard plan
- No overdraft fees
- Prepaid debit card included (specific card depends on monthly plan)
- Early direct deposit
- Spend abroad in over 140 currencies
- Budgeting features
- Withdraw up to $1,200 from out-of-network ATMs on Metal plan with no fair usage fees
- Can’t overdraw from account
- 2% fee of ATM withdrawal on out-of-network ATM fees if you exceed the limit
- $0.30 to $6 international money transfer fee if you exceed limit
Product Details
- Access to 55,000 free ATMs through the Allpoint ATM network
- Withdraw up to $1,200 from out-of-network ATMs on Metal plan
- Spend in more than 140 currencies
- Additional international wire transfer fees will depend on the transfer amount and whether there’s a currency exchange
- Banking services are provided by Metropolitan Commercial Bank, Member FDIC
Revolut: Pros and Cons
Methodology: How We Reviewed Revolut
In our Revolut review, we rated the app’s accounts looking at features like minimum opening requirements, monthly service fees, and customer support. Learn more about our methodology for rating bank accounts.
The Revolut Account is a prepaid debit card. There’s no minimum opening deposit and zero monthly service fees with the Standard plan.
You might like this account if you prioritize international financial services. You can easily spend money internationally by making an ATM withdrawal in over 150 types of currency.
The Revolut Account also has budgeting features that let you round up prepaid debit card purchases or set up individual savings goals through Vaults.
Revolut Savings Vault
Annual Percentage Yield (APY)
Standard plan: up to 3.25% APY, Premium plan: up to 4.25% APY, Metal plan: up to 4.25% APY
Minimum Opening Deposit
$0
- No monthly service fees on Standard plan
- No minimum opening deposit
- Low interest rate
- Can’t turn Savings Vault into a joint account
- Can only transfer funds out to your main Revolut Account
Product Details
- Interest compounded and accrued daily
- Savings Vault services provided by Sutton Bank, Member FDIC
When you open a Revolut account, the mobile app also lets you open a Savings Vault, a type of savings account. The Savings Vault might be appealing if you’re looking to earn some interest on your money. However, keep in mind some online banks may pay higher interest rates.
How Revolut Works in the U.S.
Revolut is a British fintech company with an international finance and investing app. Access to certain app features will depend on your monthly plan. Here’s an overview of the U.S. plans:
Revolut’s mobile app is rated 4.5 out of 5 stars in the Google Play store and 4.7 out of 5 stars in the Apple store.
The Revolut Account is FDIC insured by Metropolitan Commercial Bank, and the Savings Vault is offered by Sutton Bank, Member FDIC.
Revolut Trustworthiness and BBB Rating
We use ratings from the Better Business Bureau to help determine how a business deals with customer issues. Revolut has an F rating from the BBB due to a high number of customer complaints on the bureau’s website, as well as not responding to or resolving several of those complaints.
Revolut has not faced any recent lawsuits or scandals.
Revolut Customer Service
Revolut customer support is available 24/7 through the platform’s live chat. Revolut only has an automated phone system, so if you have any questions about the app’s services and aren’t a customer yet, you’ll have to search through the FAQ section or send an email.
Revolut Review vs. Qapital Review
Revolut and Qapital are two mobile money management platforms. Both Qapital and Revolut stand out as alternative options to the traditional brick-and-mortar bank.
You may prefer Revolut if you’d like to avoid paying international transfer fees. Most banks charge between $40 to $50 per international wire transfer.
Qapital may stand out to you if you’re looking for ways to save. While Revolut lets you establish personal goals through Vaults and round up prepaid debit card purchases, Qapital provides a plethora of tools called Rules. You can use the 52 Week Rule to save $1,378 during a year or reward yourself with savings by tying your account to Apple Health.
Revolut Review vs. Wealthfront Review
You’ll probably prefer Wealthfront if you’re looking for ways to earn more interest on a bank account.
The Wealthfront Cash Account is a high-yield checking account that earns a higher interest rate than the Revolut Savings Vault.
You might sway more toward Revolut if you frequently use ATMs. Both are connected to the Allpoint ATM network. However, Wealthfront charges a $2.50 out-of-network ATM fee, while Revolut’s Metal Plan allows you to withdraw up to $1,200 from out-of-network ATMs without charging a withdrawal fee.
You also might like Revolut if you’d like to exchange currency easily. You can spend in over 150 currencies by making an ATM withdrawal through the Revolut Account.
Revolut: Frequently Asked Questions
Revolut has both a Visa and Mastercard prepaid debit card. You’ll be able to see which brand you’ll get through the app before you order the card. The brand you’ll get will depend on your location and which type of card design you choose.
Yes, Revolut launched in the U.S. in 2020.
The Revolut Account and Savings Vault are FDIC insured as they are offered via partner banks. You may safely keep up to $250,000 in an individual account, and your money will be protected even if a bank shut down.
You can transfer money from a Revolut Account to another account. However, the Savings Vault only allows you to transfer money to your Revolut Account.
You may withdraw up to $1,050 per day from ATMs based on your account tenure.
Chime® Checking Account
Set up Direct Deposit and get your paycheck up to 2 days before your coworkers.** No overdraft fees. No monthly fees.
