Revolut Review: Checking and Savings
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- Checking
Overall institution rating
4.4
Revolut is a financial tech firm that offers a prepaid card for spending, along with “savings vaults” that can earn interest as well as bonus money. To maximize the bonus, you’ll need to spend an amount equal to or greater than the balance in your savings vaults each month on the linked prepaid card. If you don’t spend enough to maximize the savings bonus, your money would likely earn a better yield in a traditional high-rate savings account instead.
Revolut’s mobile-focused accounts also let you send and receive funds in multiple currencies. As an upgrade, Revolut offers premium monthly subscription plans that start at $9.99. These plans have enhanced features, such as overseas medical insurance, higher fee-free ATM withdrawal limits and slightly higher savings rates.
Revolut does not offer live customer service by telephone, which is highly unusual for a financial services company. Customers can call an automated line to block their card or reach out for help via online chat.
Note: Revolut is a nonbank firm, or neobank, that offers banking services. See below for more details about neobanks.
Best for: Customers who need an account offering currency exchange, are mainly self-serve when it comes to banking and maintain traditional bank accounts elsewhere.
» Want more options? See NerdWallet’s analysis of the best savings accounts and the best checking accounts.
Pros
- No monthly fees on some accounts.
- Large, free, nationwide ATM network.
- Highly rated mobile apps.
Cons
- No live customer service by telephone.
- No cash or check deposit.
- No branch access.
Full review
Revolut
Checking
Checking
4.5
/5 NerdWallet ratingRevolut’s standard account has no monthly fees. You can send and receive funds in more than 25 currencies for free each month. Spending with your Revolut card at certain retailers can give you access to discounts and cash-back earnings. Payments made by direct deposit are available up to two days early.
What to know about neobanks: Nonbanks such as neobanks can be solid options for consumers who prefer managing money online and don’t mind having a nontraditional place to bank. But neobanks do have differences from banks that can pose risks, particularly in the way deposits are insured:
A neobank such as Revolut is a third-party banking technology platform that partners with a bank to provide accounts to customers. Funds deposited at a neobank are ultimately held at the partner bank. The funds are FDIC insured in the event of the partner bank’s failure and only if the neobank maintained accurate deposit records. (Learn more about how neobanks work.)
If a neobank goes bankrupt, there is no FDIC insurance involved. It’s up to the neobank to ensure customers get their money back, which may involve delays and potential loss of account access. Banks, in contrast, receive prompt assistance from the FDIC if they fail. (Learn about what can happen if a neobank closes.)
Neobank accounts often have low monthly fees and earn strong rates. However, they may lack traditional banking features, including in-person customer service, wire transfers and access to personal or cashier’s checks (often required for large purchases, such as buying a home). Consider these details before opening an account.
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
