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Revolut doesn't fit the mold of a typical bank account. Its wide-ranging feature set includes savings, cash back rewards, and travel perks -- and that's just the start. The company plans to release new features, including no-commission trading, in the future. Read our full review to decide if Revolut is the right home for your money.
Revolut
Revolut offers an impressive suite of banking features, including several geared specifically at travelers. This includes currency exchange and travel insurance. Customers can also earn cash back on debit card purchases and enjoy no foreign transaction fees abroad. But those who want access to all these features have to get comfortable paying a monthly fee.
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The Revolut account is a great choice for those seeking a centralized app to manage many aspects of their finances. It's also a great fit for international travelers, thanks to the many travel-related perks available to its paid customers. American customers have a limited slate of services at present, but the addition of no-commission trading in the near future will only increase its appeal.
Those looking for a more traditional high-yield savings account with a higher APY may have better luck elsewhere, though.
Revolut lets customers access their direct-deposited funds up to two days sooner than many other banks, a feature common in many of the top online banks today. This feature is subject to the timing and eligibility of the payer's submission.
Revolut's Standard Plan charges zero fees for withdrawals at 55,000 ATMs nationwide, and for up to $1,200 per month of no-fee out-of-network withdrawals. However, ATMs may charge their own fees.
Jetsetters will appreciate the many travel-related perks Revolut offers, including currency exchange, the option to make purchases with your Revolut card in dozens of currencies, overseas medical insurance, delayed baggage and flight insurance, and a Smart Delay feature that allows you to get complimentary lounge passes if your flight is delayed by one hour or more. Some of these features are only available to paid members, though.
In addition to housing your money, Revolut can help you track where it goes through its suite of budgeting and analytics tools. You can set spending alerts and view your spending by category to help identify areas of overspending.
Using your Revolut card at select stores can earn you cash back on your purchases. The exact rate depends on the company in question. Revolut also offers discounts at select retailers.
Revolut has a plan that doesn't require a subscription, but if you want some of its more unique offerings, like its travel perks, you'll have to pay a monthly fee. There are two paid plans available, so you can choose the one that best fits your needs and budget.
Revolut is based in the United Kingdom and made its first appearance in the U.S. in 2020. At present, its feature list for U.S.-based customers isn't as robust as its options for U.K. customers. But this will likely change over time as the company plans to offer new features, including no-commission trading, to U.S. customers in the near future.
Here are your options for accessing money you place into a Revolut account:
You can deposit money in any of these ways:
Use one of these methods to withdraw money from your Revolut account:
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Open Account for UFB Portfolio Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
|
N/A
|
Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Please note that Revolut is frequently updating its products and features, see the Revolut Terms and Conditions for the latest offerings. Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, (Member FDIC).
The content of this review does not concern any customers that are based outside of the US.
Early Salary subject to timing and eligibility of payer's submission.