Does Revoult count as UK bank account?


#1

Hi,
I’d like to use Revoult. However, Currently I have Lloyds EU Basic Bank Account, so having any other UK bank account would cause Lloyds to have my account terminated, which I’m not comfortable with. Does using Revolut count as having another UK bank account?


#2

It surely does count, but why have a basic account in the first place? Those accounts don’t usually offer very good conditions anyway


#3

If you live in an EEA country you should have a “local” GBP account under your name. that’s a normal UK bank account you can use to be paid but unfortunately not for direct debits.

It is important you lift your top-up limit though.

if you live in the UK you can get a very good full featured free bank account from starlingbank.com or monzo.com. both are a lot better than Lloyds’ and without restrictions.


#4

Are you sure it counts? Revolut is not technically providing bank accounts. They are offering an e-money regulated payments product that has similar functionality to bank accounts.


#5

the only difference is the way the money is stored. Banks can play with your money, revolut can’t.

the individual UK and SEPA account numbers are bank accounts for all effects and purposes.

except that the UK account can’t take direct debits… but that’s not because :r: is an e-money institution, monese also uses pre-paid solutions and also an e-money but they do support DDs.


#6

I’m am not sure, but with revolut implementing a banking license it will certainly start counting then.

In Portugal we have a website where we can see our “account map”, where all of our accounts are listed. Don’t you have something like that in the UK?


#7

Well, the initial question is if Lloyds would rate the Revolut product as a bank account. I don’t know this about the UK, but in some EU countries, there are laws that grant every citizen the right to open a bank account. And banks can’t deny a customer to open one if it would be their only bank account.

It’s written in Revolut‘s T&Cs that they are at no point providing a bank account, I believe. So I am not sure if having a Revolut account would affect a customer’s right to open a “regular” bank account.


#8

Hi there. Revolut is not a bank, therefore you don’t have a bank account.


#9

At the moment, no. Looking though the T&Cs of your account, I can’t find specifically where it says you can’t open other accounts after, only before.


#10

Btw. any outlook on you getting your bank license eventually?


#11

Thank you. I’m getting my Revolut account right now :slight_smile:


#12

don’t forget to increase your top-up limit as soon as possible, to avoid troubles in future.


#13

I know its not a bank.
But do we have the same sort code, because here its says that you can use direct debits? Or I understand something wrong?


#14

but for our :r: accounts it gets rejected after processing the DD request, try adding the account to paypal as a test.