I hope that there is nothing to be worried about, but in light of N26 deciding to close all UK accounts by April 2020 due to UK leaving the EU, I would like to be reassured.
I’m also very worried, but N26 was german-based whereas Revolut is from the UK and has their license with Lithuania if I’m not mistaken.
Just do a little research. Revolut has provided updates on this matter multiple times in their blog.
I thank you for the reminder about the statement on the blog. However it doesn’t really tell me anything reassuring about whether my cash is safe in Revolut’s hands.
What do you mean? it never was save as Revolut doesn’t have a deposit guarantee.
A fair point. Perhaps I should remove the small amount which I place in the account for holiday use?
The reason deposits with an e-money institution aren’t covered by bank deposit protection schemes is because the e-money companies aren’t able to lend your money out and it’s ring-fenced at an actual bank in your name
You could try reading the T&C’s where it is clearly laid out how your money is protected.
N26 are not leaving the UK due to Brexit but due to their fact that their UK offering was extremely poor, missing basic features and late to launch. Plus the UK has some well established competition (Monzo, Revolut, Starling).
In fact, until recently they were saying they were fully prepared for Brexit.
Wow. That’s wild and a bit irresponsible.
I feel bad for people in the UK who used N26 as their primary account.
Either way, Revolut is fine. They are already partially using their Lithuanian e-money license, but then they also have the Lithuanian bank license and now we know that they’re trying to get an Irish license.
I thank you for this balanced response to my original question. I too feel for UK based N26 customers who are rapidly being forced to choose an alternative.
My use of Revolut is primarily as a holiday card.
You, and others have reassured me that for this purpose Revolut is still a safe option.