Using Revolut as a savings account: any yield?

[revolutking]

Hi there, does the money sitting on my Revolut account generate any yield?

Thanks in advance,

[mirron]

It doesn’t generate interests.

[rev_spa]

Yes, for them. Surely not for you.
They need your $, £, € or whatever you have.
You might just risk losing your savings if shits hits the fan.

[mirron]

@rev_spa

Yes, for them. Surely not for you.

Nothing unusual here, it’s how every Bank works

@rev_spa

They need your $, £, € or whatever you have.
You might just risk losing your savings if shits hits the fan.

Same here : it’s the same for all Banks

[Recchan]

@rev_spa

Yes, for them.

As Revolut is on an e-money license your deposits are held with Lloyd’s Bank (or Barclays iirc) in client ringfenced accounts (i.e Lloyd’s, Barclays and Revolut aren’t allowed to touch that money in the event that they go into administration or even if they are in good standing) they gain no interest as they can’t loan these deposits out.

@rev_spa

You might just risk losing your savings if shits hits the fan.

As I mentioned the whole ringfenced account thing, as it’s held in your name and it’s not an asset that they’re allowed to use to prop the business up, you’d be able to reclaim the funds from Lloyd’s or Barclays in the event Revolut goes into administration.

I believe this is also the case if either bank goes into administration (although this isn’t likely to happen) as your claim would be paid in preference to other creditors.