Revolut Spending Account

Revolut Spending Account Review

Revolut Spending Account is offered by Revolut, a nonbank financial services provider founded in 2015 and based in New York, NY. Revolut is available in 50 states (and Washington, DC).

Key Takeaways

• Revolut does not charge a fee for the Standard plan. Users have the option to upgrade to Premium or Metal plans for a monthly fee of $9.99 or $16.99 respectively.
• Up to 1% cash back. Revolut Spending Account offers rewards on purchases (see terms and conditions here for full details).
• Up to 4.25% annual percentage yield (APY). This account offers an annual percentage yield of up to 4.25%, which is much higher than the average for the checking accounts that we track.
• Charges a monthly fee. This account charges a monthly service fee of up to $16.99.
• No minimum initial deposit. There is no minimum balance required to open an account online.
• No ATM fees. Revolut Spending Account does not charge fees on ATM transactions.
• ATM fee rebates. This account will reimburse you for ATM fees (see terms and conditions for details).
• Early direct deposit. Get access to you paycheck funds faster If you set up a direct deposit to this account.

Revolut Pros & Cons

Pros

Cons

Premium Accounts don't charge a fee on the first $10K a month. Revolut is currently supporting legal residents of the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, the United Kingdom, and the United States. Three months of complimentary Revolut Premium subscription when you sign up. 100% no-fee ATM withdrawals at more than 55,000 ATMs in our network, and you can collect your salary up to two days early. Available in all 50 states. High variable APY.

No signup bonus. Online-only account with no access to physical branches. Does not offer mobile check deposits. Does not come with a debit card Monthly service charge.

Revolut FAQ

Are checking accounts from Revolut federally insured?

Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank (Member FDIC). The Revolut USA Prepaid Visa® and Prepaid Mastercard® are issued by Metropolitan Commercial Bank pursuant to a license from Visa U.S.A. Inc. for Visa cards, and Mastercard International for Mastercard cards, and may be used everywhere Visa or Mastercard are accepted. Banking services are provided by Metropolitan Commercial Bank, Member FDIC, and are subject to the terms of a Cardholder Agreement. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank © 2014. A note from Metropolitan Commercial Bank: Funds in your Revolut Prepaid Card Account are held at an FDIC insured institution. Your funds will be held at or transferred to Metropolitan Commercial Bank, an FDIC-insured institution. While there, your funds are insured up to $250,000 by the FDIC in the event Metropolitan Commercial Bank fails if specific deposit insurance requirements are met and your card is registered. See fdic.gov/deposit/deposits/prepaid.html for details. FDIC insurance does not protect your funds in the event of Revolut’s failure or from the risk of theft or fraud.

What APY does Revolut offer?

Revolut offers an APY starting at 3.25% and ranging up to 4.25% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY.

Revolut Rates and Terms

Rates	Amount
APY (Annual Percentage Yield)	3.25% - 4.25%

What are the account minimums for Revolut?

Revolut does not require a minimum initial deposit.

Revolut Spending Account Minimums

Description
Minimum Opening Deposit	$0

What fees does Revolut charge?

This account charges a monthly service fee of up to $16.99.

Revolut Spending Account Fees

Description
Monthly Fee	$0 - $16.99
ATM Fee: In-Network	$0
ATM Fee: Out-of-Network	Starting at $0
Wire Transfer Fee - Domestic (Incoming)	$10
Wire Transfer Fee - Domestic (Outgoing)	$10
Debit Card Replacement Fee	$5.00

What features and perks does Revolut offer?

This account includes the following features:

• ATM rebates - This account will reimburse you for any domestic ATM fees.
• Get paid early - If you set up direct deposit with your employer and request this service, you can collect your salary early.
• Mobile Banking Services - Revolut allows you to manage your money online or with a mobile app.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

What is the customer support email for Revolut?

The customer support email for Revolut is feedback@revolut.com.

How do people rate the customer service and user experience of Revolut?

Overall, Revolut is strongly recommended based on community reviews that rate customer service and user experience.