Revolut
A complete digital bank with interest on your balance, free currency exchange, and much more
Revolut is one of the most popular neobanks in Europe, with over 45 million customers. The free account already includes a debit card, no-fee international payments, currency exchange at real exchange rates, and access to stocks and crypto. It offers 1.26% annual interest on your savings balance. It is one of the most complete financial apps available and works well both as a main account and as a complement to your regular bank.
How to get started step by step
- 1Download the app and open your account. Sign up with your phone number and verify your identity with your ID or passport. The process is completely digital and takes a few minutes. The basic account is free.
- 2Order your Revolut card. You can request a physical debit card from the app. Standard delivery is free on the free plan. The card works worldwide and applies the real interbank exchange rate when you pay in other currencies, with no surcharges.
- 3Add funds and start earning interest. Transfer money from your regular bank and activate the savings account from the app. Your balance earns 1.26% annually with no further action needed.
- 4Use Vaults to separate your savings. Vaults are separate savings pots within Revolut. You can create one or several for different goals (holidays, emergency fund, etc.) and set up automatic transfers. Money in Vaults also earns interest.
- 5Explore stocks and crypto if you are interested. Revolut lets you buy fractional shares and cryptocurrencies from the app. The free plan includes a limited number of commission-free trades per month. If you decide to explore this side, do so with money you do not need in the short term and with your own judgment.
Pros
- ✓Free account with card included and no maintenance fees
- ✓Currency exchange at real interbank rates with no hidden charges
- ✓Interest on your cash balance starting with the free plan
- ✓Vaults to organise savings by goal
- ✓One of the most complete and highly rated financial apps on the market
Cons
- ✗Higher interest rates require a paid monthly plan
- ✗Not a traditional bank: support is via chat, no physical branches
- ✗Some advanced features have limits on the free plan
- ✗The interest rate can change over time
Tip to maximize earnings
Revolut as a savings account works very well for everyday money or an accessible emergency fund. If you travel frequently or make purchases in other currencies, the savings on exchange fees can be significant. The free plan more than covers the needs of most users.