Revolut, the global fintech with over 35 million customers worldwide, is launching a new alternative to the traditional savings product in Ireland: Flexible Accounts is a smart way for customers to get the most out of their money in times of increasing cost of living. The new Revolut product offers existing and new customers full flexibility, with variable rates of return from 3.50% to 3.95%1 on EUR, the ability to top up and withdraw funds anytime (subject to T&Cs) with smart features including spare change round-ups and recurring transfers, to help them reach their money goals even faster.
When adding money to a Flexible Account, customers are investing in Money Market Funds — offering rates in line with money market rates meaning that, when central bank interest rates are high, Money Market Funds typically offer higher return rates than traditional savings accounts. Customer investments are insured by the Liabilities to Investors Insurance Scheme up to €22,000 (investment risks are excluded from the coverage)2.
Customers will be able to move the money they want to invest into a ‘Flexible Account’ and earn returns overnight. Customers can invest money into their Flexible Accounts selecting between three currencies – EUR, GBP and USD – and hold multiple Flexible Accounts at the same time. The rates of return vary depending on the currency and the subscription plan of the customer. For example, Ultra customers will get up to 3.95% APY for EUR investments, 5.25% APY for GBP and 5.45% APY for USD1. Annual returns are paid daily and customers have the ability to top up and withdraw funds at any time (T&Cs apply).
Albert Codorniu, Head of Savings: “Stretching your savings and making your money go further has never been more important. We’re delighted to offer a product that will help people get the most out of their money. Our Irish customers now have a flexible way to invest their savings in EUR, USD, and GBP, with the convenience of accessing their money whenever needed.
To open a Flexible Account, customers will need to:
Tap on “Savings” in the Revolut app
Tap on “Get started”
Select and confirm currency of the Flexible Account
Accept T&C and sign up for Flexible Accounts by onboarding to Revolut Securities Europe UAB
Decide how much money you want to invest
