Revolut Bank: Review (2024 Update)

Revolut is a fintech unicorn and one of the most successful mobile-first digital banks in the world. Headquartered in London, United Kingdom, it was founded in 2015 by Nik Storonsky and Vlad Yatsenko. Revolut started out with a focus on low-to-zero fee currency exchange, but since then evolved into a “global financial super-app”. The neobank is suited for both satisfying your day-to-day banking needs (including using your Revolut bank cards all over the world), as well as for multiplying your wealth via trading stocks and cryptocurrencies. Next to bank accounts for individuals, Revolut also offers banking services to businesses, in particular bank accounts for freelancers and self-employed persons. The wildly successful fintech now has over 28 million users and is operating in over 50 countries, becoming one of the few profitable challenger banks on the market.

Revolut is a pioneer of the digital banking revolution, but now that the competition is as fierce as ever and competition between top digital and mobile-first banks is at an all-time high, is it still a solid choice? We assembled a team of fintech experts and got "hands-on" with Revolut's bank accounts for personal banking, and in this review, we'll answer that question in full.

Our assessment will start with an overview of various plans Revolut offers for individuals, along with a comparison table listing differences between subscriptions. We'll then highlight key features and the biggest gaps in a "Pros & Cons" format, followed by an FAQ section to clear up any confusion. At the end of this article, you will find our suggestions for the best Revolut alternatives and wrap it up with our experts' verdict.

We previously mentioned Revolut's bank accounts in the following articles on various aspects of digital-first banking:

Revolut offers 4 subscription types for personal banking. Each of these is generously packed with perks and each comes at a different price point. Below, we'll provide a concise overview of Revolut's different plans, followed by a comparison table.

"Standard" is a basic entry-level account without recurring monthly fees. It provides you with the bare essentials, and can be particularly useful as an alternative to your primary bank when dealing with currency payments. Includes solid budgeting and payment capabilities and even access to more advanced financial instruments, such as stock and crypto trading (subject to regional availability).

Would Revolut's free account be enough for you? The answer depends on your individual banking needs, but rest assured - the basics of banking (sending and receiving money, paying with your bank card either online or offline, Apple/Google pay, etc.) are covered at no extra cost. The only charge to be aware of is a card delivery fee in case you want a physical card, and a steep 2% + €1,00 fee for any ATM withdrawals beyond the €200 per calendar month. Sure, the app will frequently pester you into upgrading, but you can still bank just fine on a free account.

"Plus" is a very affordable subscription type for those who feel restricted by the free account. Revolut Plus includes additional benefits for everyday use, such as priority customer support, insurance coverage on purchases and event tickets. You can also get a personalized bank card (for a fee), and get full access to "Revolut Junior" (read about it below).

This flagship-tier plan from Revolut promises "an upgrade to a global lifestyle", allowing users to spend, invest and save money in various currencies and other assets. With travel insurance, purchase protection and lounge access, Premium is a real strong proposition for users all across the globe.

However, there is also merit in saying that this subscription does not really deliver exceptional value, positioned between the VIP-like "Revolut Metal" plan and a "bread-and-butter" "Revolut Plus" in an awkward way. The only way this type of account is the way to go is for a frequent traveler who doesn't use a physical bank card enough to justify investing in the ultimate option.

Revolut Metal is the ultimate subscription from the UK-based digital banking behemoth. This plan offers "unlimited power with the full package" of financial services, including a metal bank card, insurance coverage, purchase protection, free lounge access with SmartDelay and up to 1% cashback (which goes up to 10% when booking accommodation through Stays).

Thanks to beautifully designed stainless steel cards and an avalanche of benefits that come with the subscription itself, we included Revolut's metal cards in our list of Top 5 Metal Bank Cards in Europe.

Revolut would not be able to claim to be a "financial super-app" without these features. In addition to automatic transaction categorization (which is a fairly standard feature for digital banks nowadays), the neobank offers weekly insights with an in-depth look at your spending habits. In addition to this, the app helps you stay within your budget - you can either set the limit yourself, or let Revolut's machine learning models suggest an appropriate amount, based on your transaction history.

Of course, budgeting only makes sense if you're given a way to accumulate savings. Luckily, Revolut's mobile apps have that covered as well - you can work towards your saving goals in multiple ways. For starters, you can enable rounding up your purchases to invest spare change. Got a coffee for €1,69? That's an immediate €0,31 added to your savings "vault" (and trust us, these do add up over time!). Alternatively, you can set up recurring transfers - for example, by setting aside a portion of your salary the day it hits your bank account. Of course, you can simply top up your savings account manually whenever you feel like it. These accounts are also customizable - you can name these whatever you want, set any amount as a goal, and even add a desired deadline to each. As an added benefit, you can do all of the above in any of the 30+ currencies supported by the bank to safeguard yourself against the currency exchange rate fluctuations.

One might argue that none of these features are ground-breaking, with both banks like Monese and even savings & investment apps like Trade Republic having similar features, and we'd be inclined to agree. Revolut does not go beyond what's expected, but it also does not have any significant gaps, and the execution of these features is extremely solid. They're reliable, straightforward, have a clean UI to them and they all come at no extra cost, so we'll let a slight lack of innovation slide.

Main article:"Revolut Joint: Everything You Need To Know".

We previously mentioned "Vaults": they're Revolut's take on a sub-account created for a specific purpose, with their own balance, separate from your "primary" account. And it's not hard to guess what "Group Vaults" are: simply designate a person to create a Vault of their own (they'll be the Group Vault Administrator). They'll quickly set the Vault up: pick a name, set a savings goal and add a picture. Once that's done, the administrator can simply invite people to participate - and they get to decide whether the person would only be able to deposit into the Group Vault or if they're also granted permission to withdraw money from that Vault. And that's it! Obviously, the list of people who have access and their permissions can be managed in real-time by the administrator. This feature has a variety of use cases - for example, saving for a dream vacation with your friends, buying that video game console you've always wanted with your significant other.

The next feature that helps deal with shared finances is "Group Bills". The idea is similar - imagine you're going on a vacation with your group of friends. To avoid the seemingly inevitable flurry of payment requests, math that doesn't add up and people feeling like they paid way more than the others did, just start by opening your Revolut app, creating a group and adding your friends to it (they don't need to be Revolut customers - convenient!). After that's handled, everyone can add the expenses they incurred to that group. Then, once the trip's over, you just tap a button and the app automatically settles the books, taking into account each person's transactions. The UI is fairly clean and straightforward, but it does work best if you're all using Revolut, of course.

Overall, these shared finance features are nice and work well when solving the particular issues they're made to mitigate, however, it is fairly disappointing that in reality, "Revolut joint accounts" do not really exist. Compared to competitors like the Dutch bunq bank we've reviewed previously, where you can create up to 25 accounts, each with its own individual IBAN (yes, you can have a specific IBAN for just your rent and utilities, equally accessible and legally shared by you and your partner) and up to 10 people accessing it... Revolut falls short in that regard.

Want to learn more about shared banking and joint accounts? Head over to our "Guide to Sharing a Bank Account", where we go in-depth on the legal implications, things to consider when creating a joint bank account and learn more today.

Main Article:"Guide: Revolut <18 Accounts for Teens".

With Revolut <18 (previously called "Revolut Junior"), children can have their own debit card and make transactions online or in-person, just like with a regular bank account. Parents can also set up automatic allowances, and monitor their child's spending in real-time. This feature can help teach children financial responsibility and budgeting skills, all while giving parents peace of mind.

Another benefit of Revolut Under 18 account is that it offers a safe and secure way for children to learn about banking and money management. Revolut uses all the security measures you might expect, such as two-factor authentication and biometric login to ensure the safety of both the parent and child's personal information (and money in their accounts!). These safety features also extend to bank cards - and in case it gets lost, it only takes one tap in the app to temporarily freeze the card.

Interested in educating your children about personal finance and helping them gain financial literacy in a safe environment? Check out our selection of the best apps and services that help kids learn personal finance.

Revolut also offers a wide range of perks not directly related to banking. These are:

• Airport Lounges - SmartDelay ensures you and one more person (on Premium) or three more people (on Metal) have free lounge access in case your flight's not on time, while any Premium or Metal user can enjoy a discount when purchasing lounge access in most airports. Not groundbreaking, but nice to have.
• Discounts - Having a coupon code for a popular service is always great, but the offers are fairly underwhelming. Do you really need one more HelloFresh referral code?
• Stays - Booking accommodation all over the world directly from your banking app is convenient, and getting up to 10% cashback (if you're on Metal plan) feels great. However, realistically, any frequent traveler already has their go-to hotel booking app they're saving loyalty points or miles with, so the benefit here is fairly limited.

Not convinced that Revolut is the bank for you? Our team of experts suggests you take a look at following Revolut alternatives, based on your personal use case and your unique banking needs.

If you want a powerful mobile banking app with exciting and truly unique features, eye-catching bank cards and an ability to combine your personal and business banking in one place, consider bunq. In our bunq bank review, our experts alternate between signing praises and voicing harsh criticism of the Dutch neobank which recently exploded in popularity.

If you're looking for a cool app (and, perhaps, a stylish metal card to go with it), while still preferring to have an established "traditional" bank as your primary one, we suggest exploring Curve. A good starting point is, of course, our Curve "all-in-one" app & card review.

And if your interest lies in conducting overseas bank transfers, doing payments in currency or receiving money from all over the world, we recommend taking a closer look at Wise (formerly TransferWise).

Revolut is no doubts at the forefront of the mobile-first banking revolution. Its digital banking platform offers a range of financial services, including a personal bank account that has no monthly or other kind of fixed costs. After a comprehensive review of the apps, Revolut's fee structure and pricing documents, online reviews and annual financial reports of the company, we can confidently state that Revolut is an excellent choice for anyone looking for a digital bank account.

It is by no means perfect - no product is. It might not support a specific payment method that's popular in your country, customer support can sometimes take their time resolving your issue and you might stumble into a non-critical bug when diving deep into the app. However, the level of convenience, smoothness and ease Revolut offers today is almost unparalleled, while the monthly subscription prices and other fees are more than reasonable. Committing to Revolut's bank account also provides you with a basic set of investment tooling, sets you up for success with international payments (however, we'd also like a PayPal integration like the one offered by Monese) and an array of budgeting features.

What's also refreshing to see as a customer is the fast pace of banking product's development. Sure, new features sometimes ship with a few bugs here and there, but your money is always safe thanks to a strict regulatory framework. Revolut is moving away from being a bank towards a "financial superapp" similar to what WeChat is in China or Tinkoff Bank (Europe's largest neobank by customer base) in Russia. We're sure it will soon expand harder outside the banking domain, for instance, by partnering with key food delivery players or taxi apps for a deeper integration. Because ultimately, someone else will do it anyway - becoming the "one stop shop" app for everything a person needs is too lucrative of an idea to not pursue.

Bottom line is, Revolut has a free bank account with a virtual card included, and it usually takes less than 10 minutes from start to finish to try it out. And (subject to regional availability), Fintech Compass readers get to try out Revolut Premium for 3 months for free with "no strings attached"! That's more than enough time to get familiar with the bank and decide if it's right for you or not - because nobody knows your unique banking needs quite like you.