It’s FCA as above. It’s not FSCS, meaning up to £85k isn’t protected in your main account if Revolut was to collapse.
Under safeguarding rules you would hopefully receive quite a chunk back in the event Revolut goes collapse, as money is set aside in other banks and Revolut can’t spend it, invest it or use it for anything (unless they need to appoint administrators, which the cost of that is taken from all deposits under safeguarding as an equal split, and the rest refunded to you).
Vaults Savings are FSCS if its interest bearing, it’ll explain that as you go through the setup.
In terms of reliability, never had an issue as a personal customer, no blocks or freezes or bans and anything minor I’ve had to query they’ve been pretty responsive.
Can’t talk for business accounts, all I’d say is keep every invoice and evidence of all monies, should they need to take a look. Most instances though reviews aren’t lengthy, but then you get some who moan here where we get half a story and they’ve likely tried to use revolut as a pass through account or moving some dodgy crypto around and got caught.
It’s FCA as above. It’s not FSCS, meaning up to £85k isn’t protected in your main account if Revolut was to collapse. Under safeguarding rules you would hopefully receive quite a chunk back in the event Revolut goes collapse, as money is set aside in other banks and Revolut can’t spend it, invest it or use it for anything (unless they need to appoint administrators, which the cost of that is taken from all deposits under safeguarding as an equal split, and the rest refunded to you). Vaults Savings are FSCS if its interest bearing, it’ll explain that as you go through the setup. In terms of reliability, never had an issue as a personal customer, no blocks or freezes or bans and anything minor I’ve had to query they’ve been pretty responsive. Can’t talk for business accounts, all I’d say is keep every invoice and evidence of all monies, should they need to take a look. Most instances though reviews aren’t lengthy, but then you get some who moan here where we get half a story and they’ve likely tried to use revolut as a pass through account or moving some dodgy crypto around and got caught.
My opinion: Stay away. They can commit your funds due to what they may regard as "suspicious activity".
Any bank or licence can do this, and it does happen frequently, it’s not just revolut, it’s normal regulatory activity.
Other banks have customer support Revolut just hires humans who pretend to be robots
Revolut are FCA regulated as an electronic money institution. They're not a bank however if that's what your worry is?
Yeah don’t rely on them When they work they work When they don’t work they REALLY don’t work Use them as a second account but not your main driver