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Banking

Revolut review — can you really manage all your finances through one app?

Revolut promises users can save, spend and invest their money in one app. Does it deliver?

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Depending on the size and complexity of your personal finances, you could find yourself juggling multiple services and products to manage your savings, investments, and more. When you're spending more time tracking down passwords and corraling data than you are making decisions, you're putting your goals in jeopardy.

Fintech Revolut lauds itself as a financial "super app" that essentially consolidates multiple consumer services into one handy app. In other words, you can save and spend through the same app you use to invest, and receive travel protections and other features that make it easy for you to manage money while abroad.

Below, CNBC Select outlines some key features of the Revolut account. We analyzed factors like its APY, perks, fee structure and more. Read on to see if this app sounds like something that could suit your needs.

Revolut Banking

  • Annual Percentage Yield (APY)

    3.25% APY (with the Standard plan; 4.25% APY for Premium and Metal tiers)

  • Minimum balance

    None ($1 minimum needed to use investment features)

  • Monthly fee

    No fee for the Standard plan ($9.99/month for Premium; $16.99/month for Metal)

  • Maximum transactions

    No limit on transactions for most currencies (see here for more information)

  • Excessive transactions fee

    Not disclosed

  • Offer checking account?

    No (Savings "vaults" and investment accounts are offered)

  • Offer ATM card?

    Yes

Terms apply.

Pros

  • Strong APY
  • No minimum balance required
  • Provides ATM access and ATM card
  • Allows you to save money in different currencies
  • Currency exchange feature
  • Ability to get paid up to two days earlier
  • Ability to send and receive money in 25+ currencies with no fees
  • Split bill feature for splitting costs with friends
  • Subscription management feature
  • Account and card available for people under age 18 with parental guidance
  • Investment features available

Cons

  • Higher APYs offered elsewhere
  • Unable to deposit checks from the app
  • No checking account offered

Revolut Account Review

APY

Revolut offers a tiered APY structure for its savings feature. Users who sign up for the free Standard plan can earn 3.25% APY and those who sign up for the Premium ($9.99 per month) and Metal ($16.99 per month) plans can earn 4.25% APY on both.

Features

This account brands itself as an all-in-one "super app" offering access to many essential financial services in one place, but it mostly concerns itself with saving and investing, with some additional features for those managing their money while abroad.

Saving

Customers can use a feature called "Savings Vaults" to create goals they then work toward. You can assign deadlines for these goals, and can even create what's called a "Group Vault" to save money as a family. There's also a feature that lets you "round up" spare change from purchases and put it toward your savings goals.

According to Revolut's website, users can make fee-free ATM withdrawals at any of the more than 55,000 ATMs in its network. Users will also receive an ATM card.

Investing

The platform also allows users to invest their money in stocks and ETFs with as little as $1, making it fairly accessible for individuals to get started. According to Revolut's website, stock trading is commission-free, which means you won't be charged a fee every time you place a trade. However, other regulatory fees may apply.

One interesting investing feature on this platform is access to extended-hours trading. The U.S. stock market opens at 9:30 a.m. and closes at 4 p.m. but Revolut gives users the ability to trade from 4 a.m. to 9:30 a.m. and 4 p.m. to 8 p.m., in addition to regular market hours.

Many other platforms on the market offer investing and saving services, though, not necessarily in such an all-encompassing manner. Betterment and Wealthfront, for instance, are robo-advisors that allow users to invest in more than just stocks and ETFs. Betterment users can also invest in bonds and Wealthfront users can also invest in real estate and natural resources portfolios.

Betterment

  • Minimum deposit and balance

    Minimum deposit and balance requirements may vary depending on the investment vehicle selected. For example, Betterment doesn't require clients to maintain a minimum investment account balance, but there is a ACH deposit minimum of $10. Premium Investing requires a $100,000 minimum balance.

  • Fees

    Fees may vary depending on the investment vehicle selected, account balances, etc. Click here for details.

  • Investment vehicles

  • Investment options

    Stocks, bonds, ETFs and cash

  • Educational resources

    Betterment offers retirement and other education materials

Terms apply. Does not apply to crypto asset portfolios.

Wealthfront

  • Minimum deposit and balance

    Minimum deposit and balance requirements may vary depending on the investment vehicle selected. $500 minimum deposit for investment accounts

  • Fees

    Fees may vary depending on the investment vehicle selected. Zero account, transfer, trading or commission fees (fund ratios may apply). Wealthfront annual management advisory fee is 0.25% of your account balance

  • Bonus

    None

  • Investment vehicles

  • Investment options

    Stocks, bonds, ETFs and cash. Additional asset classes to your portfolio include real estate, natural resources and dividend stocks

  • Educational resources

    Offers free financial planning for college planning, retirement and homebuying

Terms apply.

Managing money abroad

Revolut offers many money management features tailored to those who often travel abroad. Users can spend money in over 150 currencies while outside the country and make exchanges in over 25 currencies up to a certain amount (depending on the tier) without being charged fees. For Standard plan users, that limit is $1,000 per month; for Premium members, the limit is $10,000 per month and Metal tier members have no limit.

Perks

Members who have Premium or Metal tiers can take advantage of the most travel-related features on the platform. Travelers who use Revolut can also receive up to $900 to cover hotels, meals and other essentials in the event that their trip is delayed. And if the trip is canceled or interrupted due to unforeseen circumstances, users can receive up to $5,000, to cover any incurred expenses as a result of the interruption. There's also delayed baggage protection, lost baggage protection and discounted lounge access. Users can also receive up to $10,000 in primary accidental medical insurance while away.

The platform also protects activities related to everyday shopping, such as purchase protection against theft and accidents for up to 90 days, as well as ticket purchase protection for events, which allows you to receive up to $1,000 per year in ticket refunds should you be unable to attend for a covered reason.

Again, these features are only available to users who hold Premium or Metal status.

Fees

The Standard account plan is free to use. The Premium account plan costs $9.99 per month and the Metal account plan costs $16.99 per month.

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Bottom line

There's a lot to digest with the Revolut app. The platform offers savings and investing capabilities while also providing features aimed at protecting those who travel and shop a lot. However, to make the most of these features, users may need to consider upgrading from the free account to one of the paid tiers.

Catch up on CNBC Select's in-depth coverage of credit cardsbanking and money, and follow us on TikTokFacebookInstagram and Twitter to stay up to date.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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