This hasn’t actually come out on iOS yet, pretty weird for Revolut to be doing this kind of thing
Guess it’s time to ask on Twitter
Nothing here but isn’t paying the interest daily a bit odd? You’d need around £2,600 just to get a penny.
£2600 ez dw
What’s odd about this?
I guess I was just imagining a transaction feed full of a few pence each day. Usually it’s calculated daily but paid monthly etc., no?
I guess it depends how they display it
Yearly rate, daily payout.
I know. I just can’t see people saving enough with Revolut for this to be useful. Without a banking licence etc are there going to be many people having enough in a savings vault to even reach a penny daily. If they get fscs protection then things would be different.
Unless someone here knows better, I’d assume this too.
Was the £2600 a typo?
£260 * 0.014 = £3.64, or a penny a day based on a 364 days?
3.65/0.014 = £260.71
Good point, indeed.
Yeah, it was a typo in my calculator! £260 makes more sense… interest rates are so low I’m used to it being £1000s to see anything back
I still think that the amounts being saved with Revolut aren’t going to really warrant daily payment of interest until they use their banking license. I think those who aren’t as in to finch are more likely to use Revolut as a spending/travel card.
Their banking licence should be operational.
The savings accounts probably with their Lithuanian authorised bank and I can imagine that they’re hoping to offer bank current accounts via an UK or Irish banking subsidiary.
I hope so. I imagine it will come after they finish their current funding round.
I can’t see it anywhere in my app… I would actually consider using it too, tbh
£1 billion in Vault deposits without any interest at all!
They are using Paragon Bank I see, which is good as it’s FSCS protected. I’m impressed they’re offering a higher rate than Paragon directly (and the same as their 40-day notice account), though I am guessing that rate is only for Metal users and the rest will be Paragon’s 1.15%.