Revolut Plus review
- Incentive
- Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
- Account fee
- £3.99 per month
- Interest (AER)
- 0% AER
- Overseas card transactions
- 0% Mon-Fri (max. £1,000 per month)
Our verdict
Revolut Plus is a step up from the brand's free account, so how do the fees and features stack up?
The Revolut Plus account sits between the company’s free Standard account and the higher priced Premium option. There are now five Revolut personal accounts to choose from and some may argue that this is one price tier too far.
For others, the Plus plan might be just what they're looking for, as it provides some additional features for £3.99 per month, compared to £7.99 for the Premium account. You can get started by visiting Revolut's website and downloading the app.
Check out our guide to best bank accounts in the UK.
Pros
-
Fee-free spending in the UK and abroad
-
Purchase protection of up to £1,000 a year
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Option to earn interest on your Savings Vaults
-
Cashback paid on accommodation bookings across the world
Cons
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A monthly fee applies
-
Revolut isn’t covered the the Financial Services Compensation Scheme (FSCS)
Details
Product overview
| Incentive | Get a £20 welcome bonus when you spend your first £20 (T&Cs apply). |
| Account fee | £3.99 per month |
| Interest (AER) | 0% AER |
| Minimum opening balance | £0 |
Fees
| Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) | 0% Mon-Fri (max. £1,000 per month) |
| Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA) | 0% Mon-Fri (max. £1,000 per month) |
| Foreign cash transaction fee in Europe | Free up to £200 per month |
| Foreign cash transaction fee in rest of world | Free up to £200 per month |
Challenger banking brand Revolut unveiled its Revolut Plus e-money account in December 2020, which offers more features than its free account, but at a price. We analyse what you get for your money and where Revolut Plus fits in among the other account plans that Revolut offers.
What is Revolut Plus and how much does it cost?
This mid-priced Plus account comes with all the things you’d expect from the free Revolut account, such as spending categorisation and free international payments. But it comes with some extra perks that the free account doesn’t have, including purchase protection and interest-earning Savings Vaults.
It costs £3.99 a month which could be worth the price tag if you think you will make full use of all the extra features.
The Revolut Plus account sits alongside Revolut’s 4 other plans: Standard, Premium, Metal and Ultra.
What are the features of Revolut Plus?
The app-based Revolut Plus account comes with all the features of the Revolut Standard account, which include:
- £200 of free ATM withdrawals per month (2% charge after that)
- Free international payments in 29 currencies at the interbank exchange rate
- Free spending on your Revolut card in the UK and abroad
- No-fee currency exchange in 29 currencies (Monday – Friday)
- Ability to hold a balance on the Revolut app in up to 29 currencies
- Spending categorisation by type of transaction, merchant or country
- “Group Bills” to split payments with friends
- Ability to freeze your card and set spending limits
- Option to open a Revolut <18 Account account (for your child)
And then these are the additional features that you get with Revolut Plus:
- Purchase protection. Revolut says that you’ll be covered for up to £1,000 if your new purchase (e.g. a mobile phone) is accidentally damaged or stolen in the first year.
- Enhanced refunds. Refunds of up to £300 on eligible purchases if your retailer won’t take back your items, and enjoy an extended returns window of 90 days.
- Interest-paying “Savings Vault”. An interest rate of 2.39% AER is paid daily on money set aside in a Savings Vault. Learn more about saving with Revolut.
- Personalised payments card. Order a prepaid card with a custom design to stand out from the crowd. You can even incorporate your own doodles.
- Extra Revolut <18 Account features. You can unlock “Tasks” and “Goals” in your linked Revolut <18 Account account, to help your child learn the value of money.
Compare the differences between the different Revolut cards
How do I open a Revolut Plus account?
You’ll need to go to the App Store or Google Store (depending on whether you have an iPhone or Android phone), and then download the Revolut banking app. You can also sign up via the Revolut website, where if you enter your mobile number, you’ll be sent a link to download the app.
When you open a personal Revolut account, you can then select which price plan you want to sign up for. You’ll need to provide some contact details and a form of ID, although Revolut doesn’t conduct credit checks. Your physical card should reach you in the post within 5 working days.
Is Revolut Plus safe?
Revolut provides personal and business accounts in the UK and in many countries around the world, but it’s not actually a licensed bank in the UK. This means that your money is not specifically covered by the Financial Services Compensation Scheme (FSCS), which protects deposits of up to £85,000.
However, Revolut is authorised to operate as an electronic money institution, which means that it’s required to safeguard customers’ money in ring-fenced accounts at licensed UK banks. This means that in practice, if Revolut were to go bust, your money would be safely held elsewhere, separate from the company’s own finances.
Be realistic about whether you’re likely to use the perks that come with the Plus account — if not, you might be better off with the free option. ”
Pros and cons of Revolut Plus
Pros
- Includes all the features of the Revolut Standard account
- Comes with extra features such as £1,000 purchase protection
- Option to earn interest on your Savings Vaults
- The account is easy to open and set up, with no credit checks
- Although it’s not free, it’s reasonably priced at £3.99 per month
Cons
- A mid-range account isn’t for everyone – Revolut’s free Standard account might be sufficient, or you may need the more advanced features and perks of Premium or Metal
- Revolut isn’t covered by the FSCS
- As Revolut isn’t a bank it doesn’t offer the full range of banking services like overdrafts and loans
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