Joining Revolut Bank: what’s in it for me?

Elizabeth McGrath

 · 09/02/2021  · 09/02/2021

If you want the short answer: more security now, and more innovative products later.

Revolut Bank is now live in 29 EU countries and we continue adding new countries to the list. If you join Revolut Bank, your money will be protected under the Deposit Guarantee Scheme and you’ll be one of the first to access our new banking products in future, like loans and credit cards which are already being offered in Lithuania and Poland.

Revolut Payments and Revolut Bank — what’s the difference?

If you’re from the EEA region, you have an account with Revolut Payments - our e-money institution licensed company. It is an e-money account which can be used for transfers and money exchange, and to access all of the other Revolut services that you know and love.

If you join Revolut Bank, you add a Demand Deposit account with Revolut Bank to your e-money account. The deposit account is only used to keep your money as a deposit which is protected by deposit insurance.

When you have both, you’ll be able to enjoy the full functionality and advantages of Revolut, such as transfers and currency exchange with excellent rates, but also a deposit insurance to keep your money safe. It’s a win-win.

Will bailiffs and tax authorities get to me more easily if I join the bank?

We often see this question flying over social media. Whether you hold an e-money account or deposit account in the bank, Revolut is not a place to hide. We operate in local markets complying with the local laws and regulations, and cooperating with local authorities, law enforcement institutions and regulators.

As a financial institution we are required by law to collect and report information on your tax residencies. The reporting framework is the same for our e-money institution and bank, so nothing will change if you join the bank.

How to join Revolut Bank

If you are eligible to join Revolut Bank, you will see a banner in your Revolut app home screen which says "Join Revolut Bank". To join, simply click on that banner and follow the instructions on screen.

From version 8.5 of the Revolut app, you'll have both accounts right away when joining Revolut.