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Your money is not protected in Revolut.
They are not covered by the Uk gov guarantee up to 85k due to not having a Uk banking licence. Saying they keep it with a tier 1 institution is like anyone else saying they keep the money you’ve lent them in a bank.
They claim to have a European banking licence but due to the legal complications this does not actually mean much.
I still use it to transfer cash but try to get in and out as quick as possible. Storing cash in Revolut is a risky strategy.
Monster1985
Tenderloin
I’ve moved savings into Revolut due to a decent exchange rate and having a wedding next year in Italy so needed money in euros. I can’t see what guarantees there are around the money and wondering given recent news if it’s best to take it out and just accept poorer fx etc
Any thoughts?