Revolut launches its own alternative to Livret A… or almost

By launching its “flexible accounts” this week, the online bank Revolut boasts of a new savings product that it announces will be an alternative to classic A booklets. Be careful, however, not to be fooled by this pirouette of language.

By displaying its ambitions last May, the online bank Revolut had indicated that it intended to compete with the big names such as Boursorama Banque or Fortuneo on the French market. For this, in addition to the regular innovations which it often demonstrates, it had to increase its range of banking products and this necessarily involves adding interest-bearing accounts. This has been done since today with the introduction of flexible accounts that Revolut presents as an alternative to savings accounts and the Livret A. It is more essentially interest-bearing accounts and investments from one euro, US dollar or pound sterling.

The remuneration of these new accounts also depends on the currency and the Revolut account owned. Obviously, the recent Ultra formula is clearly the most advantageous.

Please note, this is not a Livret A

These flexible accounts are in fact indexed to the key rates of central banks, in particular that of the ECB for a European account. But, unlike classic A booklets, they are not without risk. A Livret A has a capital and a return guaranteed by the French State, this is not the case here, since we are more dealing with investments in money market funds. They are certainly not subject to stock market prices, but that does not mean that their remuneration or the secularization of funds are absolutely guaranteed, all this without taking into account taxation.

On the other hand, they are very attractive, especially since their remuneration depends on the key rates of the ECB, which have been rising for more than a year. On the practical side, the fact that it is possible to withdraw your money at any time and that there is no deposit limit is also a great advantage.

To open a flexible account, customers will need to:

  • Click on “Savings” in the Revolut app
  • Click on “Start”
  • Select and confirm flexible account currency
  • Accept the T&Cs and open a flexible account
  • Decide how much you want to invest

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