large sum transfer into revolut. bad idea?!

copeyhagen

I have a revolut card here.

I have a PTSB current account
myself and the wife have a joint account for paying mortgage etc. my wages go straight in there.

I recently got a large amount of money, I put it into my PTSB account.

I'm thinking of moving it into the revolut account and closing my PTSB, don't need it anymore. I don't want to put it into the AIB joint account.

would I be taking a risk putting it into the revolut account? if something happened to revolut could the money be at risk?! I very rarely use the card at the moment.

cheers.

Wheety

What are you planning on doing with it? Saving? Maybe stick it into state savings. Investing?

Or just leave it there and spend it down? If you are putting it in Revolut, put it in a Vault so it's not accessible through the card.

copeyhagen

Wheety wrote: »

What are you planning on doing with it? Saving? Maybe stick it into state savings. Investing?

Or just leave it there and spend it down? If you are putting it in Revolut, put it in a Vault so it's not accessible through the card.

Thanks for reply, getting a new car for myself and her, getting house renovations done, already cleared loans and credit cards, putting 50k off mortgage. I'm thinking at the end of all of this I'll have approx 40k. Is that worth putting into state savings?!

Atlantic Dawn

There's currently zero coverage for your money if Revolut goes bust in the morning, I'd only be putting a few k in it until it's fully covered.

Wheety

copeyhagen wrote: »

Thanks for reply, getting a new car for myself and her, getting house renovations done, already cleared loans and credit cards, putting 50k off mortgage. I'm thinking at the end of all of this I'll have approx 40k. Is that worth putting into state savings?!

If it were me, I'd either put that off mortgage too or into pension. Unless you think you'll need it again.

Wheety

Atlantic Dawn wrote: »

There's currently zero coverage for your money if Revolut goes bust in the morning, I'd only be putting a few k in it until it's fully covered.

It's a bit more complicated than just saying there is no coverage. The underlying account our money is being held in is a Lloyds account, which is covered up to €/£100,000. You should be able to claim your money back before any other creditors.

Having said that, I would also not keep large sums in Revolut. I wouldn't fancy trying to fight for getting it back if anything did happen.

OP, you could also throw it into Prize Bonds for a couple of years if you want to access it again.

Chances of winning are very low but you might get a couple of €50 prizes.

Wheety

Wheety wrote: »

If it were me, I'd either put that off mortgage too or into pension. Unless you think you'll need it again.

I wouldn’t advise doing this. Always good to have a decent amount of money in cash or something that can easily be cashed in (investments etc).

Put it in the mortgage it’s no good to you if you need cash, put it in a pension you can’t touch it for years (maybe decades) and who knows what you might want or need money for. Remember a mortgage is the cheapest money you will ever get.

Also putting already taxed money into a pension really makes no sense better off in an investment which you can get your hands on if needs be.

copeyhagen

thanks for all the replies, gonna give the revolut a miss. will keep a few euros in it for holidas and stuff.

cheers.