N26 and revolut

monty_python

What draw back do these have over aib/boi etc.

With the recent aib atm sale and fees I'm considering switching to N26 or revolut as my main bank.
Would I be mad to do this?

Bummer1234

I find Revolut good for travelling and handy for saving to the Vaults where it can save money and also can be used for day to day spending,

N26 mostly the same but instead of vaults they use spaces and you can only have 2 on regular account (More on a metal account), and would only get a live exchange rate that come from mastercard. I use this day-to-day also.

On Revolut i think its €200 a month you can take out and they charge a particular percentage for over 200 euro , on n26 its 5 free uses on the ATMS then a charge for more.

But remember that you will not be able to lodge cash money to those accounts, sometimes i have to give money to my partner so she can send it to me as im with KBC and there cashless (Shes BOI) so just something to consider.

Spocker

Both have fees, once you go over a certain amount (either number of Euros or number of transactions) and have higher tiers you can pay for. Neither take cash or offer facilities such as savings, loans, overdrafts or checkbooks.

N26 is a proper bank, with Deposit Protection, Revolut is an Electronic Money Institution, which has no deposit protection (so, not a bank). If the internet is down, or something mucks up in their system, you're snookered, with no access to your money - Revoluts advice is "carry another card". In my experience, N26 is more stable than Revolut.

Stewball

Anyone know if Eir will accept N26 for direct debits?

Quackster

Ulster Bank suffered meltdowns in the past that left customers without access to their money for a considerable period. Other bricks-and-mortar banks have outages from time-to-time too. So the general rule should always be to never have all your eggs in the one basket.

Revolut and N26 both have free standard plans so I use both. I also use EBS's basic and free Money Manager account which gives me the bricks-and-mortar access to lodge cash, on the rare occasion I need to. My local credit union provides me with a similar free account too and I can transfer from both to N26 or Revolut.

Spocker

Quackster wrote: »

My local credit union provides me with a similar free account too and I can transfer from both to N26 or Revolut.

Do you have a debit card with that account by any chance?

Quackster

Spocker wrote: »

Do you have a debit card with that account by any chance?

No, they're pushing a current account alright that's €4/month but I've no interest in that.