This is a question that comes up a lot, is Revolut a bank? If you’re considering switching to Revolut or depositing a chunk of money with them, you might have concerns over whether Revolut is safe. Here’s what you need to know—including where Revolut is, and isn’t, a bank.

P.S. One thing I forget to mention is Revolut’s Savings Vaults, which are directly FSCS protected… because the deposits are put straight into Paragon Bank.

Chapters:

0:00 Intro
0:56 Why Being A Bank Is Important
2:18 Does Revolut Have A Banking Licence?
3:51 Revolut’s Plan For The UK And US
5:18 Should You Be Worried?
6:12 Outro

Links mentioned:

This is a great video from Khan Academy that explains fractional reserve banking, definitely worth a watch:    • Overview of fractional reserve bankin...  

Here’s how Revolut describes itself to customers: https://www.revolut.com/help/more/com...

And here’s a bit more info on Revolut’s banking licence situation from its Business blog: https://blog.revolut.com/business-wha...

You can sign up for a Revolut account with my referral link here: https://revolut.com/referral/oliver5x...

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Shot, edited and uploaded on an iPhone 11, iPhone XR and an iPad Air.

Audio recorded with a Blue Yeti microphone.