Check my post above.
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Can’t get any more clear than that I guess. Unless he misread 
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Curious to see what impact this impact has on Monzo? Competitive pressure on overdraft and loan rates perhaps given Revolut’s intention to expand in this area.
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Suspect the pressure comes on the big banks as it’s another one nibbling at their heels, along with Monzo.
The regulators will be watching them like a hawk now
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Did Monzo? I forget.
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Doubt it, the new banks tend not to as there isn’t a need.
It’s only the old school who likely can’t change those processes without great efforts involved, and only go for the credit applications for hard checks.
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Probably.
Just had a look at what rates they offer. Big bold “up to 4%” and then in the small print once you scroll down and expand you find that’s only for those spending £55/month for their plan.
I was comparing to my current Monzo account. Currently I pay £7/month for Monzo Perks and receive 3.25% on instant access savings.
Revolut’s nearest “Premium” equivalent account is £7.99/month. Has lots of subscriptions but no free Greggs or cinema tickets, so depends on what you value I guess. It also offers 3.25%.
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As with any bank everything comes down to your own case usage.
With no Greggs near me or my work the Monzo offering has never made much sense. I often use the Greggs but it’s not something I would have gone for regardless.
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Think their biggest let down is Revpoints imo 
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Yeah, don’t know how many people you can charge £55 to, suspect it’s a small subset of their user group.
good luck to them, but will being a bank make them have to do things differently, can they keep just shipping stuff without much grief, and the expectation of what people want from their bank is different from an EMI.
We live in interesting times!
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They had cashback right before with the normal % rate but i guess that costs more
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Something like 0.1%, which I’d still prefer over points I’ll never use
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Agreed, even though it could be a massive strength.
I just think anyone paying should be getting 1 point per £1 at least. I could understand maybe 1 point per £2 for the free accounts but it’s barely worth anything when it’s 1 point per £10.
But given they have some flexibility like Amex MR points they could be a real contender as a current account. If they just tweaked it.
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Wonder will Storonsky stop changing his residency now they’re approved and he no longer needs to hide 
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If it was 1-£1 or 1-£2 I could probably rack a few points up, and change them to vouchers/gift cards pretty quickly, but yeah 1-£10 doesn’t win me over.
Offer insurance for devices we already have/on contract on the metal plan I would happily pay the price.
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There’s an FAQ section on it now:
https://help.revolut.com/help/accounts/what-does-the-uk-bank-licence-mean-for-my-account/
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Good to know all account details remain the same.
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It does say all customers will get a 2 month, 1 month, 2 week and 1 week notice of the change so I’m guessing it’ll be a few months before it’s done.
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