Revolut

[seveno]

I was hoping to open an account, separate to my usual current/savings accounts to budget spending over the school holidays.

I wondered if a pre paid card would be the way to go but I don't really know how they work? Revolut is free but I'm wondering if there would be a catch. It's to be used in the UK only and must be able to be used to pay online and also in person. Just simple things like booking soft play, buying lunches etc

Would revolut work for this? I can see it's FCA regulated so that gives me peace of mind I guess

I have this as I contract and try to keep expenses separate.

I don’t use Revolt just because of their branding but use Monese as I sometimes have to send money abroad and they are cheaper that other banks for this.

I have used Revolut for years and have never had any issues. Use it online and in person.

I have a few different accounts like this for various reasons, I find Revolut a bit of a faff and the least user friendly. I'd highly recommend Monzo, super easy and very simple to set up.

Thanks all.

Apologies if I sound a bit dim but do I literally just pay money into it then use it as I would any other debit card?

I love revolut and think it meets your criteria.

I use it mainly to transfer money to DCs quickly and efficiently but also for overseas transfers and shopping in foreign currency.

the only catch is the better perks are assigned to the cards that you pay e.g. IIRC to attach more than two DC accounts I had to opt for a paid card. so you need to think about whether you get value for money if you go that route.

@seveno yes you just add money and then use as normal. Although it’s classified as a credit card which is great if want to add it to sites which only take credit card payments. E.g. I gave it on file with Uber, Booking.com etc.

Also if you’re buying something from a site you might have doubts about you can generate a one off disposable card so your card details aren’t shared. My bank doesn’t offer that service.

This is fab - thank you for the help everyone. I think this sounds like just what I need!

Can I suggest you look at Chase or Kroo?

Chase pay 1% cashback on spending, so will earn a little extra on your money.

Kroo pay 4% interest on any money you have in the account, so if you're going to save up over the year, your money will earn interest.

Out of all the similar accounts, Revolut to me seems to be the least attractive, so I don't know why anyone would pick it, when Kroo, Chase, Starling and Monzo (in that order) all have similar, but better, offerings.

@BarbaraofSeville my recollection was that I couldn’t get linked child accounts with the other cards you mentioned when I opened my revolut account but that may have changed.

Although I primarily chose revolut due to preferential exchange rates as I bank in both £ and € and I don’t use it in place of my regular bank so have no interest in savings interest etc.

My adult DC like the trading/crypto platform.

I guess the key is to think about what features you really need (I did) and then update regularly (I don’t).