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Is my money safe with Revolut?
Many people are probably familiar with the Central Bank’s Deposit Guarantee Scheme (DGS). This scheme guarantees deposits with financial institutions, credit unions and banks in Ireland that are authorised by the Central Bank up to €100,000 per person per institution. The Irish DGS also protects deposits held at EU branches of authorised Irish institutions. So for example if AIB was offering savings accounts to German customers from a branch in Berlin, these customers would be covered by the Irish scheme and not the German one.
As Revolut has a banking licence in Lithuania, its customers there are covered by Lithuania's own version of the DGS up to €100,000. Had Revolut passported its banking licence from Lithuania to Ireland then customers of Revolut in Ireland would also have been covered by the Lithuanian deposit protection scheme. But this hasn’t happened.
Instead, as previously mentioned, Revolut is using its Lithuanian e-money licence to operate here, so customers in Ireland aren't protected by any Deposit Guarantee Scheme.
Many people are probably familiar with the Central Bank’s Deposit Guarantee Scheme (DGS). This scheme guarantees deposits with financial institutions, credit unions and banks in Ireland that are authorised by the Central Bank up to €100,000 per person per institution. The Irish DGS also protects deposits held at EU branches of authorised Irish institutions. So for example if AIB was offering savings accounts to German customers from a branch in Berlin, these customers would be covered by the Irish scheme and not the German one.
As Revolut has a banking licence in Lithuania, its customers there are covered by Lithuania's own version of the DGS up to €100,000. Had Revolut passported its banking licence from Lithuania to Ireland then customers of Revolut in Ireland would also have been covered by the Lithuanian deposit protection scheme. But this hasn’t happened.
Instead, as previously mentioned, Revolut is using its Lithuanian e-money licence to operate here, so customers in Ireland aren't protected by any Deposit Guarantee Scheme.
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