Everyday accounts · Going further · 5 of 6 · About 4 minutes
Banks and non-banks, and accounts priced by plan
Free amounts each month and a fee above them, and what “Not a bank” means for your money.
- 1Some accounts are priced by plan, with a free amount each month.
- 2“Not a bank” means the government’s guarantee doesn’t cover it.
- One question
Some accounts are priced by plan, with a free amount each month.
Up to the free amount, converting money to another currency costs nothing. Above it, a fee is charged on the part above.
- Revolut’s Standard plan converts $2,000 a month at no fee, then 0.5% on the rest. Its paid plans raise the free amount for a monthly fee.
- Wise has no free amount: 0.34% on every conversion, and no monthly fee.
- BankMate prices each on the plan that costs least for the spending you set.
Drag the spending a month.
“Not a bank” means the government’s guarantee doesn’t cover it.
The $250,000 guarantee covers banks only. BankMate marks every provider that isn’t one “Not a bank”.
- Of the 73 providers BankMate lists, 2 aren’t banks: Crypto.com and Wise.
- Being priced by plan doesn’t decide it: Revolut is a bank.
- A provider that isn’t a bank sets out in its terms how it holds your money.
Drag the balance.
- Revolut’s Standard plan
- No fee on the first $2,000 a month, then 0.5%
- You spend overseas
- $3,000 in one month
What’s the fee that month?
- $0
- $5
- $15
The answer is $5.
The first $2,000 is free. The other $1,000 pays 0.5%, which is $5.