Your money at Revolut is not guaranteed by the UK's FSCS deposit protection scheme (which covers up to £85,000 at traditional banks). Instead, Revolut holds your funds in separate client accounts, meaning they should be returned to you in an insolvency, but the process takes longer and has no government-backed guarantee.
This analysis describes what Revolut's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
Many consumers treat Revolut like a bank account and may not realise their funds lack the straightforward FSCS guarantee. In a Revolut insolvency, recovery would depend on the safeguarding process and could be subject to delays and insolvency costs.
If Revolut became insolvent, your e-money balance would not be immediately guaranteed up to £85,000 as it would be at an FSCS-covered bank; recovery would go through an insolvency process that, while designed to prioritise customers, offers no fixed timeline or government-backed guarantee.
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"The money in your Account isn't covered by the Financial Services Compensation Scheme (because it's safeguarded instead). Safeguarding helps protect you if we were to become insolvent. If that were to happen, you (and all our other customers) would be paid out your e-money balances from our client money bank accounts. This process would be handled by an insolvency practitioner, not by us. However, safeguarding regulations make sure that once any costs related to an insolvency are paid out you will be paid from our client money accounts before anyone else.Excerpt from Revolut's Terms of Service
REGULATORY LANDSCAPE: This provision directly engages the Electronic Money Regulations 2011 (regulations 19-22) governing safeguarding obligations for e-money institutions, and the FCA's supervisory expectations set out in its 2023 safeguarding review consultation and 2024 policy …
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Many consumers treat Revolut like a bank account and may not realise their funds lack the straightforward FSCS guarantee. In a Revolut insolvency, recovery would depend on the safeguarding process and could be subject to delays and insolvency costs.
If Revolut became insolvent, your e-money balance would not be immediately guaranteed up to £85,000 as it would be at an FSCS-covered bank; recovery would go through an insolvency process that, while designed to prioritise customers, offers no fixed timeline or government-backed guarantee.
ConductAtlas has identified this type of provision across 287 platforms. See the full comparison.
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