If you are registered to the Revolut Payments UAB entity:
Yes. As an electronic money institution, we are required to "safeguard" clients funds.
Safeguarding" means separating clients funds from our own funds and holding them in a separate account with a credit institution. The funds in this segregated account are held by us on your behalf. As an authorised institution, Revolut safeguards your funds as per regulatory requirements.
Safeguarding protects you because, in the event of an insolvency of Revolut, you will be able to claim your funds from this segregated account and your claim will be paid above all other creditors.
Because the account you hold with us is an electronic money account (not a bank account), your money is not protected by Lithuanian deposit insurance administered by the State Enterprise Deposit and Investment Insurance (VĮ “Indėlių ir investicijų draudimas”).
If you are registered to the Revolut Bank UAB and Revolut Payments UAB entity:
Almost all deposits with Revolut Bank UAB are insured by the Lithuanian State Company “Deposit and Investment Insurance” (VĮ “Indėlių ir investicijų draudimas”). This means that if an insured deposit is not returned as a result of an inability of Revolut Bank UAB to fulfil its financial obligations, the Lithuanian State Company “Deposit and Investment Insurance” shall pay the deposit insurance compensation for deposits to the depositors. The maximum amount of insurance compensation for deposits with Revolut Bank UAB for a single depositor is EUR 100,000. The amount of deposit insurance compensation is determined by aggregating all the deposits held with Revolut Bank UAB. Please note that certain deposits are not insured. More details regarding deposit insurance are available here.
If you are registered to the Revolut LTD entity:
Yes. As an electronic money institution, we are required to "safeguard" money we receive from (or for) customers like you.
"Safeguarding" means that we deposit the money we receive from you (or for you) into a client money bank account. The money in these client accounts is held by us on your behalf. We have client accounts with a range of large banks (that meet our and our regulator's requirements).
Safeguarding protects you because, if Revolut was to become insolvent, the money in these accounts would be used to pay out you (and our other customers) before anyone else.
Because the account you hold with us is an electronic money account (not a bank account), your money is not covered by the Financial Services Compensation Scheme.