Beyond Traditional Banks: My Journey with bunq, Revolut, & Trade Republic
So, I've been trying out different banks and investment apps here in Ireland, and wanted to share my thoughts on a few popular ones: bunq, Revolut, and Trade Republic. I've used all three for a good while now, and each has its pros and cons. Let's break it down so you can decide what might work best for you.
Fees
Let's face it, fees matter! Here's a simple comparison of what to expect. Please note that I’m including the lowest priced plan that offer “normal” banking features. Bunq’s free plan has way too many limitations to include it.
| Feature | bunq | Revolut | Trade Republic |
|---|---|---|---|
| Monthly Fee | €2.99 | Free (Standard) | None |
| ATM Withdrawals | First 5 at €0.99, then €2.99 | Up to €200 free, then 2% fee | N/A |
| Transfer Fees | Free | Free (within Revolut) | N/A |
| Top-up Fees | 0.5% (EEA), 2.5% (non-EEA) | Fees for non-EEA | 0.7% |
| Interest on EURO Deposits | Up to 2.46% | Up to 2.12% (after tax) | 4.00% (up to €50,000) |
Features
Beyond basic banking, here's what sets them apart:
| Feature | bunq | Revolut | Trade Republic |
|---|---|---|---|
| Savings Accounts | Yes, with competitive rates | Yes, flexible options | Not a core focus, but high interest on cash |
| Multi-Currency Support | Yes, multiple IBANs | Single IBAN, but currency exchange | Limited |
| Investments | None | Cryptocurrency trading, Stocks, Comodities | Stocks, ETFs, more |
| Other Perks | Eco-focus | Cashback (depending on plan) or shopping | None |
The Regulation Situation
It's good to know your money is safe! Here's the deal:
bunq: Licensed Dutch bank, deposits protected up to €100,000
Revolut: Licensed by the Bank of Lithuania, offers deposit insurance (not yet a bank in Ireland though)
Trade Republic: Regulated German platform, deposits likely protected up to €100,000
My Experience
Having used all three of these platforms extensively, I've gained valuable insights into their pros and cons within the Irish market. Here's a breakdown of my personal experience with each:
bunq
My journey with bunq started with their enticing savings interest rate and eco-friendly initiatives. While the concept of planting trees for purchases was appealing, I eventually found the monthly fees unjustified for my banking needs. I did, however, appreciate their multi-currency functionality and the option to have multiple IBANs for budgeting purposes. Ultimately, the increasing costs and limited features led me to look for alternatives.
Revolut
As someone who travels occasionally (as of late) and likes to dabble in cryptocurrency, Revolut proved to be a compelling choice. Its multi-currency accounts, budgeting tools, and investment options streamlined several aspects of my finances. The launch of their savings accounts in Ireland made it even more appealing, and ultimately led to me switching back to Revolut as my main bank and canceling my bunq subscription.
Trade Republic
My primary interest in Trade Republic was its exceptionally high yield on uninvested cash. As someone who's starting to build a longer-term investment portfolio, this platform made it convenient to earn a substantial return on funds while exploring various investment opportunities.
Which is Right for You?
The best choice among bunq, Revolut, and Trade Republic depends entirely on your individual needs and priorities. Here's a quick guide to help you decide:
Choose bunq if:
You want a green, eco-conscious banking experience.
You need multi-currency functionality and multiple IBANs for budgeting.
You value the ability to make a specific number of free ATM withdrawals per month.
Choose Revolut if:
You want a comprehensive range of everyday banking features and investment options in one app.
You frequently travel or hold funds in different currencies.
You like the idea of cashback and other rewards.
Choose Trade Republic if:
Your primary focus is investment and maximizing interest on uninvested cash.
You plan on building a long-term investment portfolio.
Additional Considerations
It's worth noting that while all three platforms offer secure banking and investment solutions, their strengths and weaknesses vary. Here are some additional factors to keep in mind:
Customer Support: User experiences with customer support are mixed across all three platforms. It's essential to consider this aspect, especially if you anticipate needing frequent assistance.
Fees and Pricing: Always pay attention to fees, as they can impact your overall banking and investment costs. Consider the specific features and services you'll use against their prices.
Future Roadmap: Each platform has its unique path for development. Research their upcoming features to see if they align with your future financial goals.
Final Thoughts
The world of fintech and neo-banking is constantly evolving, and bunq, Revolut, and Trade Republic are notable players in the European market. It's great to have these alternatives to traditional banking. By weighing your priorities and exploring these options carefully, you can find the financial platform that best suits your needs within the Irish market.
