Revolut’s Flexible Account has finally come to Singapore.

The Flexible Account offers users access to money market funds to earn a yield on their idle cash. 

You will be able to enjoy up to a yield of up to 5.21% p.a. with the Flexible Account, depending on your subscription plan.

Revolut is currently offering a promotional rate on Flexible Accounts of up to 5.48% p.a. 

In addition, new users who sign up by 31 July 2024 and make an investment of at least US$2,500 can receive a bonus cashback of S$25.

Read on to find out more about Revolut Flexible Account. 

What is the Revolut Flexible Account?

Cash Management Accounts have grown in popularity amongst Singapore investors looking to earn an attractive yield on their idle cash. 

Revolut now adds itself to the list of platforms offering a cash management account. 

The Revolut Flexible Account is a cash management account that aims to provide a higher or comparable return to deposits.

They are meant for investors who want to preserve their capital, earn a modest return and maintain a high degree of liquidity.

In this case, your funds will be deposited into the Fidelity International Liquidity Fund PLC , a short-term money market fund denominated in US dollar (USD) managed by Fidelity International.

There is no minimum or maximum deposit required to open a Flexible Account.

What is the Fidelity Money Market Fund?

The Fidelity International Liquidity Fund PLC aims to preserve capital value and maintain liquidity while generating a return expected of money market rates.

The weighted average maturity is expected to not exceed 60 days.

The fund, which is denominated in USD, invests in a diversified selection of short-term instruments, that include:

• High quality money market instruments (such as government securities, bank obligations and commercial paper)
• High quality securitisations
• Asset-backed commercial paper
• short-term deposits
• Repurchase agreements (repos)
• Reverse repos
• Units or shares in money market funds

For more information on the money market fund, you can refer to the Fund’s Prospectus and respective documents available on the Fidelity website.

The fund offers an annual percentage yield of up to 5.48% based on the pricing from 20 December 2023 to 20 May 2024, assuming distributions are reinvested with applicable charges. 

However, the past performance is not indicative of future performance. 

What are the fees like?

Revolut charges an annual service fee that varies depending on your type of plan.

The fees are as follows:

• Metal plan users will be charged 0.30% per annum
• Premium plan users will be charged 0.45% per annum
• Standard plan users will be charged 0.90% per annum

Beyond the ongoing promotion period, Revolut’s customers who pay an annual fee will receive a higher net yield.

Assuming the gross annual percent yield (APY) is 5.48%, customers who pay S$19.99 a month under Revolut’s Metal plan can receive a yield of up to 5.21% p.a.

Premium customers, who pay S$9.99 monthly, will receive a yield of up to 5.06% p.a.

Standard customers, who do not pay any monthly subscription fees, will receive up to a 4.61% yield annually.

How to gain access to the Revolut account? 

Step #1 Sign-up for a Revolut account

If you don’t already have a Revolut account, you can simply open an account at no cost.

If you already have an account, you can skip to step 2.

To find out more about Revolut, you can read our Revolut review here.

Step #2 Open a Flexible Account

To open and invest in a Flexible Account, search for the ‘Interest’ product within the app.

This will bring you to the Flexible Account tab, which provides more information and a set of FAQs.

Do remember to check out the Flexible Account terms and conditions before you continue.

Step #3 Deposit money

All you need to do is deposit US$2,500 and keep the funds there for at least 31 days.

To be eligible for the reward, you should not reduce any part of this amount invested during the time period.

You also should not use any credit/debit card to make top ups into your Revolut account during this period.

Note that the $S25 cash reward will only be paid out to the first 1,000 users within 30 business days after the campaign has ended.

What would Beansprout do?

If you have some idle US dollar savings in your bank account, you can make your US dollar work harder by considering the Revolut Flexible Account. 

From now till 31 July 2024, you can enjoy an annual percentage yield of up to 5.48% with the Revolut Flexible Account.

In addition, you will be able to receive a S$25 cash reward during this campaign period. 

Compared to leaving it in a fixed deposit account, the Revolut Flexible Account offers more flexibility as you can deploy your funds to other investment products on Revolut quickly. 

However, do note that the net yield on the Revolut Flexible Account is dependent on the performance of the Fidelity International Liquidity Fund, which is subject to fluctuation and not a guaranteed rate. 

Overall, we find the Revolut Flexible Account worth considering especially if you are looking to dollar-cost-average into the US market through a regular savings plan, as it would allow your US dollar funds to earn a potentially higher yield while waiting to be deployed. 

You can access the Revolut Flexible Account by opening an account with Revolut now.

Revolut is currently offering a promotion offering new users who sign up through Beansprout three month trial access to Revolut Premium. T&Cs apply.

Sign up now to get a 3 month premium trial and find out what Revolut has to offer.

How to redeem your offer?

Here are 3 simple steps to claim the 3 month premium trial:

1. Sign up using this link and insert your mobile number

2. Create an account

3. Upgrade your account when prompted 

This article contains affiliate links. Beansprout may receive a share of the revenue from your sign-ups to keep our site sustainable. You can view our editorial guidelines here.