Could I get feedback on this: Revolut Flexible account get annual returns and paid daily (3.56% APY)

[chrysalis_me]

I do not know anything about how this works, my savings are in the credit union and 1k in state savings. Is this good or are there risks?

I got this email:

https://imgur.com/a/zYRDYzD

Manage my Flexible Account | Revolut Ireland

 

[amen247365]

@chrysalis_me I wouldnt bother with revolut on this. The rates arent that good and the money is in an mmf so itll be taxed at 41%. If you put your money in trading 212 they pay 4.2% annual with daily payments so the compount effect is a bit better. Money there is insured up to 20k

Trade republic is the other option you get 4% annual interest there up to 50k.

Both 212 and trade are taxed at 33% through dirt.
Risks are low but never 0, but thats the same with all three options.

 

[sunshinerayz]

@amen247365 Trading212 is also taxed at 41% as its also in an mmf afaik?

 

[amen247365]

@sunshinerayz You pay dirt on 212 because unlike revolut it is T212 paying you the interest and not the fund. The distinction is that you are giving T212 permission to borrow your deposit and they make a bit of money off it and then pay you in return.

With revolut its a direct investment in whatever etf they are using.

 

[aolaushtolzey630]

@chrysalis_me Pretty sure they’re in MMF so more risk than just fixed rate interest with T212 etc and higher tax rate as it is in MMFs