Tip 12: Neo Banks, Big Savings
From Lounge Access to VPNs: Why Revolut Is a Money-Saving Powerhouse
Neo banks like Revolut are redefining personal finance. With innovative features and exclusive perks, they offer a smarter way to save and spend, leaving traditional Dutch banks behind.
Why Neo banks, especially Revolut, offer savings and perks that traditional Dutch banks can’t compete with.
Introduction
Neo banks are reshaping the banking landscape in the Netherlands, offering more than just convenience—they’re helping users save big. With banks like Revolut, Bunq, N26, and Knab, the perks don’t stop at lower fees. You also get access to exclusive extras like airport lounge access, VPN services, and even cashback on everyday purchases.
Revolut stands out with its variety of plans that pack in tons of perks, especially for expats and frequent travelers. But how does it compare to the old guard—ING, Rabobank, and ABN AMRO? Let’s dive into the details and see how Neo banks, especially Revolut, are becoming money-saving powerhouses.
What Is a Neo Bank?
A Neo bank is a fully digital financial institution that operates entirely online, without physical branches. This digital-first approach allows them to provide seamless, convenient banking services, from setting up an account to performing daily transactions, all via a mobile app or website. By eliminating the overhead costs of physical locations, Neo banks can often offer lower fees and more innovative services compared to traditional banks.
In the Netherlands, Neo banks such as Revolut, Bunq, N26, and Knab have gained significant popularity, particularly among tech-savvy users and frequent travelers. Unlike conventional banks like ING or ABN AMRO, these digital banks offer features designed for modern lifestyles, including easy management of multiple currencies, quick and cost-effective international transfers, and flexible savings tools. These features are perfect for people on the go or those who frequently travel across borders.
What makes Neo banks even more interesting is their integration of extra perks. From airport lounge access to VPN services and fitness app subscriptions, Neo banks cater to users who prioritize lifestyle flexibility and convenience. If you regularly use digital services like ClassPass, Headspace, or NordVPN, a Neo bank might not just meet your banking needs but also save you on costs for these extras, making them a compelling option for modern users.
Revolut: A Game-Changer in Digital Banking
When it comes to Neo banks, Revolut stands out as one of the pioneers, offering much more than just basic banking services. Revolut combines core financial functions with an impressive array of lifestyle perks, making it a one-stop shop for managing your finances. From cashback on everyday purchases to comprehensive travel insurance and airport lounge access, RevRevolutolut caters to both frequent travelers and those looking to maximize their savings.
What sets Revolut apart from other Neo banks like Bunq and N26 is its tiered plans. Revolut offers a variety of account levels, ranging from the free Standard plan to the premium, all-inclusive Ultra plan. Each plan is tailored to different lifestyles and budgets, meaning you can choose a package that best suits your needs.
For example, the Metal and Ultra plans provide perks like NordVPN, ClassPass credits, and Headspace subscriptions. These extras can be a game-changer if you already subscribe to these services. For those who travel frequently, Revolut‘s currency exchange services, global ATM access, and insurance packages offer unmatched convenience. Combining all these services into one package can save users money and provide a more streamlined experience.
If you take full advantage of the included perks, Revolut‘s higher-tier plans offer great value. For instance, someone who frequently uses services like MasterClass or travels enough to need travel insurance and lounge access could find themselves saving a significant amount. Revolut essentially bundles lifestyle benefits into banking services, offering both financial flexibility and lifestyle enhancement, which could be a win-win for users looking to maximize savings while benefiting from premium services.
Detailed Breakdown of Revolut Plans
Revolut offers a variety of plans tailored to different financial needs, lifestyles, and budgets. From the free Standard plan to the feature-packed Ultra plan, each tier provides a unique combination of perks, services, and cost-saving benefits. Whether you’re looking for basic banking, enhanced travel benefits, or exclusive services like airport lounge access and cashback rewards, Revolut has an option for everyone. Below, we’ll explore each plan in detail, outlining its key features, costs, and how it can help you maximize your savings.
Extra Services Comparison Across Revolut Plans
To help you make a more informed decision about which Revolut plan best suits your needs, here’s a detailed comparison of the extra services included in each plan. This table outlines the perks, from financial tools to lifestyle subscriptions, that come with each tier—ranging from the free Standard plan to the premium Ultra plan. The value of these perks can significantly enhance your experience, especially if you regularly use any of these services.
Check out the breakdown below to see what each plan offers in terms of extra benefits!
| Service | Revolut Standard (Free) | Revolut Plus (€3.99) | Revolut Premium (€9.99) | Revolut Metal (€18.99) | Revolut Ultra (€60) |
|---|---|---|---|---|---|
| NordVPN Standard (€11.90) | – | – | YES | YES | – |
| NordVPN Complete (€12.99) | – | – | – | – | YES |
| Headspace (€5.99) | – | – | YES | YES | YES |
| Sleep Cycle Premium (€9.99) | – | – | YES | YES | YES |
| Freeletics Coach (€12.50) | – | – | YES | YES | YES |
| Tinder Plus (€8.33) | – | – | YES | YES | – |
| Tinder Gold (€16.66) | – | – | – | YES | YES |
| Picsart Gold (€7.59) | – | – | YES | YES | YES |
| Dashlane (€3.33) | – | – | – | YES | – |
| WeWork (1 desk pass) (€37.80) | – | – | – | YES | – |
| WeWork (3 desk passes) (€50) | – | – | – | – | YES |
| ClassPass (10 credits) (€36) | – | – | YES | YES | – |
| ClassPass (20 credits) (€36) | – | – | – | – | YES |
| Deliveroo Plus Silver (€6.99) | – | – | – | – | YES |
| Financial Times Premium (€36) | – | – | – | – | YES |
| Headway Premium (€8.99) | – | – | – | – | YES |
| MasterClass (€20) | – | – | – | – | YES |
RevPoints Explained
With Revolut‘s RevPoints, users can earn rewards based on their spending habits across different plan tiers. Points can be accumulated by making eligible purchases, and are redeemable for accommodation discounts, air miles, or cashback. Here’s a breakdown by plan:
- Revolut Standard: Not included.
- Revolut Plus: Earn 1 RevPoint per €10 spent. Plus, you’ll receive a welcome bonus of 1,500 RevPoints, which can be redeemed for air miles or discounts on stays.
- Revolut Premium: Earn 1 RevPoint per €4 spent. You’ll also receive a 2,500 RevPoints welcome bonus, equivalent to €50 off a stay or 2,500 air miles.
- Revolut Metal: Earn 1 RevPoint per €2 spent. Enjoy a 5,000 RevPoints welcome bonus worth up to €100 off accommodation or 5,000 air miles.
- Revolut Ultra: Earn 1 RevPoint per €1 spent. The plan comes with a substantial 10,000 RevPoints welcome bonus, redeemable for up to €200 off stays or 10,000 air miles.
Maximizing Your Savings with RevPoints, AirMiles, and Woolsocks
One of the big advantages of using Revolut is the opportunity to earn and save through RevPoints. But for the savvy saver, Revolut doesn’t have to be your only tool! Combining Revolut with other rewards systems like AirMiles and Woolsocks can help you stretch your budget even further.
- RevPoints: As you spend, you’ll rack up points that can be redeemed for discounts, travel perks, or cashback.
- AirMiles: If you’re a frequent flyer, why not maximize your travel rewards? Combine your RevPoints with AirMiles to get the most bang for your buck. Check out how to earn AirMiles effortlessly here.
- Woolsocks: Woolsocks is another tool that helps you save through cashback on everyday purchases. Using Revolut‘s cashback alongside Woolsocks lets you double down on your savings. Learn more about maximizing cashback with Woolsocks.
Personal Anecdote: Revolut Saving the Day
Picture this: I had already arrived at the airport, bags packed, ready for my flight home. Then came the dreaded announcement—a five-hour delay. Instead of wandering aimlessly around the airport, Revolut‘s Metal plan stepped in to save the day. A quick chat with customer support through their app, and I had a LoungeKey Pass in hand. Instead of sitting on an uncomfortable bench, I spent those hours enjoying a cozy lounge with free snacks, a quiet spot to rest, and even some time to catch up on work.
To top it off, when the airline was slow in processing compensation, Revolut reassured me they’d handle the claim if it didn’t come through (spoiler alert: the airline did pay up in the end, but having that backup was a relief). What could have been a frustrating five-hour wait turned into a relaxed layover—all thanks to Revolut!
Comparing Neo Banks vs Traditional Banks
As digital banking grows in popularity, many people are weighing the benefits of Neo banks like Revolut, Bunq, and N26 against traditional options like ING and ABN AMRO. While traditional banks often provide long-term financial products such as loans and mortgages, Neo banks excel in offering low-cost, flexible, and tech-driven solutions for everyday banking. This comparison dives into the key differences, focusing on fees, perks, and overall user experience to help you decide which banking style best suits your needs.
Other Neo Banks in the Netherlands
Bunq
- Features: Bunq is known for its eco-friendly stance, allowing users to plant trees with every €100 they spend. Additionally, it offers multiple sub-accounts with unique IBANs, making financial management smoother.
- Target Audience: Bunq is ideal for eco-conscious users who prioritize sustainability and prefer personalized account management options.
N26
- Features: With its streamlined app, N26 offers transparent pricing, free ATM withdrawals worldwide, and no foreign transaction fees (depending on the plan). It’s simple and easy to use.
- Target Audience: N26 is perfect for frequent travelers and users who want a hassle-free, easy-to-use mobile banking experience.
Knab
- Features: Knab focuses on savings and financial planning, combining the convenience of digital banking with personalized customer support via phone and chat.
- Target Audience: Knab appeals to individuals seeking a hybrid of traditional and digital banking, with an emphasis on saving and financial planning.
How Neo Banks Compare to Traditional Banks
Neo banks like Revolut typically win when it comes to saving money on fees and offering extra services. However, traditional banks still have an edge when it comes to long-term financial products, like loans and mortgages, which Neo banks are slower to provide. Ultimately, the best choice depends on your specific needs—if you’re after flexibility, low-cost international banking, and a host of extra perks, Revolut and other Neo banks are likely your best bet.
Comparison with Traditional Banks (ING and ABN AMRO)
When comparing Neo banks like Revolut to traditional banks like ING and ABN AMRO, you quickly see why Neo banks appeal to expats and frequent travelers. Let’s dive into how they stack up.
| Feature | Revolut (Free) | Revolut Plus | Revolut Premium | Revolut Metal | Revolut Ultra | ING | ABN AMRO |
|---|---|---|---|---|---|---|---|
| Monthly Fee | Free | €3.99 | €9.99 | €18.99 | €45 | €1.55/month | €1.55/month |
| Credit Card Costs | Free (VISA Debit), physical card delivery fees apply | Free (VISA Debit) | Free (VISA Debit) | Free (Metal card) | Free (Platinum card) | €14-€20/year | €14-€20/year |
| ATM Withdrawals | Free up to €200/month or 5 withdrawals | Free up to €200 | Free up to €400 | Free up to €800 | Free up to €1,000 | Charges apply | Charges apply |
| Currency Exchange Fees | Free up to €1,000 (weekdays), 1% on weekends | Unlimited | Unlimited | Unlimited | Unlimited | Higher fees | Higher fees |
| Lounge Access | Discounted access | Discounted access | Yes (discounted) | Yes (unlimited) | Yes (unlimited) | – | – |
| Travel Insurance | – | – | Included | Included (family) | Included (global) | Optional | Optional |
| Approximate Perk Value | – | – | €60/month | €100/month | €201/month | – | – |
Revolut consistently offers a range of money-saving perks that traditional banks don’t—especially when it comes to international fees and extra services like lounge access and travel insurance.
Conclusion: Neo Banks for the Modern Saver
If you value flexibility, ease of use, and the ability to access a wide range of extra services like ClassPass or MasterClass, upgrading to a higher-tier Revolut plan can be a fantastic deal. For frequent travelers, expats, or anyone who utilizes digital banking regularly, Revolut‘s premium plans offer significant perks that go beyond traditional banking, potentially saving you money while enhancing your lifestyle. Ultimately, if you’re open to modern banking, a Revolut plan might just be the smart, money-saving move you need.
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