It is pretty much the only option without a monthly fee, but I have a bad feeling about them. Their ruthless advertisements, as well as them putting in extra features, which feel arcadey to me, puts me off. I have a feeling they will push for major enshittification, perhaps even very soon, or that there’s something nefarious going on behind the closed door. What do you reckon? Am I paranoid? It feels like one of the too good to be true deals.
What country are you in? There are tons of no-fee options where I am.
It doesn’t look too good to be true from my perspective but these things really vary depending on where you are in the world. Most of their claims have some caveats tied to them, at least in my market.
A 2024 BBC investigation concludes that Revolut is, more than any other bank, targeted by scanners.
I don’t know where you are living, but over here in the Netherlands, Revolut has a full status as a bank with all the legal requirements and conduct.
I have been a satisfied customer with them for a while, and I can attest to the safety measures described in the BBC article above. They work like any other bank in the world, and none of them is 100% scammer-proof.
The BBC article might be a bit biased, because Revolut was a UK e-finance company before Brexit. After Brexit, the company relocated to the EU zone, so there might be a slightly different version of the story being told by the former employers.
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I don’t trust any bank that is involved with crypto. That includes Revolut.
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If you have a feeling follow it, I have not done any research into this bank but since you are already second guessing look at other options and see how they compare is what I will advise
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How much cash do they keep on hand, is the cash really there?! Are the “cash equivalents” actually real?
I think this is a really good point. If you are uncomfortable, don’t give them your money.
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Ireland.
I am very mindful with my money to get by, and I can’t justify paying for just having a bank account. I absolutely despise them for catering to crypto. The banks in Ireland are archaic. 
I have been using it for years here in Romania, never had any issues with it. It offers a lot of convenience options for free that regular banks don’t really offer for free or have at all.
I think it’s also registered as a bank in my country too, because I have a romanian IBAN address too. It’s not my main bank account, I just top it up and do most of my card transactions from it, because it’s really well designed compared to other banks.