Revolut launches 5% savings rate for new customers in bid to intensify UK market competition

Revolut is offering a 5 per cent variable savings rate to new customers, piling pressure on rivals as competition in the UK savings market intensifies. The deal, available on new instant access accounts, promises an initial promotional annual equivalent rate (AER) of 5 per cent until 4 December. Customers must sign up by 4 August to qualify, and when the promotional period ends, rates will revert to the ‘base rate’ of their plan. Balances exceeding £25,000 will also transition to other rates depending on the account type, the bank said.

The offer comes just months after Revolut secured its long-awaited full banking licence in the UK, nearly five years after its initial application. The digital bank reported pre-tax profits of £1.7 billion, a sharp rise from £1.1 billion the previous year, and now serves 68.3 million customers globally — a 30 per cent expansion. It added 16 million new retail customers in the past year, while its business client roster grew by a third to 767,000.

“Revolut launches 5% savings rate for new customers, intensifying UK market competition.”

Albert Codorniu, general manager of savings at Revolut, said: “Implementing this boosted 5 per cent rate is a commitment to passing tangible value back to our users.” The 5 per cent boosted rate is only available to new UK customers aged over 16 who are signing up for the first time. Terms and conditions apply.

Other providers are also offering 5 per cent deals. Nationwide Building Society offers a fixed 5 per cent rate for 15 months on balances up to £10,000 for members who can lock their money away for that period. Revolut’s push into savings follows its regulatory approval for a UK banking licence earlier this month. The company has also applied for a banking licence in the US since March and now operates as a licensed bank in over 30 of its 40 markets worldwide, underscoring its rapid global expansion.