Revolut, the global fintech with over 10 million UK customers and 50 million globally, has today supercharged its rates for its UK Instant Access Savings account offering interest rates of up to 5% AER (variable), with its standard free plan offering a competitive 4% AER (variable), paid daily.
Nearly 1 in 10 Brits cite low interest as the main challenge they face when trying to save*, and as rates continue to fall and people look to set their savings goals for 2025, Revolut has launched its highest yet. Users on Revolut’s standard plan will see their rates rise to 4.00% AER (variable), up from 2.29% AER (variable).
Users will have access to interest on deposits at variable annual equivalent rates dependent on their plan: Standard 4%, Plus 4%, Premium 4.25%, Metal 4.5% and Ultra 5%, accruing interest daily. Savers can start earning immediately with no minimum deposit required, a maximum limit of £200,000, and no additional costs. Revolut users can accelerate their savings by turning on Spare Change to roundup each transaction to the nearest pound, automatically putting the difference into savings. Users can boost their savings further by multiplying these round-ups by up to 10 times, creating an easy and flexible way to save.
Customers’ savings of up to £85,000 will be protected through the Financial Services Compensation Scheme (FSCS) via ClearBank Limited. Customers can also rest easy knowing their savings are protected with Revolut’s state-of-the-art security features, including Wealth Protection, a biometric identification feature customers can turn on to protect hard earned savings from thieves accessing their account.
Instant Access Savings offers savers in the UK full control; customers will have access to their funds on-demand whilst earning interest daily, adding or withdrawing at any time. Existing Savings customers can access the new rates in just a few taps within the app.
Albert Codorniu, Head of Savings at Revolut said, “Our boosted rates means that both our new and existing customers can now set even more ambitious goals for 2025, with the full flexibility and control to access their cash whenever they need it. This move is part of our ongoing commitment to challenging the traditional banking system and drive better outcomes for customers.”
Paid plan subscription fees, Savings T&Cs and Paid plan T&Cs apply. Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and compounded once each year. Interest offered is subject to change and any interest earned is liable to the applicable taxes.