Revolut has raised the interest it offers on cash held in its Instant Access Savings accounts to a maximum of 5% AER. The newly-increased rates given by the all-in-one finance app, revealed on Thursday, are tiered according to the plan its customers subscribe to.
Subscribers to the app’s Ultra plan, which charges £45 a month, are eligible to receive the highest new rate of 5%.
This is among the very highest rates for UK savings accounts currently available and ahead of the Bank of England base rate of 4.75%.
Its free Standard plan offers a more modest 4% rate on cash held in an Instant Access Savings account, as does its Plus plan, which charges £3.99 a month.
Previously, the Standard plan offered a savings rate of 2.29%, which was lower than that offered by many of Revolut’s competitors.
Revolut’s middle-tier Premium plan – which charges £7.99 a month – offers a savings rate of 4.25%, while the Metal plan – which charges £14.99 per month – offers 4.5%.
All of the new rates are variable and subject to change at short notice. The savings accounts of all plans have a maximum limit of £200,000.
Though Revolut’s UK banking licence is subject to restrictions, the firm states that customer savings up to £85,000 are protected through the Financial Services Compensation Scheme (FSCS) through ClearBank Limited.
Revolut head of savings Albert Codorniu 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.”
Earlier this month the firm introduced in-app calls, allowing personal customers of the finance platform to contact members of its customer service team securely.
The new feature offers a secure method to call Revolut Customer Support directly through the Revolut app, which prevents spoofing by fraudsters.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
