Revolut’s savings account is pretty good, even on the free plan, paying 3% interest for those who want simple, instant access savings with daily interest payments. But to get the 4% headline rate, you need an Ultra subscription. We take a look to see if it is worth upgrading.
Revolut’s Instant Access Savings account offers a flexible way to earn interest on cash directly within the Revolut app. Plus, it pays interest daily which means if you are a long-term saver, you will benefit from higher compound interest returns.
Customers can deposit or withdraw money at any time without penalties, but the interest rates on your savings depend on which Revolut subscription plan you have, ranging from 3% AER (variable) on the free Standard plan up to 4% AER (variable) on the Ultra plan.
Interest rates by Revolut plan
The interest rate you receive depends on your Revolut subscription tier.
- Standard and Plus plans earn 3% AER, while Premium customers receive 3.25% AER.
- Metal plan pays 3.51% AER,
- The top Ultra plan pays up to 4% AER on balances up to £200,000, dropping to 3.51% on balances above that level.
When is it worth upgrading to Ultra?
Revolut Ultra costs £55 per month (£660 per year), so the higher interest rate only makes financial sense for savers with relatively large balances. The difference between the Standard and Ultra savings rate is 1 percentage point, so you would need around £66,000 saved for the additional interest to offset the annual subscription cost. Below that level, upgrading purely for the higher savings rate is unlikely to be worthwhile. However, Ultra includes other perks such as travel benefits and subscriptions, which could justify the upgrade for some users.
Is Revolut savings safe?
Revolut’s Instant Access Savings accounts are powered by ClearBank, meaning deposits are held with a regulated UK bank rather than Revolut itself. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, providing a similar level of protection to traditional savings accounts. Keep in mind, this is spread across all accounts you have that are held at ClearBank.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
