Revolut has launched its first UK savings challenge, offering customers the chance to win monthly £10,000 prizes and a headline £100,000 jackpot for building consistent savings habits.
Revolut says the initiative is designed to encourage people to automate their savings and create better long-term money habits, rather than focusing purely on how much they save. Customers who keep up a weekly savings “streak” are automatically entered into the prize draws.
How can you win?
- To take part, users must commit to automatically saving between £10 and £50 per week into a Revolut savings account.
- Anyone who successfully saves every week in a calendar month is entered into a £10,000 monthly draw.
- Savers who maintain their streak for at least 50 out of 52 weeks will also qualify for the £100,000 grand prize draw at the end of the challenge.
What’s the catch?
Unlike premium bonds, where money is simply held on deposit, participants must commit to regular automated saving and cannot change the amount once the challenge starts. Missing weeks can also affect eligibility. Miss one week and users lose entry for that month’s draw. Miss two weeks and they lose eligibility for the £100,000 jackpot altogether.
There is also no guarantee of winning anything beyond the interest paid on savings balances. The odds of winning the £100,000 jackpot have not been disclosed, and with Revolut now boasting more than 13 million UK customers, competition could be fierce.
However, unlike many prize-based savings schemes, users still keep full access to their money and earn interest of up to 4% AER variable, depending on their Revolut plan.
Is it worth it?
For disciplined UK savers, the challenge could provide a useful nudge to build an emergency fund. Someone saving the minimum £10 per week would build a £520 pot over a year, excluding interest, while those saving the maximum £50 would accumulate £2,600.
Emily Lewis, Head of Growth for UK, Ireland and the Nordics at Revolut said,
“A mid-year reset is the perfect time to audit your financial health and move away from the ‘set and forget’ mentality of January resolutions. We wanted to create a challenge that rewards the habit of saving rather than just the amount, so financial wellness doesn’t feel like a chore. By putting away just £10 a week, less than the price of two coffees, our customers not only build a personal safety net of over £500 but also stand a chance to significantly boost their balance with prizes that reward disciples, healthy money habits.”
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