Overview
- Revolut launched a promotional 5% AER variable rate for new UK instant‑access savings accounts, with the boosted rate running until 4 December and a sign-up deadline of 4 August.
- The deal is restricted to first-time UK customers aged over 16 and applies to balances up to a £25,000 threshold, after which funds move to different plan rates and customers revert to their base rate when the promotion ends.
- Revolut announced the offer on Sunday as part of a push to gather retail deposits now that it holds a full UK banking licence following a multiyear approvals process.
- The promotion follows company results showing £1.7bn in pre‑tax profits and a 30% rise in customers to 68.3 million, and it steps up competition with incumbents offering high‑rate products such as Nationwide’s 5% fixed deal.
- Watch for short‑term customer inflows and rate responses from traditional banks, since the move could pressure competitors’ savings pricing and test how quickly Revolut converts promotional balances into long‑term deposits.