Challenger bank Revolut has announced the launch of a new instant access savings account offering a competitive interest rate of 5% AER (variable). The offer includes a time-limited boosted rate and is only available to new UK customers. For customers signing up to the free 'Standard' Revolut plan, the promotional 5% rate represents a 2.1% boost. This latest move by Revolut has helped to intensify competition in the UK savings market, following its acquisition of a full UK banking licence earlier this year.
Albert Codorniu, General Manager of Savings at Revolut, said: "We’re always looking for new ways to help customers upgrade their wealth. Implementing this boosted 5% rate is a commitment to passing tangible value back to our users, offering a top-tier, secure return on their hard-earned money."
In this article, we explain how the new Revolut savings account works, who is eligible, and how it compares to the wider market.
How does the Revolut savings account work?
The new Revolut instant access savings account offers a promotional variable rate of 5% AER (Annual Equivalent Rate).
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- Instant access - Customers can deposit and withdraw their funds at any time without facing penalties or lock-in periods
- Promotional period - The 5% rate is a temporary offer that runs until 4th December 2026 once you have opened an account
- Sign-up deadline - To take advantage of the promotional rate, you must open an account before 4th August 2026
- Balance limits - The 5% interest rate applies to balances up to £25,000. Any savings above this threshold will transition to Revolut's standard base rates, which vary depending on your chosen subscription plan
Once the promotional period ends in December, the savings rate will revert to the standard rate associated with your account plan. For the 'Standard' & 'Plus' plans, it reduces to 2.9% AER (variable). For 'Premium' plans, it reduces to 3.25% AER (variable), and for 'Metal' plans, it reduces to 3.40% AER (variable). Those on the 'Ultra' plan will have their AER reduced to 4% (variable).
Who is eligible for the new savings rate?
The 5% boosted rate is an introductory offer for new customers only. To be eligible, you must meet the following criteria:
- Be a brand-new UK customer signing up to Revolut for the first time
- Be aged 16 or over
It is worth noting that Revolut now operates as a fully licensed bank in the UK. This means that eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000, offering peace of mind to savers.
How does the Revolut account compare?
While Revolut’s boosted instant access savings account is one of the top offers on the market, savers have a variety of other options to consider. Other top offers include the Homesaver account from Tembo, which offers a boosted rate up to 5.55% AER, with a conditional bonus for using Tembo's mortgage brokerage service. Alternatively, Chase offers a Boosted Saver account paying 4.50% AER, which combines its standard variable rate with a fixed 12-month bonus specifically for new customers.
If you are looking for a savings account that provides quick and easy access to your money, check our article Best easy access savings accounts in the UK. Alternatively, we provide a full summary of the best savings accounts on the market in our article Best Savings Accounts in the UK.
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