Revolut, the digital banking platform, is offering £20 to new UK customers who open an account and complete a simple task. Instead of requiring a full bank account switch, customers only need to make a £1 purchase using their Revolut account to qualify for the bonus.
How to Get the £20 Bonus
The offer is exclusively for new customers. To participate, individuals must download the Revolut app and open an account. After signing up, they must make their first purchase of at least £1 using either the physical Revolut card or a virtual card added to Apple Pay or Google Wallet. The £20 bonus is then credited to the account.
The promotion runs until the end of 2026, giving customers several months to take advantage of the offer. There is no cost to open or maintain a Revolut account.
Revolut Becomes a UK Bank
In March 2026, Revolut officially obtained a UK banking license, making it subject to the same regulatory standards as other British banks. This means customer deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, with additional coverage of up to £120,000 for eligible deposits through Revolut Bank.
Market-Leading Savings Account
Revolut recently launched a competitive savings account offering a 5% interest rate. However, customers must sign up before August 4 to be eligible for this promotional rate. After the promotional period ends, rates will revert to the base rate determined by the customer's plan. Balances exceeding £25,000 may be subject to different rates.
Comparison with Other Bank Offers
While Revolut's £20 bonus is modest compared to other banks—such as HSBC offering £220, or First Direct, NatWest, and Barclays offering £200—the key advantage is that no full switch is required. Customers can keep their existing current account and still receive the bonus.
This offer is ideal for those looking to test Revolut's services without committing to a full switch. With its new banking status and attractive savings rates, Revolut is positioning itself as a strong contender in the UK banking market.
