Competition in the UK savings market is intensifying as digital bank Revolut introduces a 5% variable savings rate for new customers, directly matching a similar offer from Nationwide Building Society. The promotional rate, available on new instant access savings accounts, runs until December 4 and requires sign-up before August 4.
Revolut's New Offer
Revolut's 5% AER (annual equivalent rate) is available for new UK customers aged over 16 who are opening an account for the first time. After the promotional period ends, the rate will revert to the standard base rate applicable to the saver's plan. Balances exceeding £25,000 will also transition to different rates depending on the account type. Revolut became a licensed bank in the UK earlier this year.
Albert Codorniu, general manager of savings at Revolut, said: "Implementing this boosted 5% rate is a commitment to passing tangible value back to our users." Terms and conditions apply to the offer.
Nationwide's Competitive Deal
Nationwide Building Society offers a 5% fixed rate for 15 months through its Member Exclusive Online Bond, allowing customers to lock away up to £10,000. Deposits can only be made during the first 14 days after opening the bond. At the end of the term, Nationwide automatically transfers the funds to an instant access savings account and notifies customers of the new interest rate in advance.
To qualify, applicants must be UK residents aged 16 or over, have an email address, and have held a qualifying Nationwide or Virgin Money account since at least May 20, 2026. The bond can be opened as a sole or joint account.
These offers highlight the growing competition among banks and building societies to attract savers in the current economic climate.
