UK banking app Revolut has unveiled a new savings account with a competitive 5% interest rate, available for a limited period. The offer, which launched on June 8, is open to new customers who apply before the August 4 deadline. The account allows deposits of up to £25,000 and features unlimited withdrawals without affecting the interest rate.
Key Details of the Offer
The 5% rate applies to balances up to £25,000 and remains in effect until December, after which it will drop. Savers can make unlimited withdrawals without penalty. The account is exclusively for new UK customers aged 16 and over who are signing up to Revolut for the first time. Terms and conditions apply.
Expert Insights
Rachel Springall of Moneyfacts described the offer as "enticing" in the current savings market. She noted that while accounts like Santander Edge Saver and Cahoot's Sunny Day Saver offer over 5%, they do so only on smaller balances. "The boosted rate of 5% is only available for the next six months, so savers would be wise to make a diary note to review and switch in December," she advised.
Revolut's Statement
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." The digital bank recently secured a full UK banking licence after nearly five years, and reported pre-tax profits of £1.7 billion, up from £1.1 billion the previous year. Revolut also applied for a US banking licence in March and operates as a licensed bank in over 30 of its 40 global markets.
