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Revolut has launched a boosted 5 per cent variable interest rate on its instant access savings account for new customers.
The digital challenger bank is paying the bonus rate on balances up to £25,000 until 4 December. Anything above this reverts to the regular underlying rate that applies to the plan you’re on.
If you join the free standard plan your interest rate will be just 2.9 per cent, which makes your rate over the whole year 3.95 per cent.
We’ve worked this out by calculating an average rate taking six months at 5 per cent and six months at 2.9 per cent.
