Revolut shakes up UK banking with 5 percent instant access savings for new users

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleChallenger bank Revolut is intensifying competition in the UK savings market by offering a 5 per cent variable savings rate for new customers on instant access accounts. This promotional annual equivalent rate (AER) is valid until 4 December, but customers must sign up for an account before 4 August to be eligible, with the offer applying only to new UK customers aged over 16. The initiative follows Revolut's recent acquisition of a full banking licence in the UK and aims to provide tangible value to its users, though balances above £25,000 will transition to different rates. Revolut reported significant financial growth, with pre-tax profits rising to £1.7 billion from £1.1 billion, alongside a 30 per cent expansion of its global customer base to 68.3 million. The company's global expansion continues, having secured its long-awaited full banking licence in the UK and operating as a licensed bank in over 30 of its 40 markets worldwide, including an application for a US banking licence. In fullRevolut launches 5% savings rate for new bank customersThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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