Home / Business and Economy / Revolut Sparks Savings War With 5% Rate
Revolut Sparks Savings War With 5% Rate
8 Jun
Summary
- Revolut offers new customers a 5% variable savings rate.
- This promotional rate is valid until December 4 for eligible sign-ups.
- Nationwide Building Society also provides a 5% savings rate for its members.
Competition in the savings sector has intensified with challenger bank Revolut introducing a 5% variable savings rate for new customers. This offer applies to instant access savings accounts and features an initial promotional annual equivalent rate (AER) of 5% running until December 4. Eligibility requires new UK customers aged over 16 to sign up for Revolut for the first time before August 4. The bank stated that after the promotional period ends, savings rates will revert to the standard base rate, with balances exceeding £25,000 subject to different rates depending on the customer's plan. Revolut, which obtained a banking license in the UK earlier this year, views this boosted rate as a commitment to delivering enhanced value to its users. This initiative places it alongside other providers, such as Nationwide Building Society, which offers its members a fixed 5% savings rate for 15 months on balances up to £10,000.
