The offer goes through its savings vault product but is only available to metal customers.
Image source: Joslyn Pickens
Revolut metal card customers in the UK, who pay £12.99 a month, can now access a competitive 1% interest rate on cash savings.
Revolut is increasing its interest-bearing Savings Vault product for all customers equally with a rate of 0.85% for Premium users, 0.55% for Plus users and 0.45% interest (AER) for users standard.
The savings product requires no minimum deposit, withdrawals can be made at any time and annual interest is paid daily. Savings are protected up to £85,000 by the Financial Services Compensation Scheme.
“As the cost of living increases, we understand that savings remain important to our clients. We are excited to offer savings products that will help people maximize the interest they can earn with the reassurance of having instant access to their savings,” said Mikko Salovaara, Chief Financial Officer of Revolut.
Atom Bank, Chip and Moneybox have all recently increased their savings rates offered to customers.
Atom Bank has raised rates on its Instant Access Saver from 0.65% to 0.75% but is offering up to 1.85% for less flexible products.
Moneybox’s Simpler Saver account increased from 0.47% to 0.74%; on his account with 32 days notice from 0.71% to 1.20%; and on its 95-day notice from 0.74% to 1.25% in April.