The savings account is paying between 4% and 5% AER a year (Image: Getty)
The app-based bank, which has 10 million UK customers, increased the rate on its UK instant access savings account to offer of up to 5% AER (variable).
Users on Revolut’s standard and plus plan will see their rates rise to 4% AER (variable), up from 2.29% AER (variable).
customers on its premium plan can earn 4.25%, while those on its metal plan can earn 4.5% with ultra customers able to earn 5% on their savings.
Savers can start earning immediately with no minimum deposit required, a maximum limit of £200,000, and no additional costs.
Revolut users can increase their savings by rounding up each transaction they make using their account to the nearest pound, automatically putting the difference into savings.
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Customers’ savings of up to £85,000 will be protected through the Financial Services Compensation Scheme (FSCS) via ClearBank Limited.
Savings can be accessed immediately and earn interest daily. Customers can add or withdraw their cash at any time.
Albert Codorniu, head of savings at Revolut, said: “Our boosted rates means that both our new and existing customers can now set even more ambitious goals for 2025, with the full flexibility and control to access their cash whenever they need it.
This move is part of our ongoing commitment to challenging the traditional banking system and drive better outcomes for customers.”