Revolut

Who they are

Revolut was founded in 2015 as an app enabling people in the UK and the European Economic Area to spend money abroad using interbank foreign exchange rates. Since then it has expanded into a much broader range of financial services, including investing, international transfers, multi-currency accounts, and travel insurance.

For a long time, Revolut operated in the UK as an Electronic Money Institution rather than a proper bank - a distinction that mattered to anyone thinking of keeping serious savings there. That changed in March 2026. Following the granting of full banking authorisation by the FCA and the Prudential Regulation Authority, the entity was renamed Revolut Bank UK Ltd and became a fully operational UK bank offering retail banking services. It now has around 13 million UK customers and sits alongside Monzo, Starling and Chase as one of the country's biggest digital banks.

Savings accounts

Revolut currently offers two savings products listed on DepositScout. The Instant Access Savings account pays 4.00% AER variable, with a minimum balance of just £1 and instant access to your money. That rate is variable, so it can move - and Revolut has a history of running promotional rates for new savers that revert once the boost period ends, so it is worth checking the current figure on this page before you apply.

The Stocks and Shares ISA carries no interest rate, as you would expect - returns depend on how your investments perform rather than a set rate.

On FSCS protection, your eligible deposits with Revolut Bank UK are protected up to £120,000 per person. The Stocks and Shares ISA carries a different structure: investments are protected up to £85,000, while any uninvested cash held within it is covered up to £120,000.

Is it right for you?

Revolut is worth considering if you already use the app for everyday spending or travel and want your savings in the same place. The app is widely regarded as one of the slickest in the market, and the instant access account needs only £1 to open.

That said, Revolut is not the obvious first choice if straightforward savings rate is your only goal. The standard rate has been beaten by several easy access accounts at times, and the platform's strength really lies in its broader features - currency exchange, budgeting tools, paid subscription tiers - rather than market-leading deposit rates.

There is also no current account switch offer listed for Revolut at this time, so if a cash bonus is part of your decision, you may find better options elsewhere.

Check the live rate shown on this page before you decide - Revolut's savings rate is variable and the current figure is always the most reliable starting point.