Competition in the savings market is heating up, as challenger bank Revolut is offering a 5% variable savings rate for new customers.
The deal is available for new instant access savings accounts, with an initial promotional rate of 5% AER (annual equivalent rate) running until December 4.
People would need to sign up to an account before August 4 to be eligible.
When the promotional rate ends, savings rates will revert to the “base rate” of whichever deal savers are on, Revolut said.
Balances above a £25,000 threshold also transition to other rates, depending on the plan, according to the bank.
Revolut launched as a licensed bank in the UK earlier this year.
Albert Codorniu, general manager of savings at Revolut, said: “Implementing this boosted 5% rate is a commitment to passing tangible value back to our users.”
Terms and conditions will apply to the offer. The 5% boosted rate is only eligible for new UK customers aged over 16, signing up to Revolut for the first time.
Savers can also get some other 5% savings deals on the market. Nationwide Building Society offers a savings rate of 5% for its members, which is fixed for 15 months for people who are able to lock balances of up to £10,000 away for the period.
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