Revolut shakes up UK banking with 5 per cent instant access savings for new users

• Challenger bank Revolut is intensifying competition in the UK savings market by offering a 5 per cent variable savings rate for new customers on instant access accounts.
• This promotional annual equivalent rate (AER) is valid until 4 December, but customers must sign up for an account before 4 August to be eligible, with the offer applying only to new UK customers aged over 16.
• The initiative follows Revolut's recent acquisition of a full banking licence in the UK and aims to provide tangible value to its users, though balances above £25,000 will transition to different rates.
• Revolut reported significant financial growth, with pre-tax profits rising to £1.7 billion from £1.1 billion, alongside a 30 per cent expansion of its global customer base to 68.3 million.
• The company's global expansion continues, having secured its long-awaited full banking licence in the UK and operating as a licensed bank in over 30 of its 40 markets worldwide, including an application for a US banking licence.

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Revolut launches 5% savings rate for new bank customers