Revolut

Who they are

Revolut was founded in 2015 by Nik Storonsky and Vlad Yatsenko as an app enabling people in the UK and Europe to spend money abroad using interbank foreign exchange rates. Storonsky, a former trader at Credit Suisse and Lehman Brothers, had grown frustrated with the high fees and poor exchange rates charged by traditional banks, and teamed up with Yatsenko - a former software developer at Deutsche Bank and Credit Suisse - to build something better.

From those travel-focused beginnings, Revolut has grown into something considerably more ambitious. It now offers free and subscription-based digital banking services, primarily through a mobile app, including bank accounts, debit cards, credit cards, currency exchange, stock trading, cryptocurrency exchange and peer-to-peer payments. As of March 2026, Revolut has over 70 million customers and supports transfers across more than 160 countries and regions.

The biggest structural change in recent years is the UK banking licence. On 11 March 2026, Revolut announced that it had received its full UK banking licence, meaning that customers are now protected by the Financial Services Compensation Scheme on eligible deposits under £120,000. For years, that FSCS protection was the missing piece for many UK savers considering Revolut as a genuine financial home. That piece is now in place.

Savings accounts

At the time of writing, DepositScout does not list any live Revolut savings products. That can change - Revolut has previously launched promotional savings rates in the UK, including an easy-access account powered by ClearBank, and it now has the regulatory foundation to build out a fuller savings offering. The rates and terms shown on this page are the definitive source for whatever is currently available.

A few things are worth bearing in mind if Revolut savings products do appear. First, Revolut's savings rates have historically varied by subscription plan - Standard, Plus, Premium, Metal and Ultra users have each received different rates. So the headline figure you see elsewhere may not be the rate available to you without a paid plan. Second, FSCS protection now applies to eligible deposits held with Revolut Bank UK Ltd, up to £120,000 per person per authorised firm, following the December 2025 increase from the previous £85,000 limit. If you also hold savings through other accounts that use ClearBank as a banking partner, those balances all count toward the same FSCS limit - worth checking before depositing larger sums.

What Revolut does well

The app is genuinely one of the strongest in the UK market. Open Banking aggregation, virtual and disposable cards, smart budgeting pockets and salary-sorting tools all come as standard. For people who want their finances organised rather than just held somewhere, that feature set is hard to match at the free tier.

Over time, Revolut has moved beyond its early identity as a travel-focused payments app toward a broader role as a primary banking alternative, targeting users who are comfortable managing their finances entirely through a mobile interface. If you travel regularly, the multi-currency capability and competitive FX rates on higher plans are a genuine draw. Just be aware that the free Standard account does carry some FX limits and a weekend surcharge - the most generous travel features sit behind the paid tiers.

On security, Revolut has invested heavily in fraud prevention tools, including in-app verification for calls claiming to be from Revolut, and features that delay high-value transfers made away from trusted locations.

Is it right for you?

Revolut suits people who are comfortable banking entirely through an app and want a feature-rich experience in one place. The full UK banking licence removes what was long the biggest objection - the absence of FSCS protection - and makes Revolut a more credible home for serious money than it was even a year ago.

That said, there are no branches. If something goes wrong and you need to speak to a human quickly, you are working through in-app chat. That suits some people perfectly; for others, it remains a genuine concern worth weighing up.

On savings specifically, Revolut is a name to watch rather than an automatic destination. The licence opens doors, but the right question is always whether the rate is competitive, the terms are clear, and the protection is in order - not simply whether the brand is well known.

Check the live rates shown on this page to see exactly what Revolut is currently offering UK savers, and how it compares to the rest of the market.