By Daniel Lanyon on Thursday 18 February 2021
The banking challenger is on an ambitious growth strategy but has also increasingly prioritised cost-cutting and a profits push in the past year.
Banking challenger Revolut has made several changes to its trading business, including an increase in custody fees and a reduction in the number of free trades it offers users.
Its custody fee will change from 0.01 per cent of asset value per annum to 0.12 per cent of asset value per annum.
Revolut's free trading will also see changes. Standard users, who do not pay to use the bank, will receive one commission-free trade per month, whereas previously they received three.
Plus users, who pay £2.99 per month, will continue to receive three commission-free trades per month. It's Premium users, paying £6.99 per month, will receive five commission-free trades per month, they previously received eight. Metal users, who pay £12.99 per month, will continue to receive unlimited commission-free trading.
The banking challenger, which recently announced a move to permanent flexible working for its 2,000-strong workforce, has been on a push for profit since the pandemic shifted a number of its core revenue streams.
1 March 2021
Oliver Smith