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Revolut increases cash savings rate to 1% (for top paying UK customers)

The offer comes through its savings vault product but is only available to metal customers.

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Joslyn Pickens

Customers of Revolut’s ‘metal’ card in the UK, who pay £12.99 per month, can now access a competitive interest rate of 1 per cent on cash savings.

Revolut is upping its interest-earning Savings Vault product for all customers also with a 0.85 per cent rate for Premium users, 0.55 per cent for Plus users, and 0.45 per cent interest (AER) for standard users. 

The savings product needs no minimum deposit amount, withdrawals can be made at any time, and annual interest is paid daily. Savings are protected up to £85,000 by the Financial Services Compensation Scheme. 

“With the rising cost of living, we understand that saving remains important to our customers. We’re pleased to offer saving products that will help people maximise the interest they can earn with the reassurance of being able to access their savings instantly,” said Mikko Salovaara, Chief Financial Officer at Revolut.

Atom Bank,Chip and Moneybox all recently upped their savings rates offered to customers.

Atom Bank increased the rates on its Instant Access Saver from 0.65 per cent to 0.75 per cent but offers up to 1.85 per cent for less flexible products.

Moneybox’s Simpler Saver account went up from 0.47 per cent to 0.74 per cent; on its 32-Day Notice account from 0.71 per cent to 1.20 per cent; and on its 95-Day Notice from 0.74 per cent to 1.25 per cent in April. 

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