Revolut introduces savings accounts with variable rates

Under these new offerings, customers subscribed to standard Revolut plans will be eligible for savings accounts offering an interest rate of 2% AER. However, users will need to upgrade to a paid plan to access higher interest rates.

The company highlights that customers will have the opportunity to accrue daily interest while retaining the flexibility to access their funds whenever needed. Representatives pointed out the prevailing conditions in the Irish banking sector, emphasizing low deposit rates, complex limits, and limited competition. They noted that with the new savings accounts, customers can confidently allocate a portion of their salary to savings without concerns about accessibility.

With over 2.7 million customers in Ireland and a global customer base exceeding 40 million, Revolut's expansion into savings accounts can be significant. Experts anticipate strong demand for Revolut's savings accounts. While acknowledging that higher interest rates are available elsewhere, they emphasize the appeal of Revolut's extensive customer base in Ireland and the ease of account opening and fund management. The flexibility of instant access without prolonged lock-in periods is likely to attract savers seeking accessibility to their funds.

Expanding overseas

Recently, Revolut has broadened its Business product to encompass sole traders in Australia, aiming to bolster financial solutions for small businesses. This expansion signifies a notable achievement in Revolut's objective to furnish swift, cost-effective, and effective financial services to businesses across the spectrum, empowering them to flourish in the global business landscape.

Sole traders, constituting approximately a third of Australia's business economy, now have entry to Revolut's business features, marking a 60% extension of market reach for the company within the country. This strategic maneuver follows market affirmation, exemplified by the enrollment of over 4,000 sole traders on the platform since the launch of Revolut Business in Australia.