Revolut introduces Flexible Accounts in Singapore

Wednesday 29 May 2024 10:35 CET | News

Online banking platform Revolut has announced the launch of Flexible Accounts, an interest-bearing product that aims to support individuals in Singapore. 

To assist Singaporean customers in the current economic landscape with high inflation and rising living costs, Revolut introduced an interest-bearing product to meet the needs of individuals. At the time of the announcement, Singapore was the first Asia Pacific market where the fintech launched its product, managed by global asset manager, Fidelity International.

Revolut has announced the launch of Flexible Accounts, an interest-bearing product that aims to support individuals in Singapore.

Why did Revolut launch Flexible Accounts?

Considering that traditional savings account interest rates in Singapore remain rather conservative and both fixed deposits and earning high interest on traditional savings accounts bring several criteria and restrictions, Revolut intended to fill this gap with a different product that can respond to customer requests. Also, the company intended to allow Singaporean users to eliminate the limitations of traditional products, including lock-in periods or minimum deposit requirements.

Being invested in USD-denominated Money Market Funds (MMF), Flexible Account top-ups focus on providing flexibility and control, with customers being able to add and withdraw funds anywhere, at any time. Additionally, interest is paid daily and any interest not withdrawn is set to be reinvested into the fund. Also, Revolut does not impose a minimum deposit requirement and customers can receive up to 5.21% APY. Through this, the company aimed to serve the needs of investors who want to preserve their capital while receiving a good return. However, the rates of return can vary depending on the subscription plan of the users, with Metal customers getting up to 5.21% APY, Premium ones up to 5.06% APY, and Standard ones up to 4.61% APY.

Furthermore, funds that get deposited into Flexible Accounts are set to be invested in US-denominated MMF, managed by Fidelity International, a global asset manager with active investment management experience and deep research abilities. This allows the company to offer funds that have low volatility, which can be invested in a diversified range of short-term instruments. In addition, representatives from Revolut underlined that as the cost of living is increasing, the company launched an offer that can expand its customers’ funds and allow them to receive more value from their money via low-risk money market funds.

Revolut mentions that Flexible Accounts delivers transparent and upfront fees, with no further criteria required to earn interest. The company is also committed to democratising access to investment opportunities for retail customers which were previously underserved by traditional banks and professional traders. Also, to celebrate the introduction of Flexible Accounts, between the end of May 2024 and 31 July 2024, the company offers a promotional rate of up to 5.48% annual interest for all customers. Moreover, customers who invest a minimum of USD 2,500 during the campaign period, for 31 days, are set to receive a cashback of USD 25.

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Keywords: product launch, financial inclusion, banks, fintech, online banking
Categories: Banking & Fintech
Companies: Revolut
Countries: Singapore
This article is part of category

Banking & Fintech


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