The online bank that’s bucking the trend by increasing savings rates as millions hit by cuts
Share:
AN online-only bank has bucked the trend and increased interest rates on savings accounts as millions are hit with cuts. Revolut, which has over 10million UK customers, has hiked rates on five accounts, offering up to 5%. It comes as millions are set to be hit with savings rate cuts over the coming weeks and a host of other changes.
![[Revolut bank card and packaging.]](https://www.thesun.co.uk/wp-content/uploads/2025/01/2kfe60n-revolut-bank-card-white-845550754.jpg?strip=all&w=960)
Savings rates are dropping after the Bank of England (BoE) lowered its base rate. The Revolut savings rates have increased to different amounts depending on which plan customers are on. Revolut offers five plans which charge up to £45 a month and offer different perks including cashback and an in-app chat function.
![[Illustration of Revolut savings rates increase.]](https://www.thesun.co.uk/wp-content/uploads/2025/01/RR-22-01-TABLE-REVOLUT-V1.jpg?strip=all&w=960)
Those on a free Standard Plan have seen their rate go up from 2.29% AER to 4%. Plus Plan customers, who pay £3.99 a month, can also get a 4% AER rate, up from 2.39% previously. Savers on a Premium Plan, which costs £7.99 a month, can now get 4.25% AER, up from 3%.
Metal and Ultra Plan customers have seen savings rates hiked to 4.5% and 5% AER, respectively. A Metal Plan costs £14.99 a month while the Ultra Plan is £45 a month. Any interest earned on the savings account is added to your balance daily and there is no minimum deposit required.
Customers can put in a maximum £200,000 into each of the accounts. Those putting in up to £85,000 will be protected under the Financial Services Compensation Scheme (FSCS). This means if Revolut Bank goes bust, customers can get any money lost from their accounts back as compensation up to £85,000.
