Over a year since the beta version of the app launched down under, Australians can now download the full version of the Revolut app on iOS or Android. 

Over 30,000 Australians had joined the wait list for the full version. 

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Savings Maximiser (<$100k)

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money

                            Saver Account (<$250k)

                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Smart Saver Account (Under 25)

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 28, 2024. View disclaimer.

                                Describing itself as "the world’s first truly global financial superapp", Revolut has gained over 12 million customers in 35 different countries since its founding in July 2015.  

                                The fintech offers a range of products focused on spending and travelling, allowing customers to hold and transfer up to 27 different international currencies in their account and send money abroad to other Revolut users, as well as spend money in more than 110 currencies at the real exchange rate. 

                                It also offers budgeting tools and a transaction account for day-to-day purchases which has no fees for ATM withdrawals or international transactions. 

                                Revolut says it is introducing some brand new features for Australian customers. 

                                "Some of the awesome things you can look forward to in Australia include: a simple way to exchange cryptocurrencies and commodities, a Rewards program to help you save money from top brands and day-to-day purchases, a Junior account to help teach your kids money skills, and new ways to easily give back to the causes you care about," Revolut said. 

                                Revolut also offers disposable virtual cards to allow customers to securely pay, Apple Pay and Google Pay compatibility, state-of-the-art analytics and spending notifications as well as budgeting tools. 

                                Revolut1

                                Revolut's budgeting & analytics. Image source: Revolut. 

                                Revolut

                                Transferring money to friends with 27 different currencies. Image source: Revolut. 

                                Revolut not a neobank 

                                Unlike Australian neobanks such as UpXinja and 86 400, Revolut does not hold an authorised deposit-taking institution license (ADI), meaning it is not covered by the government's deposit guarantee for up to $250,000. 

                                Revolut does allow customers to hold money in its transaction account as it received special permission from ASIC in 2019 to hold customer funds in trust accounts with an undisclosed bank, and earlier in 2020 obtained its own Australian Financial Services Licence (ASFL). 

                                The lack of an ADI license means Revolut is not able to offer savings accounts yet, but says this is planned for the future. 

                                Revolut to offer different subscription models 

                                While most of Revolut's services will be available for free, it is introducing a subscription-style model with different tiers. 

                                There are two paid plans available: 

                                • Revolut Premium ($10.99/month): Offers no-fee currency exchange on up to $9,000 per month month and no-fee ATM withdrawals up to $350 per month; and
                                • Revolut Metal ($19.99/month special offer, $29.99/month normally): No-fee currency exchange, no-fee ATM withdrawals up to $1,400 each month, 2% thereafter to cover costs, up to 1% cashback on all card purchases, SmartDelay airport lounge passes and early access to new features. 

                                Metal subscription customers can also get access to an 18g metal card, pictured below, crafted from a single sheet of reinforced steel.

                                Rev-metal

                                Image source: Revolut.