Key points
  • Revolut is a global banking and financial services platform
  • It gained its Australian banking licence in July 2026 and offers savings accounts
  • Interest rates depend on depositors' subscription levels 

Revolut launched in Australia in 2020 as a digital travel card and currency exchange app. Over the next few years, it expanded its services to include new features including budgeting tools, and in-app platforms for trading cryptocurrency and stocks.

In July 2026, Revolut was granted a full banking license by Australia's banking regulator, marking it as an authorised deposit-taking institution (ADI).

This allowed Revolut to launch its credit card and Instant Access Savings Account. So, how does its savings account compare to others on the market?

Revolut savings account interest rates

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BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
3.00% p.a.
6.25% p.a.
Intro rate for 3 months
then 3.00% p.a.
$769
3 months
$0
$49,999
$0
$0
  • Intro rate for 3 months up to $50k, then 5.30% p.a. on paid Ultra plan up to $250k
  • No deposit or withdrawal conditions. New to Revolut customers for a limited time. Open savings account within 1 month of joining.
  • Total Interest Earned shown is for illustrative purposes and is based on monthly compounding. Actual Interest Earned will be higher from interest compounding daily instead of monthly.
 Disclosure
4.60% p.a.
4.60% p.a.
$940
–
$100,000
$249,999
$0
$0
3.90% p.a.
3.90% p.a.
$794
–
$250,000
$99,999,999
$0
$0
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning

Revolut Instant Access Savings Account

Before we get into Revolt's offerings for savers, it's worth pointing out Revolt has a multi-tiered subscription model that unlocks higher savings interest rates the more you pay in monthly fees.

At the time of writing, fees are as follows:

  • Standard plan - no fee 
  • Plus plan - $5.99 per month
  • Premium plan - $11.99 per month
  • Metal plan - $28.99 per month
  • Ultra plan - $99.99 per month

Succeeding levels grant access to higher savings account interest rates as well as greater benefits related to Revolut's other services including deals on travel, insurance, international transfer fees, subscriptions, data services, and Revolut's points program.

  1. Do your sums

It may be obvious but given the monthly fees, account holders need to be sure they are getting suitable value from related perks rather than paying fees to access better savings account interest rates. That can defeat the purpose of a savings account.

At the time, Revolut's highest interest rate (a three-month welcome rate for eligible account holders at the time of writing) can be bettered by other high-interest savings accounts on the market (albeit some with conditions attached) that don't attract monthly fees.

Account features

  • interest paid each day (not monthly like many savings accounts)
  • no monthly hoops
  • no minimum deposit amounts
  • anytime access
  • eligible deposits protected under the federal government's Financial Claims Scheme (up to $250,000 Australian dollars)
  • option to turn on 'spare change round-ups', rounding up purchases to nearest dollar amount with difference automatically deposited into savings
  • ability to create and customise multiple savings accounts for different goals and purposes
  • inbuilt algorithms to detect suspicious activity

Welcome rate offer

At the time of writing, Revolut is offering a limited-time variable welcome rate for the first three months on personal savings balances up to $50,000.

See also: The different types of savings account interest rates

For balances above $50,000, a tiered interest rate tied to your plan applies up to a maximum deposit amount of $1 million.

The offer is open to eligible customers who set up a personal Instant Access Savings Account within one month of joining Revolut.

Revolut Savings Account: Pros & Cons

Pros

  • Daily interest: Unlike many savings accounts, interest is calculated and paid daily (rather than the usual monthly), allowing account holders to maximise the benefits of compounding returns
  • Anytime access: Deposits and withdrawals can be made at any time without withdrawal penalties
  • Fee-free on Standard plan: A savings account can be opened and operated on the lowest-tier Standard plan without monthly fees
  • Useful automation tools: Revolut's app offers several tools including round-ups, income-sorting, recurring transaction setting, and spending analytics options

Cons

  • Best rates require paid plans: The biggest drawback is the highest savings rates are available only through higher paid subscription plans
  • Need to constantly assess savings performance: Monthly plan charges (up to $99.99 per month at the time of writing) need to be offset against savings interest earned and the value of other tier benefits to determine whether Revolut offers the best vehicle for savings returns
  • Intro rate applies to lower balance than other intro offers: At the time of writing, Revolut's intro rate is among the most competitive on the market but applies to a balance of $50,000, considerably lower than other introductory offers