Opening a high-interest savings account gives you a simple way to grow your money safely while keeping easy access to it.
With Revolut, you can earn daily interest of up to 4.5% AER, depending on your plan. The setup process is quick, requiring only your smartphone and verified identity.
This guide explains everything you need to know to open and manage a high-interest savings account efficiently.
Understanding High-Interest Accounts
High-interest accounts help you make the most out of your idle funds. They work by paying you interest on your savings, often calculated daily and compounded over time.
Revolut offers flexible instant-access savings, allowing you to withdraw money anytime without penalties.
This means your balance grows continuously, with interest applied even on previously earned amounts.
What Makes a High-Interest Account Different?
A high-interest savings account is designed to reward your deposits with a higher return compared to regular accounts.
The Annual Equivalent Rate (AER) reflects the total interest you can earn over a year, including compounded interest.
This means you earn interest on both your balance and the interest already added. Revolut’s structure simplifies this by automatically crediting your interest daily, so you can track your growth easily.
Why Choose Instant Access Savings?
Instant access savings accounts give you flexibility and liquidity. You can withdraw money anytime without paying a fee or penalty.
This makes it a practical option if you want to earn interest but still need access to your funds.
There are no minimum deposit requirements, so you can start saving even with a small balance. It’s a modern and adaptable approach to managing your money effectively.
Interest Rates and Plans
Revolut offers variable interest rates depending on your plan. These plans include Standard, Premium, and Ultra, each with different AER levels and benefits. The higher your plan tier, the higher the interest rate you can earn.
Breakdown of Interest Tiers
- Standard Plan: Up to 3.51% AER (variable).
- Ultra Plan: Up to 4.5% AER (variable).
- Premium and Plus: Intermediate rates depending on subscription type.
Rates can change over time and may differ based on currency or market conditions. Always check your app for the latest available rates before making new deposits.
How Interest Is Calculated?
Interest is compounded daily and paid automatically. Once you deposit money into your savings vault, it starts earning interest right away.
Revolut calculates earnings daily and credits them without requiring any manual action. This setup ensures continuous growth as long as your funds remain in the account.
How to Open a High-Interest Account?
Opening an account is simple and can be done directly through the Revolut app. You’ll only need your smartphone, internet connection, and verified ID.
Step-By-Step Process
Opening a high-interest account is quick and simple. You can complete the entire process in minutes using just your smartphone and the Revolut app.
- Open the App (iOS and Android): Tap the account selector under your main balance.
- Create a Savings Vault: Scroll down to “Savings” and select “Instant Access Savings.”
- Add Money: Deposit any amount—there’s no minimum.
- Start Earning: Interest begins automatically once your funds are credited.
Verification and Requirements
Revolut may require proof of identity and address before activating your savings feature. This is part of the Know Your Customer (KYC) compliance process.
The feature’s availability can depend on your country and plan type. Once verified, you gain full access to manage and withdraw your funds anytime.
Deposits and Withdrawals
Depositing or withdrawing money from your high-interest account is quick and free of charge. You can move funds between your main account and savings vault whenever needed.
Flexible Access Anytime
Instant access means you can withdraw without waiting for a fixed term to end. There are no penalties for early withdrawals.
This flexibility makes it ideal for both short-term goals and long-term savings strategies. The interest you earn continues until you transfer your funds out.
Deposit Protection
Your savings are protected under the Financial Services Compensation Scheme (FSCS).
Funds up to £85,000 are covered through ClearBank Limited, ensuring your money remains secure. Revolut also follows strict financial regulations to keep your data and funds safe.
Saving Limits and Currency Options
Revolut sets clear guidelines to ensure safe and transparent savings. You can store large balances while keeping access to multiple currencies.
Account Balance Cap
The maximum you can save across your Revolut savings vaults is £200,000. This limit supports flexibility for both casual savers and high-balance users.
Maintaining different savings goals under this threshold helps maximize earnings while staying insured.
Supported Currencies
You can hold and earn interest in multiple currencies, including GBP, EUR, and USD.
Currency type affects the interest rate you receive, so reviewing the app’s latest figures is essential. This makes Revolut’s savings account adaptable for international users and travelers.
Fees, Terms, and Conditions
Understanding fees and terms ensures transparency before you commit. Revolut’s higher interest tiers are linked to paid subscription plans.
Plan Subscription Fees
Plans such as Premium and Ultra require a monthly subscription. These plans include additional benefits like higher withdrawal limits, insurance, and exclusive perks.
Choosing a plan depends on your usage and desired interest level. You can upgrade anytime directly through the app.
Tax and Reporting
Interest earned may be taxable based on your country’s financial laws. Revolut does not deduct taxes automatically, so you must report any earnings according to your local regulations.
Security and Compliance
Your savings and data are protected under strict financial and privacy standards. Revolut partners with ClearBank for regulated fund management.
How Your Savings Are Protected
Revolut operates under UK financial supervision, providing FSCS protection up to £85,000 per eligible depositor.
This ensures that even in the rare event of a bank failure, your money remains secure.
ClearBank manages your deposits separately from Revolut’s operational funds for additional safety.
Data and Privacy
Your personal data is stored securely and shared only with trusted partners. Revolut commits to privacy and does not sell customer information.
All third-party partners must meet strict confidentiality and cybersecurity standards.
Customer Support and Contact Details
You can reach Revolut’s customer service team through multiple channels for assistance with your savings account.
How to Reach Support?
Support is available 24/7 through the in-app chat, where you can speak with a representative directly. You can also visit the help center for common questions.
- Mailing address: Revolut Ltd, 7 Westferry Circus, Canary Wharf, London E14 4HD, United Kingdom.
- For plan-specific inquiries, you can also contact Revolut through its official website’s support form.
Tips to Maximize Your Savings
You can increase your returns by using strategic features available in your account.
Simple Ways to Earn More
Keep Funds Longer: The longer your money stays, the more interest you earn.
- Upgrade to Ultra: Higher-tier plans offer the best interest rates.
- Automate Savings: Use auto-transfer to move spare cash into your savings vault.
- Stay Updated: Check interest rates regularly to take advantage of new offers.
Each of these actions helps you grow your funds efficiently without complex financial planning.
Start Earning Daily Interest Today
Opening a high-interest savings account is a smart way to make your money work for you. With up to 4.5% AER, daily interest payments, and full flexibility, it combines convenience and growth.
You can open an account in minutes and start earning right away. Take advantage of this opportunity to grow your savings effortlessly.
Disclaimer
Information in this article may change over time. Always check the official Revolut website for updated interest rates and plan terms.
This content is for educational purposes only and does not constitute financial advice.
