It's official — Revolut is now a bank in the UK

Revolut is now a bank in the UK. This means our new entity, Revolut Bank UK Ltd (“UK Bank”), is authorised to offer UK bank accounts and accept customer deposits.

The UK Bank is supervised by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), meaning Revolut Bank is subject to the same regulatory standards and regimes as other UK banks. With this change, we’ll offer UK-based customers bank accounts protected by the Financial Services Compensation Scheme (FSCS). This means up to £120,000 in deposit insurance protection on eligible deposits per person.

Over the next few months, we’ll begin to seamlessly transition eligible customers to Revolut Bank UK Ltd. Read on to learn more about what this change means and how it’ll impact our customers going forward.

What it means to be a bank

As a bank without restrictions, we’ll offer customers bank accounts, also known as current accounts, through Revolut Bank UK Ltd.

What will change?

FSCS protection: your eligible deposits will be protected by the FSCS up to £120,000 per person. Exclusions apply — see the FSCS Information Sheet and Exclusions List for details.

Travel Insurance: your travel insurance group policy numbers will be updated, but your insurance terms and protection remain the same. The new numbers are:

• Metal plans: UK409992764
• Ultra plans: UK409992765

It also means we’ll be able to launch more advanced banking features — so keep an eye out for future benefits.

What will stay the same?

• Account details: your account number, sort code, IBAN, and BIC will stay the same. Our address remains unchanged, so you can continue to use it for transfers.
• App functionality: your Revolut app will work as usual, and you’ll still have access to all your account information, including transaction and statement history from before the transition.

What comes next for Revolut customers?

Eligible Revolut accounts will be transitioned to a UK bank account.

We’ll reach out to eligible customers when it’s time to begin transitioning their account, and once their account is officially moved over to a bank account. After that, your account will be ready for new banking features as we launch them in the coming months.

How to check your account’s entity:

Customers can check which entity they’re on in-app by navigating to their Details from the home screen. Either Revolut Bank UK Ltd or Revolut Ltd's name will be visible.

Who’s eligible for account transition?

We’ll transition the accounts of all Revolut customers who have an active account registered in the UK.

If you don’t want to transition to Revolut Bank UK Ltd, you can close your account at any time. To do this, go to your profile icon in-app, tap Account, and scroll down to select Close account. Learn more about closing your account.

We understand you need to do what’s best for you, but we’ll be sad to see you go.

How to keep your account secure

• Be cautious of potential fraud. We’ll only contact you about these changes by email or through in-app messaging. Links in emails can pose a risk if you’re unsure of the sender. Access linked content through the ‘UK Bank migration banner’ in-app.
• We won’t text or call you about this change. If you receive any calls or texts about the bank account transition, do not trust them unless you initiated the contact through our in-app chat.

What else should customers know?

Once UK Revolut accounts are transitioned to current accounts, the below protections will apply:

• FSCS protection: after the transition, customers' eligible balances will be deposited with Revolut Bank UK Ltd and protected by the FSCS up to £120,000 per customer. This applies to current accounts, Kids & Teens accounts, 16–17 accounts, Pockets, Group Pockets, Joint accounts, and Pro accounts.
• Savings: balances in your Savings will continue to be provided by Revolut Ltd and not Revolut Bank UK Ltd. Your Savings balances will be deposited with third-party partner banks and protected by the FSCS up to £120,000 for each eligible person per account, per bank. This protection is separate from your Revolut UK Bank FSCS limit, and the FSCS limit applies to your total eligible deposits with the partner bank. Find your Savings partner bank list in-app and in your Savings T&Cs.

Services not listed above, including Crypto, Commodities, or Stocks are provided by different entities and do not fall under Revolut Bank UK Ltd's FSCS protection.

How does this impact Revolut plans and products?

• Revolut plans: your paid plans will remain the same, with no changes to fees or charges.
• Revolut products: all the services and features you love, such as stock trading, cryptocurrency, and commodities, will remain unchanged. Stock trading is provided by Revolut Trading Ltd, and cryptocurrency and commodities by Revolut Ltd.
• Revolut — Kids & Teens accounts: if you have a Kids & Teens account linked to your personal account, it’ll also be transitioned to a UK bank account. The £120,000 FSCS limit applies to the total of the parent account and all linked Revolut Kids & Teens accounts.
• Joint accounts: your Joint account will be transitioned at the same time as your personal Revolut account. If either you or your co account-holder decides to opt out, the Joint account will be closed, and the balance will be split 50:50.

The legal bits

• Terms and conditions: once your account is transitioned, it'll be subject to new terms and conditions.
• Personal data: once your account is transitioned, Revolut Bank UK Ltd will become a controller of your personal data. See our Customer Privacy Notice for more information on how we process your personal data. 
• Making a complaint: if you’d like to make a complaint, you can do so directly through our in-app chat. If you’re not satisfied with our response or if the issue isn’t resolved within 8 weeks, you can seek help from the Financial Ombudsman Service.

Any questions?

If you have any concerns or questions, reach out to our 24/7 customer support via the in-app chat. For more information, check out our FAQs.