Competition is getting fierce
The savings market is hotting up, as challenger bank Revolut is offering a 5% variable savings rate for new customers.
The deal is available for new instant access savings accounts, with an initial promotional rate of 5% AER (annual equivalent rate) running until December 4. Customers would need to sign up for an account before August 4 to qualify. Once the promotional rate concludes, savings rates will revert to the “base rate” of whichever deal savers are on, Revolut confirmed.
Balances exceeding a £25,000 threshold will also shift to alternative rates, depending on the plan chosen, according to the bank. Revolut launched as a licensed bank in the UK earlier this year.
Albert Codorniu, general manager of savings at Revolut, said: “Implementing this boosted 5% rate is a commitment to passing tangible value back to our users.”
Terms and conditions apply to the offer. The 5% boosted rate is exclusively available to new UK customers aged over 16, signing up to Revolut for the first time.
Savers can also find other competitive 5% savings deals elsewhere on the market. Nationwide Building Society offers a savings rate of 5% for its members, fixed for 15 months for those able to lock away balances of up to £10,000 for the period.
The Member Exclusive Online Bond means customers can only deposit funds during the first 14 days from opening the bond. At the conclusion of the 15-month term, Nationwide will transfer the money into an instant access savings account.
Nationwide has stated it will notify customers in advance of any changes, along with details of their interest rate. The bond can be opened as either a sole or joint account.
To be eligible, applicants must be a UK resident aged 16 or over, possess an email address, and have held a qualifying Nationwide or Virgin Money account since at least May 20, 2026.
