By Oliver Smith on Friday 14 January 2022
Up to 0.7 per cent interest will soon be available for Revolut Metal customers.
Turns out Atom Bank isn’t the only one improving its savings rates.
Earlier today Revolut accidentally revealed its own rate rise, with the interest on its Savings Vaults for Metal customers soon going up to 0.7 per cent.
In a post to its blog at midday, which was quickly deleted here, but not before AltFi saw it, Revolut also announced that it is switching to Allica Bank for all new Savings Vaults that are opened.
This means Paragon and Investec, which have been the account providers until now, won’t receive any more customer accounts from Revolut—although existing accounts will continue to operate, albeit at their current rates.
The shift is also a big win for Allica Bank, which raised £110m in November and is aiming to reach profitability in 2022.
“Revolut always aims to create partnerships with trusted banks to offer you great interest rates,” Revolut wrote in the now-deleted blog post.
“To benefit from the latest rates, you’ll just need to open a new Savings Vault.”
Speaking of rates, Standard and Plus customers will both be able to open 0.35 per cent Savings Vaults (up from the 0.15 and 0.2 that they get today), Premium customers will get a rate of 0.55 per cent (up from 0.4 per cent) and Metal customers will see the biggest jump to 0.7 per cent (from 0.4 per cent).
While the blog post has been taken down, this likely means that the launch has been delayed by a few days and could launch as soon as Monday.
Since Revolut launched Savings Vaults in January 2020, it says it’s customers have saved over £1bn in the accounts and benefitted from earning interest daily.
Given these Savings Vaults are instant access, unlike Atom’s six-month fixed savings account at 0.75 per cent, they stack up well against Revolut’s peers—although you obviously do have to be a paying customer to access the best 0.7 per cent rate.
It’s not the first time Revolut has tipped its hat early with a mistakenly published blog post, last year the fintech revealed its plan to launch Bitcoin withdrawals almost a week early.
Revolut declined to comment.
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