Revolut Instant Access Savings review
- Maximum variable rate
- 5.50% p.a.
- Base interest rate
- 3.00% p.a.
Summary
New Revolut customers can earn up to 5.50% p.a. for the first three months on balances of up to $100,000, but higher ongoing rates come with a monthly fee.
The Revolut Instant Access Savings account offers different interest rates on your savings depending on your Revolut plan, with higher interest rates requiring higher monthly fees. There’s also a welcome rate for new Revolut customers that offers a very strong total rate of 5.50% p.a. for 3 months, on balances of up to $100,000. There are no deposit conditions you need to meet to get your interest rate.
Another unique feature of this account is that interest is calculated and paid daily rather than monthly, so your balance compounds a little faster than with most Australian savings accounts.
Pros
-
Interest is calculated and paid daily
-
No minimum deposit or condition to earn interest
-
High welcome rate for new customers
Cons
-
Monthly fees on most plans
-
Higher monthly fees on highest rate plans
Details
Key details
| Product Name | Revolut Instant Access Savings (Standard) |
| Maximum Variable Rate | 5.50% p.a. |
| Standard Variable Rate | 3.00% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 16 |
How to apply
You'll need the Revolut app to open a savings account. If you're not already a Revolut customer you'll have to make an account.
You need to be 18 or older to apply.
From the Revolut app you can select "Add new" and then create a personal savings account. Then you can add in funds. There's no minimum deposit amount required.
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