Challenger bank Revolut has introduced a 5% variable savings rate for new customers as competition in the savings market intensifies. The promotional rate, available for instant access savings accounts, applies until December 4 for those who sign up before August 4. After the promotional period, rates revert to the base rate of the chosen plan, with balances above £25,000 transitioning to other rates depending on the plan. The offer is limited to new UK customers aged over 16 signing up for the first time. Other 5% savings deals exist, such as Nationwide Building Society's fixed 15-month bond for members, requiring a qualifying account since May 20, 2026.
Competition in the savings market is heating up, as challenger bank Revolut is offering a 5% variable savings rate for new customers. The deal is available for new instant access savings account s, with an initial promotional rate of 5% AER running until December 4.
People would need to sign up to an account before August 4 to be eligible. When the promotional rate ends, savings rates will revert to the “base rate” of whichever deal savers are on, Revolut said. Balances above a £25,000 threshold also transition to other rates, depending on the plan, 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 will apply to the offer. The 5% boosted rate is only eligible for new UK customers aged over 16, signing up to Revolut for the first time. Savers can also get some other 5% savings deals on the market.
Nationwide Building Society offers a savings rate of 5% for its members, which is fixed for 15 months for people who are able to lock balances of up to £10,000 away for the period. The Member Exclusive Online Bond means customers can only pay in money during the first 14 days from when they open the bond. At the end of the 15-month term, Nationwide will move the money to an instant access savings account.
It said it would let customers know before this happens and what their interest rate will be. They can open the bond as a sole account or joint account with someone else. To apply, customers must be a UK resident and be 16 or over. They need to have an email address and have had a qualifying Nationwide or Virgin Money account since at least May 20, 2026.
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