Digital banking

Revolut launches flexible accounts: variable daily rates up to 5.2%

Revolut has announced a new banking service that pays daily interest rates. Photo: Shutterstock

Revolut has announced a new banking service that pays daily interest rates. Photo: Shutterstock

Revolut, a London-headquartered digital banking platform, has introduced ‘flexible accounts’, available in the grand duchy, in a bid to snatch savings from traditional banks.

The fintech unicorn Revolut has been targeting EU savers’ cash, launching a savings product that offer variable annual interest rates of up to 3.43% on deposits in euros and 5.20% on deposits in US dollars, with interest paid daily.

Its ‘flexible accounts’ are currently available in Luxembourg and residents of 10 other European countries: Germany, Italy, France, Sweden, Lithuania, Spain, Czechia, Denmark and Croatia.

Revolut has partnered with Fidelity International, a global fund manager, to invest in money market funds, a type of investment fund that aims for a high degree of liquidity, in order to pay higher interest rates than many competitors.

Revolut’s flexible accounts allow users to open accounts in three different currencies: euros, British pounds, and US dollars. This feature offers flexibility and convenience, especially for individuals involved in transactions across multiple countries and currencies.

Account holders also have the flexibility to deposit and withdraw funds at any time.

It’s important to note that the presented annual interest rates are applicable as of Wednesday 12 July 2023, and are subject to daily fluctuations.

The rates vary based on the user’s subscription plan and the currency of deposit. Users have the option to open multiple accounts in different currencies. There is no minimum deposit, Revolut stated.

The accounts are run by Revolut Securities Europe UAB, which is licensed and regulated by the Bank of Lithuania.