Revolut Bank Australia Introduces 5.50% p.a. Variable Boosted Savings Rate for New Customers
SYDNEY, Australia, 28 August 2026 – Revolut, Australia's newest licensed bank and global fintech leader, has today announced a new 5.50% p.a. variable introductory savings rate for all new to Revolut customers for their first three months for balances up to $100,000. Available immediately, the boosted promotional rate directly challenges the local deposit landscape by stripping away the complex monthly conditions and deposit hurdles traditionally forced upon Australian savers.
The Emergency Savings Problem
Traditional savings accounts frequently penalise Australians for making withdrawals, despite the fact that savings are meant for emergencies. Research from Canstar revealing that 2 in 5 Australians miss out earning the maximum rate every month, with millions losing their bonus interest entirely just for covering an unexpected medical bill or car repair. Instead of being supported when they need their funds most, consumers are being penalised simply because they fail to hit arbitrary monthly targets, like making five card transactions or being forced to blindly grow their balance.
Revolut’s newly launched 5.50% p.a. variable introductory rate comes with zero monthly hoops, deposit limits, or withdrawal penalties. With interest calculated, compounded, and paid daily, it offers a frictionless alternative to help Australians reach their financial goals faster.
Matt Baxby, CEO of Revolut Australia, said:"A great rate shouldn't be a trap. A savings account is meant for emergencies, yet too many Australians are being penalised and stripped of their bonus interest just for using their funds exactly as intended – to pay an unexpected bill – or because they didn't tap their debit card five times in a month."
"As Australia's newest bank, we are putting real pressure on the incumbents. We’re bringing a boosted 5.50% p.a. variable rate to the market that actually behaves like a savings account should — with daily interest, instant access, and absolutely zero penalties if you need to withdraw your own money. We are proving that Australians don't have to choose between a strong return and a transparent, premium app experience."
A Great Rate, Paired with a Better Experience
Beyond the headline rate, Revolut’s savings account is built for effortless, everyday financial growth:
No strings attached: Zero monthly minimum deposits or transaction requirements to earn the promotional rate.
Emergency friendly: No minimum lock-up periods, allowing users to withdraw funds at any time without penalty.
Daily interest: Interest is calculated and paid out every single day, allowing users to watch their savings compound in real-time from day one.
Automated saving: Customers can seamlessly save as they spend by deploying automatic spare-change round-ups from daily transactions.
Recurring transfers: Customers can put their wealth-building on autopilot by scheduling regular, set-and-forget transfers directly to and from their savings account.
FCS Protected: Eligible deposits are protected by the Australian Government's Financial Claims Scheme (FCS) up to AUD$250,000
Transparent Mechanics
Revolut is committing to upfront transparency regarding the promotional lifecycle, ensuring customers know exactly what they earn today and what they earn tomorrow:
The promotion: The 5.50% p.a. variable rate is valid for new to Revolut customers who join during the limited time promotional period, and applies to balances up to $100,000.
The ongoing rate: After the three-month period, balances seamlessly transition to a highly competitive ongoing rate based on the user's plan – reaching up to 5.05% p.a. (variable) for Ultra plan users.
Eligibility and offer details
To be eligible for the boosted rate, new customers must join Revolut during the limited time promotional sign-up window and open a savings account within one month of joining. After the three-month promotional period ends, the savings rate reverts to the base rate of the user's Revolut plan, which offers an ongoing rate of up to 5.05% p.a. for Ultra users. Both promotional and ongoing rates are variable and subject to change. Rates stated are correct as of the date of publication.
About Revolut
Revolut is a licensed Australian bank helping people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 80 million customers around the world - including over a million Australians and thousands of local businesses - use Revolut’s innovative products to power more than a billion transactions a month. Across our personal and business accounts, we give customers more control over their finances and connect people seamlessly across the world.
