Rate decrease on my Instant Access Savings
Why is the rate decreasing on my Instant Access Savings?
The way it works for banks is that interest rates are influenced by the rates set by the Bank of England (BoE), along with other macroeconomic factors. Recently, the BoE announced a decrease in their interest rate, impacting the way we bring Instant Access Savings to you.
What will the new interest rate be?
Details on latest interest rates for GBP Instant Access Savings — offered by ClearBank — can be found on this page.
When will the interest rate decrease be effective?
Your Instant Access Savings will continue to earn the interest at the existing interest rate until the notice period ends. The notice period starts from the day Revolut lets you know about the rate reduction via email. You can learn more in our Instant Access Savings Terms.
For information on notice periods, follow these steps in-app:
- Go to 'Home' on the bottom menu
- Below your balance, tap 'Accounts'
- Select your 'Instant Access Savings'
- Tap 'Info' and 'Terms & Conditions'
More information
Any new Instant Access Savings created in the meantime will earn interest at the new interest rate. If you switch to a different Revolut plan, the rate that applies to your savings will be the updated rate available on your new plan. Your next interest accrual would reflect your new rate.
If you don't agree to the new rate and wish to close your savings, you can terminate your account in line with our Instant Access Savings Terms.