FinTech News
Revolut Launches High-Yield Savings Accounts in the U.S.
The Britain-based neobanking app Revolut is introducing new high-yield savings accounts to stateside users.
About Revolt’s High-Yield Savings Accounts:
Revolut is rolling out new savings accounts with tiered rates that increase depending on the subscription level members have. Now, customers can earn a base of 4.00% APY on up to $10,000 in savings. Meanwhile, this rate increases to 4.50% APY for Premium members and up to 5.50% for Revolut Metal customers.
Since these rates are valid on up to $10,000 in savings, Revolut also offers tiered rates for those with savings funds that exceed this limit. Currently, standard plan members earn 3.25% APY on all other savings. Once again, that’s increased for Premium and Metal members, coming it at 3.35% APY and 4% APY respectively.
Previously, Revolut offered savings pods to customers in addition to checking accounts (which can hold a variety of foreign currencies). Currently, these savings pods offer 2.75% APY. To get started with a new high-yield savings account, Revolut customers can tap the Accounts button from the homescreen, select Add New, and then Savings.
This update to Revolut’s savings product comes as the neobank is also refreshing the looks of its Premium and Metal cards. The increased APY rates also join a list of perks that these paid tiers include. At this time, a Premium Plan costs $9.99 a month and offers a 20% discount on international transfer fees, discount airport lounge access, and more. Meanwhile, a Metal Plan is currently $16.99 a month. With this option, members enjoy a 40% discount on international transfer fees, unlimited currency exchange, global medical insurance for travel, delayed flight insurance, lost/damaged luggage insurance, and more.
What They’re Saying:
In a statement regarding the newly-launched high-yield savings accounts, Revolut U.S.’s CEO and Global Chief Banking Officer Sid Jajodia said, “We’ve been working tirelessly to bring a product to market that not only helps our customers get more from their money but also sets a new standard for what a savings account can be. Especially as the cost of living continues to rise, we know our customers are looking for practical ways to grow their savings.”
Jajodia added, “High-Yield Savings provides a secure, flexible option for anyone seeking to make their money work a little harder – without sacrificing peace of mind and reliable access.”
My Thoughts:
It’s worth noting that Revolut’s rollout comes as interest rates are on the way down, with the Fed cutting them by a quarter point earlier this month. In turn, even the base rate available to all customers is pretty solid — while the one offered to Metal members is downright impressive. Of course, you’d need to hold a lot of savings in your account in order for the difference in APY to cover the $16.99 a month fee for Metal. Then again, if you can take advantage of the account’s other perks, then it may be worth it.
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