A bank is offering £20 to UK customers who open new accounts. Revolut is currently running the offer, and instead of making a full bank account switch, customers have to make a £1 purchase to get the £20 bonus. The deal is available to new customers only, and Brits can only open a Revolut account using its smartphone app. Other UK banks offer much higher rewards for opening current accounts, but this usually involves making a full switch using CASS.
Signing up for Revolut and opening an account can be done for free. However, the £20 is paid when you make your first purchase using Revolut, spending at least £1. Customers who are considering a new account have several months to decide, as the offer runs right up until the end of 2026. Your first purchase can be made using the physical card you receive from Revolut, or the virtual card you can add to your Apple or Google wallet.
In March 2926, Revolut officially became a bank in the UK. This means that Revolut Bank is subject to the same regulatory standards and regimes as other UK banks, and it can offer UK-based customers bank accounts protected by the Financial Services Compensation Scheme (FSCS).
Additionally, it means there is now up to £120,000 in deposit insurance protection on eligible deposits per person when using Revolut Bank.
Customers must sign up before August 4 to be eligible for the offer. Once the promotional rate expires, savings rates will revert to the “base rate” of whichever deal savers are on, Revolut confirmed.
Balances exceeding a £25,000 threshold will also transition to alternative rates, depending on the plan chosen, according to the bank. Revolut launched as a licensed bank in the UK earlier this year.
When it comes to the current account bonus, the benefit is that customers don’t have to make a full switch, so they can still keep another current account. However, when customers make a full switch to another current account, they are offered much higher returns, such as £220 with HSBC or £200 with First Direct, Natwest or Barclays.
