It’s official: Revolut is now a bank in the UK

It’s official, Revolut is now a bank in the UK, marking a major shift for the fintech firm as it expands its services and regulatory standing. Revolut confirmed that its new entity, Revolut Bank UK Ltd, can now offer full banking services, including current accounts and customer deposits.

The move follows approval from the Prudential Regulation Authority and the Financial Conduct Authority. These regulators will supervise the new bank under the same strict standards applied to traditional lenders. This change strengthens customer protection and oversight.

Customers will benefit from deposit protection under the Financial Services Compensation Scheme. Eligible deposits will receive coverage of up to £120,000 per person. This adds a new layer of financial security for millions of users.

Revolut will begin transitioning eligible UK customers to the new bank over the coming months. The company plans a gradual rollout to ensure stability. It will notify users before moving their accounts.

Most account features will remain unchanged. Customers will keep their account numbers, sort codes, and IBAN details. The app will continue to function as usual. Users will still be able to access their transaction history and statements without disruption.

It’s official: Revolut is now a bank in the UK

Some updates will occur. Travel insurance policy numbers will change, but coverage terms will remain the same. Paid plans and fees will not change. Services such as cryptocurrency, stocks, and commodities will continue under separate entities.

The new banking status allows Revolut to expand its offerings. The company plans to introduce advanced features, including lending products. Executives describe the move as a key milestone in long-term growth.

All active UK customers qualify for transition. Users who prefer not to switch can close their accounts through the app. Joint and linked accounts will move together unless one party opts out.

Revolut also warned customers about fraud risks. It will communicate only through official emails or in-app messages. The company advised users to avoid clicking on suspicious links or answering unsolicited calls.

The launch positions Revolut to compete directly with established banks. It also signals its ambition to build a global banking platform.

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