Revolut has come a long way from its origins as a travel card. Today it offers savings tools, loyalty rewards, built-in mobile data, investments, and is finally on its way to becoming a fully licensed UK bank. If you haven’t checked the app lately, you might be surprised by what it can actually do.
Revolut UK Banking License Status
In July 2024, Revolut was granted a UK banking licence with restrictions, entering what’s called the “mobilisation” phase. This means Revolut Bank UK can accept limited deposits (up to £50,000 total) while building the full infrastructure needed to operate as a bank.
Once mobilisation is complete, which could be in 2025, Revolut will become a fully authorised UK bank. That will bring FSCS protection (up to £85,000 per person) and allow Revolut to offer credit products like overdrafts and mortgages.
Until then, Revolut still operates as an e-money provider in the UK. Your funds are safeguarded under FCA rules but not FSCS protected.
Revolut Points
Revolut Points is the app’s quiet little loyalty scheme that runs in the background every time you spend. You’ll earn up to 1 point for every £1 spent on eligible purchases, especially with partner brands or during limited-time offers. It’s not headline-grabbing stuff, but it does add up.
You can redeem points 1:1 for things like airline miles, discounts on hotels (Stays), experience days, or even shopping rewards. It’s more flexible than a standard cashback scheme, especially if you’re a frequent traveller or like to browse Revolut’s in-app offers.
Points are valid for three years from the date you earn them. After that, they quietly expire, so it’s worth checking your balance now and then. The app shows you how many points are nearing expiry, and the catalogue of rewards is updated regularly, so don’t sit on them for too long.
If you’re spending regularly through Revolut, you might as well earn something back for it, even if it’s just knocking £20 off your next weekend trip.
Spare Change Round-Ups
Revolut’s Spare Change feature does exactly what it says – rounds up your purchases to the nearest pound and puts the extra aside. That leftover 37p from your morning coffee? It gets swept into a savings Vault or, if you prefer, used to buy stocks or crypto. It runs quietly in the background and builds up faster than you’d expect.
You can also boost your round-ups with multipliers – x2, x3, up to x10 – if you want to speed things up. That’s ideal if you’re saving for something short-term or just want to stash more aggressively without thinking about it.
Every card linked to your Revolut account, including virtual ones, will trigger round-ups. You can enable or disable the feature at any time, and even link it with Revolut Points to earn loyalty rewards as you go.
It’s low-effort and frictionless, perfect if you’re trying to save without feeling it.
Revolut eSim
Revolut’s eSIM lets you buy mobile data straight from the app, no physical SIM needed. It’s ideal for travellers or anyone wanting a handy backup data plan without swapping SIM cards. Compatible with most newer phones, the setup takes minutes and usually doesn’t require extra ID checks unless local laws say otherwise.
Data plans cover over 100 countries and start from just £1.50 per destination. If you’re on the Ultra plan, you get 3GB of global data included every month, no need to buy extra.
How to Set Up Your Revolut eSIM
- Check that your phone supports eSIM.
- Open the Revolut app and go to the eSIM section. If you can’t find it, use the app’s search bar to look for “eSIM.”
- Tap Install eSIM.
- Once set up, you won’t need to repeat the process. Simply purchase data plans as needed with a few taps in the app.
Follow the device-specific instructions to activate the eSIM in your phone’s settings.
Your phone keeps its usual number and physical SIM in place, so you stay connected. Perfect for hopping between countries or avoiding roaming fees.
Revolut Stocks & Shares ISA
You can make the most of your money with Revolut’s Stocks & Shares ISA. You can invest up to £20,000 each tax year without paying UK income or capital gains tax. It’s all managed easily in the app, with no subscription fees holding you back.
Choose from over 4,000 stocks and ETFs across the UK, US, and EEA markets. Fractional shares mean you don’t need to buy a whole share, so you can invest exactly what you want. The ISA is fully flexible, withdraw and redeposit funds within the same tax year without reducing your £20,000 allowance.
Every user gets at least one commission-free stock or ETF trade per month, with more available if you upgrade your plan.
Revolut Crypto
If you’re looking to get comfortable with crypto, Revolut puts everything you need in one place. From quick trades to easy transfers, fees start from zero depending on your plan and trade volume. Each token listed has passed Revolut’s strict checks, so you can trade with confidence.
You’ll find clear performance data to help you make informed decisions. Moving popular tokens like BTC, ETH, USDC, and over 30 others between your Revolut wallet and account is simple and secure. You can even add biometric protection for withdrawals, giving an extra layer of peace of mind.
If you are curious what others are buying, you can check out the Most Traded and Top Movers widgets to spot trends.
Revolut Plans
Revolut offers a range of plans^ to suit different users, from the free Standard account to the premium Ultra tier.
The Standard plan covers the basics, like spending, transfers, and limited free ATM withdrawals. As you step up to Plus and Premium, you get higher limits on currency exchange, more commission-free trades, and added perks like travel insurance. The Metal plan boosts cashback rewards and increases ATM withdrawal limits, while the Ultra plan caters to heavy users with the highest limits, extra data via eSIM, and premium benefits worth thousands annually.
Each tier unlocks more features and flexibility, so you can pick the one that fits your lifestyle and financial needs.
Pricing
- Standard: Free monthly fee. Ideal for basic banking needs.
- Plus: £3.99/month. Enhanced features for everyday spending.
- Premium: £7.99/month. Additional perks including travel insurance and higher limits.
- Metal: £14.99/month. Premium benefits with exclusive card options.
- Ultra: £45/month (introductory offer). Comprehensive package with top-tier benefits.
Revolut Is The Swiss Army Knife of Banking
In 2025, Revolut is more than just a spending app, it’s a multi-tool for your money. Whether you’re casually saving spare change, hunting for rewards with Points, or gearing up for full banking services, Revolut keeps evolving. It covers personal, freelancer, and business accounts, international transfers, travel perks, investments, there’s very little it can’t do. It leaves competitors like Monzo and Starling trailing in terms of features.
Just remember – it’s not a traditional UK bank yet, but it’s closing in fast.
Frequently Asked Questions
Still have questions about Revolut? Here are some quick answers to the most common ones.
Is Revolut a fully licensed UK bank now?
Not yet. It has a restricted licence and is in the final stages before full authorisation.
Are Revolut accounts FSCS protected?
Currently, no in the UK. Protection starts once full banking authorisation is granted.
Can I invest using Revolut?
Yes, you can invest through a Stocks & Shares ISA or a general investing account. Revolut lets you buy stocks, commodities, ETFs, and cryptocurrencies, all within the app.
