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 has officially become 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
Following a successful mobilisation period, the PRA lifted restrictions on Revolut’s banking licence and gave approval to launch Revolut Bank UK Ltd. On 11 March 2026, Revolut received the all-clear from the Bank of England’s Prudential Regulation Authority (PRA) for a full banking licence, allowing it to offer accounts for both retail and business customers.
Eligible customer deposits are now protected under the Financial Services Compensation Scheme (FSCS) up to £120,000 per person. Note that not everything sits inside the new bank entity: savings balances are still held with partner banks, each with their own FSCS coverage limits, while crypto trading, commodities, and stock services continue to operate through separate Revolut entities.
For existing customers, nothing changes immediately – the Revolut app and cards continue to work as normal. Customers will be notified about migration to the new bank, a process expected to take a few months in total.
Revolut also plans to offer a wider array of banking services in the future, such as lending and mortgages.
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.
Spare Change Round-Ups
Revolut’s Spare Change feature rounds up your purchases to the nearest pound and puts the extra aside. That leftover 37p from your morning coffee 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. 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.
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.
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.
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 invest up to £20,000 each tax year without paying UK income or capital gains tax, all managed easily in the app with no subscription fees. 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. The ISA is fully flexible – withdraw and redeposit funds within the same tax year without reducing your £20,000 allowance.
Revolut Crypto
Revolut puts everything you need in one place for crypto. Fees start from zero depending on your plan and trade volume, and each token listed has passed Revolut’s strict checks. You can move popular tokens like BTC, ETH, USDC, and over 30 others between your Revolut wallet and account, with biometric protection available for withdrawals.
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 Now a Real Bank – and Still Growing
Revolut isn’t just a spending app anymore – it’s a fully licensed UK bank and a genuine challenger to the high street. The company reported revenue of £4.5 billion in 2025, up 46% year on year, and now serves 65 million customers across 100 countries. It has also announced plans to invest $13 billion in global expansion, aiming to create 10,000 new jobs and launch in 30 new markets by 2030.
Whether you’re casually saving spare change, hunting for rewards, or looking for a fully FSCS-protected bank account, Revolut now covers it all – and it’s only getting started.
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.
Image sourced from revolut.com. This article is independent and is not affiliated with or endorsed by Revolut.
