Australia has a new licensed bank after regulators authorised Revolut to accept deposits, allowing the global fintech to compete more directly with Commonwealth Bank, ANZ, NAB and Westpac.
The change affects Revolut’s more than one million Australian retail customers. Eligible Australian-dollar deposits can now receive government protection, while customers can access savings accounts paying variable interest of up to 5.05% a year.
What banking licence did Revolut receive?
On July 21, 2026, the Australian Prudential Regulation Authority confirmed that Revolut Payments Australia Pty Ltd had received an authorised deposit-taking institution licence under the Banking Act 1959.
APRA also licensed Revolut Australia NOHC Pty Ltd as a non-operating holding company. The approval means Revolut can accept deposits as a locally regulated bank and expand beyond the payments, foreign exchange and budgeting services that built its Australian customer base.
Founded in the UK in 2015, Revolut entered Australia in 2020 and says it now serves more than 75 million customers worldwide. Australia is its first banking licence in the Asia-Pacific region.
Revolut’s Australian savings rates
The advertised 5.05% rate is not available through the free account. It applies to the Ultra plan, which costs $99.99 a month.
- Standard: 3.00% p.a. up to $1 million; no monthly fee
- Plus: 3.00% p.a. up to $1 million; $5.99 a month
- Premium: 3.65% p.a. up to $250,000, then 3.00%; $11.99 a month
- Metal: 4.35% p.a. up to $250,000, then 3.65%; $28.99 a month
- Ultra: 5.05% p.a. up to $250,000, then 4.35%; $99.99 a month
The maximum combined personal savings balance is $1 million. All rates are variable and may change.
Interest is calculated, compounded and credited daily. Customers do not need to make a minimum monthly deposit, grow their balance or avoid withdrawals to receive the rate attached to their plan.
Is the Ultra plan worth its monthly fee?
Ultra costs almost $1,200 over 12 months when paid monthly. A $10,000 balance earning 5.05% would produce about $505 over one year before tax and any rate changes, so the interest alone would not cover the subscription.
Revolut says Ultra provides more than $9,000 in annual travel, airport-lounge, mobile-data, rewards and subscription benefits. That figure is the company’s estimated value, not guaranteed cash savings. Customers should consider how many included benefits they would actually use.
Plans can be upgraded or downgraded as customers’ needs change, although subscription conditions and possible cancellation or card charges should be checked first.
How the $250,000 deposit guarantee works
Eligible Australian-dollar deposits are covered by the Financial Claims Scheme up to $250,000 per account holder, per authorised institution, if the Australian Government activates the scheme following a bank failure.
The limit applies to a customer’s combined eligible Revolut deposits, not separately to every savings pocket. Foreign currencies, cryptocurrency, commodities, shares and other investment products should not be assumed to receive the same protection.
What changes for existing customers?
Existing Australian accounts will transition automatically to Revolut Bank Australia. Customers will receive an email or in-app communication explaining the change and updated terms.
Users should check the transition date, which balances qualify for protection and whether their account details, scheduled payments or cards require action. Those holding foreign currencies or investments should review the protection applying to each product.
New credit card and rewards program
Revolut is also expanding its Australian credit offering. Eligible customers can apply in the app for a credit card with no annual fee, subject to credit assessment and approval.
Its rewards program connects with 44 participating airlines and offers gift cards from brands including Uber, Woolworths and Big W. Applicants should compare rewards values and check possible late-payment, cash-advance and foreign-exchange charges.
Read More:
- NAB mortgage fraud investigation: How trusted insiders allegedly exploited the lending system
- Victorian teachers strike on July 23: Schools affected, union demands and what parents need to know
- Visit the Swikblog homepage for more latest news
Can Revolut challenge the Big Four?
Revolut’s strengths include digital banking, international transfers, multi-currency spending and daily savings interest without monthly deposit or withdrawal conditions.
Its arrival comes as households closely monitor interest-rate changes across the Big Four banks. More competition could pressure established lenders to improve savings rates, fees and digital services.
However, Revolut does not yet match the Big Four’s branch networks or their extensive mortgage and business-banking operations.
The company has committed to investing almost A$400 million in Australia over five years. It employs about 120 people locally and expects to increase that workforce by around 20% during the next 18 months.
Bank interest is generally assessable income. Savers comparing the accounts can also examine how higher savings interest may affect their tax bill.
Make Swikblog your go-to source on Google for reliable updates, smart insights, and daily trends.
