Revolut Expands US Banking Efforts With High-Yield Savings

UK FinTech Revolut has launched a high-yield savings account for American customers.

The new accounts, which let users deposit up to $10,000, are being rolled as Revolut “targets accelerated growth” in the U.S., the company said in a news release provided to PYMNTS Monday (Sept. 29).

“We’ve been working tirelessly to bring a product to market that not only helps our customers get more from their money but also sets a new standard for what a savings account can be,” Sid Jajodia, Revolut’s U.S. CEO and global chief banking officer, said in the release.

“Especially as the cost of living continues to rise, we know our customers are looking for practical ways to grow their savings. High-Yield Savings provides a secure, flexible option for anyone seeking to make their money work a little harder – without sacrificing peace of mind and reliable access.”

According to the release, the account lets Revolut Metal customers earn 5.50% APY, while Premium Revolut customers will earn 4.50% APY, and Standard Revolut customers will earn 4.00% APY.

The accounts are launching at a time when Revolut is “actively looking” at whether to purchase a U.S. bank or to apply for its own banking license there, as Jajodia told Reuters last week.

He added that “being a bank in every market we operate in is critical,” especially in the U.S. where Revolut’s business is still growing.

In other digital banking news, recent PYMNTS Intelligence research shows that trust, a factor long considered fragile in that sector, can be established using intelligent assistants.

That’s according to the report “Beyond the Bot: Why Embedded Conversational AI Is Banking’s Next Strategic Advantage.”

“Embedding AI into customer interactions is more than a technology upgrade. The findings signal a shift in the business model of banking itself,” PYMNTS wrote earlier this month.

“Early adopters are discovering that when digital assistants act less like search boxes and more like financial advisers, the payoff is not just efficiency but stronger customer relationships, higher satisfaction and, ultimately, new revenue streams.”

At the same time, the report stresses that banks that think about conversational AI as a plug-in feature instead of a core strategy are at risk for repeating the mistakes of legacy chatbots that left customers distrustful and frustrated.