Revolut switches customers to official bank accounts
Revolut will shift more than 13 million UK customers to its banking arm after securing a licence earlier this year.
Currently, anyone holding a Revolut account only has what is known as an e-money account, but will soon have a new current account with the bank instead.
The fintech firm acquired a full UK banking licence in March 2026 after a four-year battle with regulators.
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While it has been popular with users who travel regularly due to perks such as zero FX fees when spending abroad, lounge access and travel insurance, this will be the first time Revolut will offer basic current accounts.
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The move is expected to shake-up the banking sector, providing competition to the major high street names and challengers like Monzo.
Nik Storonsky, chief executive officer of Revolut, said in March that securing a banking licence was a “vital step in our mission to build the world’s first truly global bank”.
Existing customers’ accounts are still being transitioned to bank accounts in tranches. Revolut is contacting them one to two weeks ahead of being fully moved across.
In an email to customers, seen by MoneyWeek, Revolut said: “Becoming a licensed bank means we’ll be able to offer more banking products and features in the future.”
Kalpana Fitzpatrick, digital editor-in-chief on Moneyweek, said: “The good news for anyone using Revolut is that being part of a bank, your money is protected by the Financial Services Compensation Scheme and in future you could also benefit from competitive savings deals and mortgages.
“But the question is, do you want another current account? If you do not use your Revolut account much, then this will be another account you may have to manage.”
Here’s everything you need to know about what the changes mean for you.
What is changing?
Your account will switch from being an e-money account to a new current account.
Revolut customers can deposit money into the current accounts, with deposits protected under the Financial Services Compensation Scheme (FSCS) up to £120,000 per person.
If you have an account with travel insurance, available for premium accounts, the terms and conditions will stay the same.
However, travel insurance group policy numbers will change, which Revolut will send via email.
Customers can also now apply for personal loans with Revolut.
What is staying the same?
The account number you have with Revolut, as well as any sort codes, IBAN and BIC will stay the same when you move to a bank account.
You will be able to access transaction and statement history from before the start of the transition in March 2026.
Charges and fees for all Revolut plans will be unchanged while you can still trade in stocks and cryptocurrency via the app.
Can you close your account?
If you’re an existing Revolut customer and don’t want your account to be transitioned across to a current account, you can simply close your account via the app.
