Britain’s Revolut has announced a new 4.5% “bonus” on top of its base annual interest rates for American savers.
LONDON — As major U.S. banks have been forced to slash interest rates on high-yield savings accounts during the coronavirus pandemic, one financial technology (fintech) challenger is going in the opposite direction.
Britain’s Revolut on Thursday announced a new 4.5% “bonus” on top of its base annual interest rates for American savers. It’s an annualized rate that’s calculated daily and pays out each month. Users subscribed to Revolut’s “Premium” and “Metal” accounts — which cost $10 and $17 a month respectively — will get a 5% rate on their savings, while standard customers are entitled to a 4.75% rate.
The top 5% rate is far higher than the current market-leading 0.83% offered by online bank Vio, according to personal finance website Bankrate, and more than 50 times the 0.09% national