The new feature is available for all Revolut plans, and rates depend on the plan. On the launch, Revolut Bank UAB will offer an annual interest on RON deposits kept in its Savings accounts of the following annual gross rates: Standard 2.50% p.a. (per annum), Plus 2.50% p.a., Premium 3% p.a., Metal 3.75% p.a and Ultra 4.25% p.a.
Revolut rolls-out annual interest-bearing in-app savings accounts to its over 3.5 million customers in Romania. „Savings account is the first in a batch of savings products built entirely in-house by Revolut and Romanian customers will be able to earn up to 4.25% annual interest on their RON deposits held with Revolut Bank UAB.” – according to the press release.
Revolut Savings is a new home for savings products in the app and it offers easy top-up and withdrawal of the funds, stable interest paid out daily and protection. Top-ups could be also automated with recurring transfers or spare-change round-ups method. RON deposits held with Revolut Bank UAB are insured deposits held with Revolut Bank UAB are insured by the Deposit Guarantee Scheme. The new feature is available for all Revolut plans, though interest rates depend on the plan.
On the launch, Revolut Bank UAB will offer an annual interest on RON deposits kept in its Savings accounts of the following annual gross rates: Standard 2.50% p.a. (per annum), Plus 2.50% p.a., Premium 3% p.a., Metal 3.75% p.a and Ultra 4.25% p.a. Customers who would like to earn higher interest rates can upgrade their plans from Standard to paid plans in just a few taps in the app. To deposit funds and earn interest, customers need to upgrade the app to the new version, go to the Account switcher, swipe down to Savings and open an interest bearing account in RON.
“Revolut Bank UAB is continuously diversifying its primary bank offer for the Romanian market. Before, customers in Romania kept funds on zero-interest accounts at Revolut. Now, they will be able to earn up to 4.25% annual interest on RON deposits held with our bank and get more from their money. With instant access any-time top-ups and withdrawals, as well as stable interest paid out daily, the savings of our customers will work for them more efficiently” – says Gabriela Simion – General Manager Revolut Bank UAB branch Romania.
How much do Romanians save?
According to a Dynata survey* conducted for Revolut, one in five Romanians do not save at all,
27% save less than RON 250 per month, 26% between RON 250-500, 13% between RON
500-1,000, 7% between RON 1,000-2,500 RON and 4% above RON 2,500 RON.
When it comes to the preferred tools for saving, term deposits are the first to be mentioned –
35% of the Romanian respondents would put money aside in term deposits for 3, 6, 12
months. The second option would go to the savings accounts with monthly interest payout
(29%) and the third (25%) to the government bonds.
The young generation wants to save
Respondents in the GenerationZ declared that they manage to save less than RON 250 (37%)
and RON 250-500 (33%). Most of the respondents in the segments 25-34 y.o. and 35-44 y.o.
(30% in each segment) usually save between RON 250-500 per month, according to the
same survey conducted by Dynata for Revolut.
The more mature segments responded that the amount they can put aside each month is less
than RON 250 (30% of the age segment 55-64 y.o. and 28% of the age segment 65+).
Amongst all age categories, 55-64 y.o. registered the highest number of respondents
succeeding to save between RON 1,000-2,500 (9%) and 25-34 y.o. between RON 500-1,000
per month (15%).
Savings accounts with daily interest payout enjoy a high popularity among the younger
generations (28% for 25-34 y.o. segment) as well as the savings accounts with monthly
interest payout (34% of the respondents aged 25-34). The mature segments are more
favorable to the term deposits (42% of the 45-54 y.o. category) and government bonds (38%
of 55-64 y.o. category) 5 .
4.25% is the gross annual interest rate for Ultra plan customers (T&Cs apply).
* Revolut commissioned this study to Dynata, who used a representative sample of 1,000 Romanian
citizens. These results are part of a larger international survey with over 13,000 participants from 13
countries worldwide, which Dynata conducted on behalf of Revolut in July 2023. Sampling frames are
based on gender, age, country / region / state.
Revolut is a licensed bank, helping people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 35 million customers around the world use dozens of Revolut’s innovative products to make more than half a billion transactions a month.
Revolut Bank UAB has a full banking license from the European Central Bank (ECB). In case
of disputes our customers contact Revolut Bank UAB headquarters in Vilnius, Lithuania and
our European regulator, the National Bank of Lithuania (BoL).
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
