Revolut launches a multi-currency savings solution, its first paid product in Spain

MADRID, 19 Jul.

Revolut launches a multi-currency savings solution, its first paid product in Spain


The neobank Revolut has announced the launch of a new savings solution in multiple currencies in Spain, Flexible Accounts, with interest rates that would currently be between 3.4% and 5.19%, as reported through a release.

The neobank explains that Flexible Accounts, the first remunerated product launched in Spain, invest in money market funds, "low volatility and highly diversified funds." To open and operate one of them, it is necessary to go to the 'Savings' function in the Revolut hub, where you can open one or more in the currency of your choice, euros, dollars or pounds.

Interest rates vary depending on the currency and the user's subscription plan: current customers will get up to 3.42% for deposits in euros, 4.76% for deposits in pounds and 5.19% for deposits in dollars.

New Revolut customers will get a special rate of 3.42% on deposits in euros, regardless of the plan they have, until December.

Annual interest rates, however, are subject to daily changes. In addition, based on eligibility criteria, a client's taxable interest may be retained by Fidelity to meet regulatory requirements.

Flexible Accounts are available to both current and new customers and offer full flexibility as you can top up and withdraw funds at any time, up to a limit of five million euros per day. Interest is paid daily and reinvested monthly. Also, there is no minimum or maximum deposit limit.

Revolut offers this product through its European business entity Revolut Securities Europe UAB -- which acquired a category B brokerage firm license in 2021 from the Bank of Lithuania -- and in partnership with Fidelity International, a global fund manager.

This solution is already available to Revolut customers in 12 countries (Germany, Luxembourg, Sweden, Czech Republic, Croatia, Lithuania, Finland, Estonia, Latvia, Slovakia, Bulgaria and Spain), and will gradually roll out to other European markets.

The neobank currently has 1.8 million customers in Spain and close to 30 million users from around the world who carry out close to 400 million transactions per month.