Summary:
Revolut launches RevPoints rewards and 4% savings
Why It Matters:
The app is moving beyond basic banking by adding a loyalty currency (RevPoints) and high-yield savings to keep users from switching to traditional banks or other fintechs.
What Changed:
- Added RevPoints, a new rewards program where users earn points on debit card spend to redeem for airline miles.
- Introduced a 4% AER interest rate on savings accounts, paid out daily.
- Updated user milestones to show 70 million global customers and 12 million in the UK.
- Added a "Move your salary" feature to encourage users to make the app their primary bank account.
- Expanded the product lineup to include virtual cards, stocks, and commodities (gold, silver, platinum).
- Detailed a five-tier subscription model ranging from "Standard" (Free) to "Ultra" (£55/month).