Revolut Revolutionizes Savings Accounts in Romania with Competitive Interest Rates

Revolut boasts an annual gross interest rate of 4.25% on deposits in lei opened in the savings accounts directly available in the Revolut Bank UAB application. It should be noted that these savings accounts are accessible at any time for withdrawals or deposits, and interest accrues daily.

Revolut Launches Savings Accounts with Preferential Interest Rates

However, even though the new product type is available for all Revolut plans, the interest rate varies depending on the plan held. In Romania, approximately 3.5 million clients will benefit from this special interest rate offered by Revolut. Nonetheless, interest rates vary based on the plan and can be as low as 2.50% for the Standard plan.

“Upon the launch, Revolut Bank UAB will offer an annual interest on deposits in lei kept in its savings accounts differentiated based on the type of plan held by the client: 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. Clients who wish to earn higher interest rates can switch to a superior plan, with just a few screen taps in the application,” convey the folks at Revolut.

Clients who want to deposit funds and receive the promised interest need to ensure that the application is updated to its latest version. Subsequently, from the Accounts category, the option “Add new/economy account” should be selected, where a lei account bearing interest will be opened. Certainly, people should know that Revolut promises that all savings will be secure.

“Revolut savings accounts allow adding new sums to already accumulated funds or easily withdrawing funds by the client, interest accrues daily, and the savings are protected. Deposits in lei held at Revolut Bank UAB are guaranteed by the Deposit Guarantee Scheme,” as stated in a company press release.

Revolut Comes to the Aid of Romanians Who Want to Save

Gabriela Simion, General Manager of Revolut Bank UAB Romania branch, commented on the launch of this service type for the Romanian market. “Revolut Bank UAB continues to diversify its product offering for clients in Romania, as a true primary banking account. Up to now, clients kept their savings in the Revolut application in accounts that did not earn interest; from now on, they will benefit from interest rates of up to 4.25% per annum on savings in lei held in the application’s savings accounts,” highlighted Gabriela Simion.

“Clients will thus get more from their funds, they can immediately add money to the savings accounts or withdraw funds anytime they want, while the fixed interest granted will accumulate every day,” emphasized Gabriela Simion. Revolut aims to help Romanians who are not accustomed to saving.

Statistically, one in five Romanians has never set aside money, with only 13% managing to save between 500 and 1,000 lei per month, and 7% between 1,000 and 2,500 lei. In the meantime, 4% can set aside 2,500 lei monthly, while the rest of Romanians face significant challenges when it comes to savings.

As for the instruments used by Romanians for savings, 35% prefer savings deposits between 3 and 12 months, followed by savings accounts (29%) and government bonds (25%). Concerning the younger population, most struggle to save more than 500 lei monthly, while the elderly find it challenging to save even 250 lei.