Revolut Instant Saver 5% rate not available after opening account for £20 reward

ElBeanio

As stated in the title, I have just opened my Revolut account with the free Standard plan, hoping to get a £20 reward after spending £20, as suggested in the weekly email. The other perk is supposed to be access to an instant access savings account with a promotional rate of 5% until 4 December 2026.
However: With my newly opened Revolut account, the best rate I get access to on the free 'Standard' plan is 2.9%. To get 4% I'd have to subscribe to the top level 'Ultra' pIan which initially costs £45 a month then £55. Hardly a good deal. The 5% doesn't seem to be available at all unless you join up just to immediately open the saver (rather than opening the general account first to get the £20 reward), and even then it would require a top sub to get it.

Has this deal been misrepresented in the email or am I missing something?
Any guidance welcome!

As an aside, the Revolut app is an experience. Very slick, with what seem like fantastic foreign currency exchange features and rates… but positively evil how it tries to suck money from your other bank accounts at every opportunity and uses clever psychology to seduce you to invest and gamble.. (refer a friend promises a 'random' reward between £10 and £200!)… you have been warned.

oliveoyl

The standard interest is 2.9%, the additional 2.1% is a bonus on top so might not be displayed as account interest?

topyam

I think you have to open that standard 2.9% account and then there is an option to open a 5% savings account.

norton66

For me, I just followed the savings link from the app home screen (about 2/3 down page), it confirms the 5% boost rate before you submit the application.

subjecttocontract

It all sounds far to much of a faff to me. There are other accounts around paying similar with far less hassle.

topyam

Not many paying 5% easy access on that amount..

I'll take it for the six months.

The added £20 bonus is nice too.

Still to get the £20 as I need to spend £20 first

Elderone

I was getting exactly the same 4% etc offer as the OP until I swiped off the app and restarted it, which then displayed the correct 5% saver if that helps.

threads76

FYI if you get close to putting in the full £25,000 at 5%, the rate displayed will taper off slightly to something like 4.94% - this is because it's taking into account the interest earned over the coming year falling into the 2.9% band.

OwnedByACat

https://forums.moneysavingexpert.com/discussion/comment/82029973#Comment_82029973

Only £1 with this offer

https://www.revolut.com/revolut-banner-sziget-cash-reward/

yok

hiya,

Do you have to order a physical card (seems to have a delivery fee) and sign up to google pay to get the £20?

I got the standard account.

Ta

SloughSally

Does the £20 need to be in 1 single transaction?