Is Revolut now a fully licensed bank in the UK? Here’s what's changed

It’s official — we’re a bank in the UK. As of March 2026, Revolut Bank UK Ltd is fully licensed in the UK, authorised and regulated by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the same regulatory framework as every other bank in the country.

We sat down with Francesca Carlesi, Revolut's UK CEO, the week the banking licence came through to see what this means for customers. This is what she told us. Listen to the whole podcast on our YouTube channel.

Quick summary

• Revolut Bank UK Ltd is now a fully licensed UK bank, regulated by the PRA and FCA
• For Revolut bank accounts in the UK, eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person. Exclusions apply. See the FSCS Information Sheet and Exclusions List for details.
• Customer account details, the app, and cards stay the same. Nothing changes for our customers just yet, and they can check their account status anytime in the app
• More advanced banking features are on the way, such as personal loans, credit cards, and new investment offerings

Becoming a bank

We first applied for a UK banking licence in 2021. In July 2024, we received authorisation with restrictions from the PRA, entering what's called a mobilisation phase, a standard process that allows new banks to complete the build-out of their operations before going live at full scale.

That phase is now complete. The PRA has granted our license without restrictions, and Revolut Bank UK Ltd is open.

Francesca puts it simply: "This is something that's been in the making for a while, and we're very, very excited." Getting here took focus, discipline, and time. But what it unlocks is significant. As a fully licensed bank, we can now offer the full range of products customers have been asking for — loans, credit, investment products — so that Revolut can be the only bank people need. No more splitting finances between multiple providers.

What changes for customers' money?

The most important change is deposit protection.

As a fully licensed UK bank, customers eligible deposits with Revolut Bank UK Ltd will be protected by the Financial Services Compensation Scheme (FSCS), up to £120,000 per person. The FSCS is the UK's statutory deposit guarantee scheme, backed by the government. This is the same protection people get at any authorised UK bank.

Historically, we offered e-money accounts where customer funds were safeguarded, meaning they were held in segregated accounts with licensed banks, entirely separate from our own operational funds.

As we transition into a full bank, we're moving accounts over to Revolut Bank. Once moved, your money is covered by FSCS protection rather than safeguarding. Because this transition is happening in stages, some existing accounts remain e-money accounts for now and continue to be fully safeguarded. New customers, however, will be set up with FSCS-protected bank accounts automatically.

What's covered by FSCS protection?

FSCS protection with Revolut Bank UK Ltd covers eligible deposits across:

• Current accounts (GBP and other currency sub-accounts)
• Kids & Teens accounts
• Pockets and Group Pockets
• Joint accounts (each holder covered up to £120,000 individually)
• Revolut Pro accounts

What isn't covered by FSCS protection?

Some products operate through separate Revolut entities and don't fall under Revolut Bank UK Ltd's FSCS protection:

• Crypto, stocks, and commodities — these continue through their respective Revolut entities
• Savings accounts — these are held with third-party partner banks (such as ClearBank), and carry their own separate FSCS coverage of up to £120,000 per partner bank. This protection is separate from your Revolut Bank UK Ltd limit.

T&Cs apply. Capital at risk.

Learn more about how we protect your money.

What stays the same?

Customers' sort code, account number, IBAN, and BIC all remain unchanged. The app works as normal. Cards work as normal. Paid plans, fees, and charges stay the same.

The transition to Revolut Bank UK Ltd happens in the background, we’ll let each customer know when we’ve transitioned them to a bank account. And keep an eye out as we launch new UK banking features to add to the Revolut experience.

Trust: what being a bank actually signals

For Francesca, the banking licence isn't only about products. It's about what it signals to customers.

"It's about trust," she says. "As a bank, people can feel that we are subject to the same regulatory scrutiny, the same controls, and the same compliance as any other bank. So they can feel safe putting their money with us."

Building that trust, she explains, comes down to 3 things.

• A secure environment: the right controls, the right protections.
• Consistency: being there and being better than other providers in the moments that matter most, like when a customer needs our support, fast.
• Never slipping: "You can have built all of this and then overnight lose a person's trust. We're really careful not just to be great on average — but to be great in every single moment."

What new products are coming for UK customers?

This is where the conversation turns to what's next — and Francesca is clear about the direction.

"Our goal is really to become the primary banking partner for everybody," she says. "At the end, nobody should need anything else."

Under the old e-money structure, that goal was structurally out of reach. As a bank, it becomes achievable. Here's what we're aiming for:

• Personal loans and credit cards — lending was the most significant product category our e-money licence blocked. We can now extend credit directly to UK customers. Personal loans and credit cards are on the way, aimed at customers who've had to go elsewhere for borrowing.
• Expanded investment products — fixed-term deposits, cash ISAs, and other structured savings products sitting alongside the stock trading and Instant Access Savings already available in the app. "Investment products are really, really important today," Francesca says. "Things like cash ISAs or fixed-term savings."
• Private banking — Francesca points to more tailored experiences for customers with complex financial profiles, signalling a move beyond our traditional base of mobile-first customers.

And running underneath all of it is a broader vision she calls 'Banking & Beyond', the idea that the distinction between a banking product and a lifestyle product is becoming increasingly blurred.

"When you travel, you need to exchange currency. That's why we have FX products. You need to make payments. But you might also need an eSIM to switch your telephone plan. What matters for us is not whether something is labelled a banking product. What matters is the customer experience, and we are there to help them get there."

How can I check if my account has been migrated?

To check your current account status:

1. Open the Revolut app
2. Tap your profile icon → Account details
3. Look for the entity name — Revolut Bank UK Ltd means you're already on a bank account; Revolut Ltd means your migration is coming soon

Can I use Revolut as my main bank account?

Yes. Revolut Bank UK Ltd supports everything you'd expect from a primary current account: Direct Debits, standing orders, salary payments, and everyday spending via debit card, Apple Pay, or Google Pay. Once you have a bank account, you’ll have FSCS protection. And lending products are on the way.

"Ideally, we would like customers to think of Revolut as a primary bank, not just as a transactional card," Francesca says. "This is the core pillar and core goal of our strategy here in the UK."

You can open a Revolut account in just a few steps — all from your phone.

1. Download the app: get the Revolut app from the App Store or Google Play, or enter your mobile number to receive a link to the app
2. Verify your mobile number: you’ll receive a 6-digit code by SMS to verify
3. Secure your account: set a secure 4-digit passcode
4. Fill in your details: enter your name, date of birth, address, email, and country of residence. You’ll also set up your @revtag to send and receive payments easily
5. Verify your identity: take a clear photo of your ID (passport or driving licence) and take a quick selfie in-app to confirm it’s you

Once verified, your account is live and ready to use. Make Revolut your main bank today.

Revolut Bank UK Ltd (https://revolut.com) is registered in England and Wales (Registered No. 12871051). Registered address: 30 South Colonnade, London E14 5HX, United Kingdom. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Financial Services Register No. 981170).