• As of this week, new customers of the digital bank will receive a German bank account number when opening an account. Existing customers will follow suit in the coming months.
• Revolut now has two million customers in Germany. The German bank account is expected to drive further growth in Germany and in the long term Revolut aims to be one of the leading online and direct banks in the country.
• Product push in Germany: Revolut launches its own instant access savings offer with daily interest and brings, by the hand of its European investment firm, commission-free ETF savings plans to the app.
• Almost one in two Germans (45%) would switch their main bank account to get better terms, while two thirds of Germans (66%) receive no special conditions for their current salary account at their main bank.

Revolut, one of Europe's leading digital banks with more than 45 million customers worldwide, has reached another milestone in Germany and now counts two million private customers. This means that the number of customers has more than doubled in the last twelve months alone - and almost six times in the last three years. Starting this week, all new customers will receive a German IBAN. Existing customers will gradually be migrated to a German bank account in the coming months. A German bank account - a key criterion for use as a regular main and everyday account - is expected to stimulate further growth in Germany. With a target of five million retail customers by 2026, Revolut aims to be one of the leading online and direct banks in Germany in the long term.

The German branch of Revolut Bank UAB, which is registered with the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), will manage the newly opened accounts and those transferred to the German branch with immediate effect. They will therefore be subject to the supervision of the local regulatory authorities (BaFin and Bundesbank). Customer deposits will continue to be protected by the Lithuanian Deposit Guarantee Fund up to EUR 100,000.

IBAN transfer: existing customers to follow gradually during the year

While all new customers will receive a German IBAN immediately, existing customers will gradually switch from their current Lithuanian IBAN (LT) account number to a German IBAN (DE) account number over the course of the year.

Christoph Kuban, General Manager and Head of Lending for Germany at Revolut, commented on the launch of the German account number: "We are delighted to be able to complete our offering in Germany with a German IBAN. On the one hand, this makes our clients' daily banking transactions much easier. It also brings us a big step closer to our goal of becoming a principal bank".

Revolut launches own instant access savings and commission-free ETF savings plans

With the launch of its new German branch, Revolut is launching its own instant access savings offering later this month. Also, Revolut’s European investment firm will be launching commission-free ETF savings plans later this month. Both products are among the most popular components of the local banking and investment offering and are designed to encourage customers to use Revolut more frequently and, above all, as their main bank account.

Revolut's instant access savings offer will be available later this month to customers of the German branch (both new and transferred existing customers) and will be based on the current European Central Bank (ECB) base rate. The special feature: Both the interest and the accrued interest will be paid on a daily basis. At the start of the offer, customers of Revolut's free Standard account will also benefit for a period of six months from the top interest rates that are otherwise only available to customers of the Ultra subscription.

In addition, customers of Revolut’s European investment firm will be able to set up ETF savings plans for different intervals, e.g. daily, weekly or monthly, to buy eligible ETFs (e.g. from BlackRock, Vanguard or Amundi) from as little as EUR 1. These trades on eligible ETFs are commission-free, even if the user has exhausted all free trades within their subscription plan. The ETF savings plans can be paused or cancelled at any time at no additional cost*. Germany is by far the largest market for ETF savings plans in continental Europe. Every month, Germans execute more than 7.1 million ETF savings plans**.

Almost one in two Germans would change their bank for better conditions

Few bank accounts in Germany are still offered unconditionally free of charge. In addition, some institutions are increasing their fees or failing to pass on ECB interest rates to their customers in the best possible way. However, a recent survey by Revolut and market research institute Dynata shows that additional incentives can indeed have an impact on how customers primarily use their bank account: 45% of Germans say they would change their main bank for better conditions, such as lower service fees or better interest product offers. In the 18-24 age group, the level of agreement is particularly high at 71%. Finally, two-thirds of respondents (66%) say that they do not receive any special conditions as an existing customer of their current bank, even though they opened their account there as a salary account. Not even one in four Germans (22%) benefit from a loyal customer relationship with their bank in this respect***.

Wiktor Stopa, Revolut's Head of Growth for Germany and Western Europe, adds: "We have grown strongly in Germany in recent years, expanding our offering from a pure travel and multi-currency account to a powerful core banking offering. Our pace in Germany is currently very high. It took us six years to reach our first million customers, and we have now doubled that number in just one year. At the same time, we are only using ten to 15% of our potential. With the introduction of the German IBAN, we see the best opportunities to catch up with the leading online and direct banks in Germany over the next few years."

Revolut’s European bank has been operating in the German market since 2017. This was followed by the opening of an office in Berlin in 2019, and Revolut has been operating in Germany and the European Union with a full Lithuanian banking license since 2022. Since the beginning of the year, Revolut Bank UAB has been under the supervision of the European Central Bank as a systemically important bank. In Germany, the British company currently employs around 250 people in local and central functions. It now has 10,000 employees worldwide. By the end of the year, this figure is expected to rise to 11,500.

The company is increasingly relying on local talent to develop its local offering, which will include credit cards, overdrafts and mortgages. We want to attract the best local or remote talent in each area so that we can tailor our offering even more closely to local characteristics with market-specific products, for example in lending. Berlin is very popular as a major European FinTech hub, and we continue to receive numerous applications for our openings,' Mr Stopa concluded.

* ETF savings plans are an investment product. Capital at risk, returns are not guaranteed. The value of investments can go up as well as down and you may receive less than your original investment or lose the value of your entire initial investment. This press release is intended for informational purposes only and does not constitute investment advice or recommendation. Investment services in the European Economic Area ("EEA") are provided by Revolut Securities Europe UAB (registration code 305799582, address Konstitucijos ave. 21B, Vilnius, Lithuania, LT-08130), which is authorized by the Bank of Lithuania as a financial brokerage firm.

**ExtraETF Research 2023, see results here.

***Representative survey among 1,000 people in Germany. Revolut and Dynata, 2024.