Revolut has increased the interest rate on its main savings account by half a percentage point.
From today the Annual Equivalent Rate (AER) on personal ‘Instant Access Savings’ accounts on the fintech bank’s standard plan has changed from 2% to 2.5%.
However, the higher rate only applies to savings balances up to €2,500.
Balances over that threshold will only earn an AER of 1%.
Revolut said any interest will be calculated at the new rate after two days.
The maximum deposit limit for the mobile bank’s Instant Access Savings accounts is €5,000,000.
The interest rate rise for savers comes after the European Central Bank (ECB) has twice raised eurozone interest rates this year.
Most recently, last month the ECB raised its main policy rate to 2.5% from 2.25%.
