Revolut Bank UK launches as PRA grants full licence

Key Takeaways:

• FSCS cover increases to £120,000 for Revolut Bank UK deposits.
• Protection begins only after migration of accounts to Revolut Bank UK.
• Eligibility rules and per-person limits still apply across held accounts.

As reported by The Block, Revolut has launched Revolut Bank UK after securing a full UK banking licence. The move shifts the firm from e-money issuance toward full retail banking in its home market. For UK customers, the immediate questions are protection, eligibility, and migration.

FSCS protection becomes available only once customers are moved onto the new bank entity. Details on limits, eligibility and timing are set out below.

As reported by mpamag.com, eligible deposits at Revolut Bank UK will be covered by the Financial Services Compensation Scheme up to £120,000 per person, exceeding the usual £85,000 limit at most UK banks.

This FSCS protection applies after an account is migrated to Revolut Bank UK. Coverage remains subject to scheme eligibility rules and the per-person cap across accounts held at the same bank.

The change reflects a move from e-money safeguarding to statutory deposit protection. Once funds sit as bank deposits, they fall under the FSCS framework rather than client-money arrangements.

According to the Revolut Help Centre, UK Revolut accounts remain e-money accounts without FSCS cover until migration to Revolut Bank UK is completed during the relevant phase.

Before migration, balances are safeguarded under e-money regulations, but not insured by the FSCS. After migration, balances become bank deposits with FSCS protection £120,000 for eligible customers.

The full licence also enables products not available under an e-money permission. “The licence will allow Revolut to expand its range of financial products, including lending and other banking services previously unavailable under an e-money licence,” said Francesca Carlesi, Revolut UK CEO.

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