Revolut secures UK banking licence with FSCS cover

Revolut UK banking licence: FSCS deposit protection for eligible deposits

Revolut has obtained a UK banking licence and launched regulated banking services. according to Revolut, deposits placed with Revolut Bank UK Ltd are now eligible for protection under the Financial Services Compensation Scheme for eligible deposits.

FSCS coverage applies to funds held with the UK bank entity rather than e‑money or non‑UK entities. Eligibility depends on product terms and the legal entity named in account disclosures.

Why this matters: PRA and FCA regulation and safeguards

as reported by Sifted, UK regulators previously scrutinised Revolut’s cross‑border risk controls, governance, operational resilience and capital adequacy during mobilisation. With a full licence granted, these issues have been addressed to regulatory satisfaction.

According to CNBC, Bank of England governor Andrew Bailey underscored regulatory independence, noting the Prudential Regulation Authority followed standard processes and that supervisory decisions remain independent of government. This context frames the safeguards applying to Revolut Bank UK Ltd.

Company leadership has framed the licence as a home‑market milestone supporting a broader product suite. “Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey,” said Nik Storonsky, CEO, as reported by The Guardian.

For customers whose money is held with Revolut Bank UK Ltd, the immediate change is FSCS eligibility for covered deposits. Other account features and services continue under existing terms unless and until updated by the firm.

FSCS does not extend to funds held with non‑UK Revolut entities or e‑money wallets. The specific protection status depends on the product and the contracting entity designated in documentation.

Regulatory context: PRA, FCA oversight and FSCS eligibility

How PRA and FCA oversee Revolut Bank UK Ltd

Revolut Bank UK Ltd now operates under the UK bank regime with prudential and conduct oversight by the PRA and FCA. Oversight encompasses areas highlighted during mobilisation, including governance, resilience and risk controls.

From restricted licence to full authorisation: brief milestone

As reported by Yahoo Finance UK, Revolut moved from a restricted licence phase that began in July 2024 to full authorisation in March 2026.

FAQ about Revolut UK banking licence

Will my existing Revolut account be moved to Revolut Bank UK Ltd and will my sort code or account number change?

Revolut has a UK bank licence. Any migration to Revolut Bank UK Ltd, including sort code or account changes, would be communicated by the firm.

Which new products (savings, overdrafts, loans, credit cards) will be available under the UK bank licence and when?

Leadership referenced expansion into credit alongside existing services. Specific products and rollout timing were not provided in the information available here.