Revolut moves 13 million UK customers to official bank accounts
UKPulse Money Desk
Revolut is transitioning more than 13 million UK customers from e-money accounts to official current accounts after securing a full UK banking licence in March 2026. Deposits will be protected under the Financial Services Compensation Scheme up to £120,000 per person.
- Revolut acquired a full UK banking licence in March 2026 after a four-year regulatory process.
- More than 13 million UK customers will be moved from e-money accounts to new current accounts.
- Deposits in the new accounts will be protected by the Financial Services Compensation Scheme up to £120,000 per person.
Revolut will move more than 13 million UK customers to its banking arm after securing a full UK banking licence in March 2026, following a four-year battle with regulators.
Customers currently hold e-money accounts, but will soon be given a new current account with the bank instead. This will be the first time Revolut has offered basic current accounts.
Existing customers are being transitioned in tranches, with Revolut contacting them one to two weeks before the move. Account numbers, sort codes, IBAN and BIC will remain the same, as will charges and fees for all plans.
Deposits in the new current accounts will be protected under the Financial Services Compensation Scheme up to £120,000 per person. Customers can also now apply for personal loans with Revolut.
Revolut chief executive Nik Storonsky said in March that securing the licence was a “vital step in our mission to build the world’s first truly global bank”.
Customers who do not want their account transitioned can close it via the app.
Why this matters: The move is expected to increase competition in the UK banking sector, providing an alternative to major high street names and challenger banks like Monzo.
What this means for you: If you are a Revolut customer, your e-money account will become a bank current account with FSCS deposit protection up to £120,000, and you can now apply for personal loans through the app.