Revolut Secures UK Banking License, Deposits Protected by FSCS

Revolut Bank UK Ltd has officially obtained a full banking license from the UK's Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), marking its transition from a limited operation phase to a fully regulated banking system. This change took effect in March 2026, following a transitional permission phase that began in July 2024.

With the banking license secured, eligible deposits held under Revolut Bank UK Ltd are now protected by the UK's Financial Services Compensation Scheme (FSCS) up to a maximum of £85,000. This signifies a significant upgrade in fund security, treating them on par with traditional UK banks. It's important to note that this protection only applies to deposit accounts held through Revolut Bank UK Ltd and does not cover funds in non-UK entity accounts or electronic money wallets.

The regulatory oversight of Revolut Bank UK Ltd covers various aspects, including corporate governance, risk control, and operational resilience, ensuring compliance with high UK banking standards. Currently, Revolut has not announced whether it will launch new banking products, such as savings accounts, overdraft services, loans, or credit cards, but company executives have indicated future expansion into credit services, with a specific timeline to be announced later. For existing users, Revolut has stated that if account migrations are involved (such as changes to the bank, receiving code, or account number), they will be notified in advance through official channels, and no proactive action is required from users. Users are advised to carefully review the contracting entity in their account agreements to confirm whether their funds are covered by the FSCS protection.