Is Revolut Classed as a Bank?

Millions of people in the UK use Revolut for spending, saving and sending money abroad, and often treat it exactly like a bank account.

But technically, is Revolut actually a bank?

Yes, Revolut is now a bank. For most of its history it operated as an authorised electronic money (e-money) institution, but in March 2026 it was granted a full UK banking licence, having completed the mobilisation period it entered in 2024. Eligible deposits held with Revolut Bank UK are now protected by the FSCS up to £120,000 per person.

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E-Money Firm vs Bank: What's the Difference?

The distinction matters because it changes how your money is held and protected.

An e-money institution (the model Revolut used for years) is authorised to issue electronic money and provide payment services, but it cannot do everything a bank does. Crucially, e-money firms do not lend out your deposits and do not offer FSCS deposit protection. Instead, they must "safeguard" your money by keeping it separate from the company's own funds.

A bank is authorised to take deposits and lend. Deposits with a UK-licensed bank are covered by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person if the bank fails.

So for most of its life, Revolut looked and felt like a bank to customers but was legally something different. That has now changed.

Revolut's UK Banking Licence

In July 2024, Revolut was granted a UK banking licence by the Prudential Regulation Authority "with restrictions", entering a standard period called mobilisation. Rather than switching on full banking overnight, a new bank uses this time to build and test its systems, operate with a capped level of deposits, and prepare to migrate customers to the new banking entity.

In March 2026, after a longer-than-usual mobilisation, the PRA lifted those restrictions and Revolut received its full UK banking licence. It now operates as Revolut Bank UK, a fully authorised bank able to take deposits and lend, with eligible deposits protected by the FSCS up to £120,000 per person.

What This Means for You

In practical terms:

• Revolut is now a full UK bank, so eligible deposits carry FSCS protection up to £120,000, the same as any high-street bank.
• As a licensed bank it can also expand lending and other banking products over time.
• Your day-to-day experience — the app, card, currency accounts and transfers — carries on as normal.

For a fuller look at how your funds are protected during this transition, read is Revolut safe? And if you are new to the platform, our guide to how Revolut works explains the core features.

How Revolut Compares to Traditional and Savings Providers

Even as it becomes a bank, Revolut sits alongside other modern ways to hold and grow your money. Digital banks like Monzo and Starling already hold full UK banking licences, while savings marketplaces let you spread money across several protected banks.

The right choice depends on what you value: multi-currency travel spending, everyday budgeting, or the best possible savings rate with full deposit protection.

Frequently Asked Questions

Is Revolut a licensed bank in the UK?

Yes. Revolut received a full UK banking licence in March 2026, after completing the mobilisation period that began in 2024. It now operates as Revolut Bank UK, a fully authorised bank.

Does Revolut have FSCS protection?

Yes. Now that Revolut holds a full UK banking licence, eligible deposits held with Revolut Bank UK are covered by the FSCS up to £120,000 per person — see is Revolut safe?

Why did Revolut take so long to become a bank?

Getting a UK banking licence is a rigorous, multi-year process involving strict capital, systems and governance requirements. The mobilisation period after the licence is granted is a standard part of that process.

Can I use Revolut as my main bank account?

Many people do, especially for spending and travel. Whether it suits you as a sole account depends on your needs; some prefer to keep a fully licensed bank account alongside it while the transition completes.

This article is general information and not financial advice. Revolut's regulatory status is changing as it moves through authorisation, so always check the latest position on the FCA and PRA registers and Revolut's own terms.