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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Revolut Bank UK Ltd was approved to launch as a UK bank on 11 March 2026, after the Prudential Regulation Authority (PRA) lifted restrictions imposed during its mobilisation period. The approval does not mean every existing Revolut account moved to the new bank at once: Revolut said the transition would be gradual, so customers should check which legal entity holds their account before assuming which protections apply.
What happened, and when did Revolut get its UK banking licence?
On 11 March 2026, Revolut announced that the PRA had lifted restrictions on Revolut Bank UK Ltd and approved it to launch as a UK bank. The company said the bank could begin offering accounts to retail and business customers, including eligible deposits protected by the Financial Services Compensation Scheme (FSCS). The PRA’s list of regulated banks includes Revolut Bank UK Ltd. Revolut’s launch announcement and the PRA register of banks describe the approval and listing.
This was the end of a restricted authorisation stage, not the beginning of Revolut’s application. The Guardian reported that Revolut lodged its UK application in 2021 and received a restricted licence in 2024 before approval to launch fully in March 2026. The Guardian’s timeline covers those milestones.
What did the mobilisation period mean?
Mobilisation—also called authorisation with restrictions—is an optional stage for a newly authorised bank to complete its operational setup. During this phase, the bank is authorised but faces a £50,000 cap on total deposits. It must meet regulatory conditions while building its capacity; it can trade fully once the PRA approves a variation of permissions and removes the restriction. The PRA says mobilisation gives a new bank time to complete areas such as IT, governance and risk management. Its guidance says the period is expected to last no longer than 12 months, while recognising exceptional circumstances may affect timing. Read the PRA’s mobilisation guidance.
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That general expectation should not be treated as a standard timetable for Revolut. Its restricted licence was granted in 2024 and full launch approval followed in March 2026; the specific timeline is reported by The Guardian.
What does Revolut’s UK banking licence mean for customers?
It means Revolut Bank UK Ltd can launch bank accounts in the UK, but the announcement did not immediately move every existing customer account. Revolut said it would introduce current accounts gradually and that nothing would change immediately for existing customers at launch. It also said some people signing up from 11 March 2026 could still be onboarded with Revolut Ltd while the transition was ramping up. Revolut’s announcement sets out that phased approach.
Is my Revolut account now with Revolut Bank UK Ltd?
Not necessarily. Revolut’s help page says approved applications are transitioned automatically, with advance notice and confirmation when the transition is complete. Check the legal entity named in your account terms and any transition correspondence; those documents are more useful than assuming your account moved because the new bank launched. Revolut’s help page, “Why is my account still with Revolut Ltd?”, explains the transition.
Are Revolut deposits protected by FSCS?
Eligible deposits held with a UK-authorised bank that fails after 30 November 2025 are covered up to £120,000 per eligible person per bank, under the FSCS limit effective from 1 December 2025. The limit applies to eligible deposits, not automatically to every balance or product. If accounts are held by firms that share a banking licence, their balances count together toward the same limit. The FSCS explains deposit protection and its limits.
Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesFor a Revolut account, first confirm whether its terms name Revolut Bank UK Ltd or Revolut Ltd, then check whether the particular funds and account are eligible. Do not infer coverage solely from the banking-licence announcement: the legal entity and eligibility rules matter.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who regulates Revolut Bank UK Ltd?
Revolut identifies Revolut Bank UK Ltd as authorised by the PRA and regulated by both the PRA and the Financial Conduct Authority (FCA), under registration number 981170. The PRA’s bank register independently lists the entity. Revolut’s legal information gives its stated regulatory details.
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What else did Revolut announce?
Revolut said it had 13 million UK customers in its 11 March 2026 launch announcement. That is the company’s stated customer count, not an independently audited figure established by the cited sources. The company also announced plans to invest £3 billion and create 1,000 high-skilled UK jobs; those are commitments, not confirmed completed outcomes. The announcement contains the company’s figures and commitments.
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