Yes: Revolut Bank UK Ltd is now authorised to accept deposits as a UK bank. The unrestricted status followed a restricted authorisation and mobilisation period that began in 2024; Revolut announced the UK bank’s launch on 11 March 2026. That gives Revolut a more direct platform for competing with Barclays and HSBC, but a licence alone does not show that it has overtaken either bank or prove what customers will get from the transition.
Does Revolut have a banking licence in the UK?
As of 8 October 2026, Revolut Bank UK Ltd appears on the Prudential Regulation Authority’s September 2026 list of UK banks authorised to accept deposits. The Bank of England’s new-bank list also marks it as authorised from 1 September 2026. These are regulatory status checks, not a comparison of the banks’ products or performance. The PRA’s authorised firms material and the Bank of England’s new-bank list provide the relevant registers.
Why the 2024 and 2026 dates matter
Revolut’s UK banking status changed in stages. In July 2024, the company announced restricted authorisation and entered mobilisation, a period for establishing its bank’s operations. That was not the same as an unrestricted launch of its UK bank. On 11 March 2026, Revolut said the restrictions had been lifted and the bank was approved to launch. Revolut’s March 2026 launch announcement describes the change.
The distinction matters because having a restricted authorisation during mobilisation did not mean every Revolut customer was already using a full UK bank account. The March announcement said current accounts would roll out gradually, existing customers would not change immediately, and some customers could still be onboarded to an electronic money institution (EMI) account.
Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problems#1 Best Overall
What the licence changes for Revolut customers
Bank accounts and deposits
The authorisation enables Revolut Bank UK Ltd to offer UK bank accounts and accept deposits, subject to its regulatory responsibilities. Revolut says the bank is supervised by the PRA and the Financial Conduct Authority (FCA). For any particular account, the key question is which legal entity holds it—not simply whether the customer uses the Revolut app. Revolut’s deposit-insurance explanation describes the entity distinction and protection terms.
Deposit protection is conditional
Revolut says eligible deposits held with Revolut Bank UK Ltd are covered by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, subject to exclusions. This should not be read as a blanket guarantee that every balance or product visible in the Revolut app is covered on the same basis. Check the account-holding entity and the applicable FSCS terms, including exclusions, for your own account.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
Existing accounts may not have moved
Because rollout was described as gradual, customers should check their account details and notices to establish whether their account is with Revolut Bank UK Ltd or another Revolut entity. Do not assume that the company’s launch announcement automatically changed the legal status of an existing account.
Is Revolut set to challenge Barclays and HSBC?
The licence removes an important structural barrier to competing as a conventional UK bank: Revolut Bank UK Ltd can accept deposits as an authorised bank. Barclays and HSBC also appear among the deposit-taking banks in the PRA material. That establishes a regulatory comparison, not a verdict on which bank is cheaper, more useful or more successful.
Recommended Free Tools
Rank #3
A meaningful customer comparison would need current, like-for-like information on account fees, paid tiers, savings rates, overdrafts and credit, access to cash, international transfers, eligibility and service quality. It would also need evidence on active usage, customer migration, switching, retention and product uptake. The available figures do not establish those comparisons, so they cannot show whether Revolut is winning customers from Barclays or HSBC.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Revolut’s customer and investment figures do—and do not—show
In its 11 March 2026 launch announcement, Revolut reported 13 million UK customers and cited a £3 billion investment commitment and 1,000 planned UK jobs. These are company-reported figures and plans. The customer count is not a measure of how many people had transferred to Revolut Bank UK Ltd, switched from Barclays or HSBC, or actively used a bank account; the investment and jobs figures are commitments rather than evidence of completed spending or hiring.
Those claims indicate the scale of Revolut’s stated ambitions, but they do not settle the competitive question. The regulatory change makes Revolut a more direct bank competitor; whether it converts that position into better customer outcomes or significant gains against established banks remains to be demonstrated.
Quick Recap
Best Value
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
