Revolut Is Now a UK Bank, but Some Accounts Are Still Mid-Switch

Revolut became a fully authorised UK bank on 11 March 2026, ending the regulatory process that began with its application in 2021. The documented licensing timeline shows that Revolut received a restricted licence in 2024 before gaining clearance to launch without those restrictions in March 2026.

The licence remains in force, but it did not convert every existing Revolut account at once. By August 2026, many customers had moved to the banking entity while other accounts were still being transferred in batches, according to a recent account-migration report. That distinction determines whether a particular balance is an insured bank deposit or money held under the safeguarding rules for electronic-money institutions.

The five-year process ended with an unrestricted bank

The 2024 decision placed Revolut Bank UK Ltd in mobilisation, a period during which a newly authorised bank completes its infrastructure, governance and control arrangements before launching more broadly. Revolut could test its banking systems with a limited group, but it could not yet operate as an unrestricted deposit-taking bank.

Approval in March 2026 ended that stage. Revolut Bank UK Ltd can now offer current accounts and accept deposits while operating under the supervision of the Prudential Regulation Authority and the Financial Conduct Authority.

The licence also gives Revolut a route to fund lending with deposits and expand its range of regulated banking products. It does not mean that every prospective loan, mortgage, overdraft or credit product became available on the approval date; product launches remain separate commercial and regulatory steps.

A Revolut account may still belong to the e-money entity

Revolut Bank UK Ltd and Revolut Ltd are different regulated entities. The former is the authorised bank, while the latter has historically provided UK personal accounts as an electronic-money institution.

During the transition, two customers using the same app can therefore have different legal arrangements. An account displaying Revolut Bank UK Ltd has moved to the bank; an account displaying Revolut Ltd remains an e-money account until its migration is completed.

The move is designed to preserve everyday account continuity. Migrated customers retain their account number, sort code, IBAN, BIC, cards and access to earlier transactions and statements. Eligible active UK accounts are scheduled to transfer, while a customer who does not want the conversion can close the account before it moves.

This is more than an administrative change. Money in an e-money account is safeguarded rather than covered as a bank deposit: it should be held separately from the provider’s operational funds, but the compensation and insolvency arrangements are not identical to the statutory deposit guarantee available at a bank.

FSCS protection depends on the entity and the product

Revolut’s official UK transition notice states that eligible deposits held by Revolut Bank UK Ltd are protected by the Financial Services Compensation Scheme up to £120,000 per person after migration. The same notice covers continuity of account details, the treatment of associated accounts and the products that remain outside the banking entity.

The £120,000 ceiling is not a fresh allowance for every feature shown in the app. Eligible balances across current accounts, Pockets, Group Pockets, Joint accounts, Pro accounts and linked Kids & Teens accounts may be combined when the applicable compensation limit is calculated. Joint-account protection is assessed for each eligible holder, while linked children’s balances count with the relevant parent’s deposits.

Stocks, cryptocurrency and commodities are not deposits with Revolut Bank UK Ltd. Accessing them through the same app does not bring them within the bank’s FSCS deposit protection; they are supplied through other Revolut entities and remain governed by their respective terms and investment risks.

Savings also use a separate structure. Savings balances continue to be provided through Revolut Ltd and deposited with third-party partner banks, rather than being held by Revolut Bank UK Ltd. Eligible money can receive FSCS protection through the relevant partner bank, but the limit applies to the customer’s total eligible deposits with that bank, including deposits held there outside Revolut.

How to identify the protection attached to a balance

The decisive detail is the legal entity named in the account information, not the Revolut brand displayed elsewhere in the app. Customers can open the account details from the home screen and look for either Revolut Bank UK Ltd or Revolut Ltd.

• Revolut Bank UK Ltd indicates that the personal account has moved to the banking entity and eligible deposits can receive FSCS protection.
• Revolut Ltd indicates that the personal account remains under the electronic-money safeguarding arrangement pending migration.
• Savings require a separate check of the partner bank named in the app or product terms.
• Stocks, crypto and commodities should be assessed under the terms of the entity providing that specific service.

Customers should expect migration communications by email or through the app. Unsolicited calls or text messages asking for action on the transfer do not match the stated communication process and should be treated cautiously.

The regulatory question is now settled: Revolut Bank UK Ltd is operating as a UK bank after the restrictions attached to its earlier authorisation were removed. The remaining variable is customer-level implementation, so the entity currently holding each balance matters until the phased transfer is complete.

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