The digital challenger confirmed it has increased the interest rate for its range of customers who save in its Savings Vaults.

Here’s what’s changing:

• Metal (£12.99/month): Interest will rise from 1.95% to 2.25%
• Premium (£6.99/month): Interest will rise from 1.65% to 1.9%
• Plus (£2.99/month): Interest will rise from 0.95% to 1.12%
• Standard (free): Interest will rise from 0.87% to 1.05%.

Customers can also opt to receive interest in US dollars, which stands at 2.75% for Metal holders, 2.34% for Premium and 1.38% for Plus.

Revolut also confirmed that UK customers can create Savings Vaults in EUR, earning up to 1.15% annual interest.

It said “the move responds to the needs of Revolut’s diverse customers, many of whom travel often, have a holiday home in Europe, or are expats”.

Ivan Chalov, Revolut head of retail, said, “With the rising cost of living, we’re delighted to see our customers putting more money aside to save what they can. We’re pleased to offer savings products that will help people maximise the interest they can earn with the reassurance of being able to access their savings instantly.

“Additionally, we’re excited to announce that our customers in the UK can now save in euros, giving them full flexibility on their savings and making most of them, no matter the currency. Opening a savings account in the UK to save in euros with a traditional bank can be cumbersome and expensive. However, our customers in the UK can earn up to 1.15% annual interest on their euros in their Savings Vaults with no hidden fees.”