The digital bank said Ultra aims to target a growing segment of “ambitious, affluent individuals interested in a luxury lifestyle”.

The monthly fee for Ultra has yet to be announced – but with Revolut’s current top-tier option, Metal, costing £12.99 a month, it is likely to exceed this figure.

Perks of the Ultra membership plan include cashback on brands with a focus on wellness and lifestyle companies. It will also offer free lounge access at more than 1,200 airports and the ability to invest in cryptocurrency with low trading fees.

Revolut also said it will be announcing more rewards and perks pinned to the account soon.

All existing Premium and Metal Revolut customers have been invited to join the waitlist and will be given early access to Ultra in the next couple of months. New Revolut customers can also sign up to the waitlist.

Those who join the waiting list and who are subsequently offered Ultra will be able to earn 5% cashback on purchases made in their first month if they sign up within seven days of being invited to subscribe. However, the total amount of redeemable cashback will be capped at the monthly plan price (which has not yet been announced).

Tara Massoudi, Revolut general manager of premium products, said: “More of our customers are interested in financial products offering better convenience. This growing consumer market is focussed on a new definition of luxury, one that is functional. Although these high-earning consumers are climbing the career ladder and want to build a steady passive income, they also aim to enjoy life, keep up-to-date with the latest trends and travel multiple times a year.

“To fulfill our customers’ expectations, we’re launching a membership that offers ultimate choice and flexibility in managing finances. There’s no bundle similar to what we’re launching in Europe, and no single player who can offer such a product. We’ve taken an original approach to offer a unique card and membership plan to people who love elevated travel and lifestyle experiences, and seamless investment products.”