Revolut's new easy access account not as competitive as it first seems

Revolut has been making headlines with the launch of its easy access savings account offering a highly competitive rate, but this account might not be as attractive as it first seems.
Savings Vault, the new easy access account launched by Revolut, offers savers 1.35% AER which is the second best rate currently available in the easy access chart. The drawback with this account is that it is only available to customers with a Revolut Metal account, which charges customers £12.99 per month. This means that for customers to earn money on their savings, factoring in the £12.99 charged each month, they will need to have just over £11,500 saved in the Savings Vault account.

For existing Revolut Metal customers who are already prepared and benefiting from paying £12.99 per month to use the account, Savings Vault is a highly attractive account. However, for those looking for an easy access account in which to save, there are more attractive accounts available. It should also be noted that Revolut has announced it plans to open a version of Savings Vaults for its Revolut Premium and Standard customers, albeit offering a lower rate.

Gatehouse Bank is currently offering the top rate in the easy access chart, with its Easy Access Account paying an expected profit rate of 1.40% AER, 0.05% more than Revolut’s Savings Vault. This account requires an opening minimum deposit of £1,000 and can only be opened and managed online.

Alternatively, two accounts can match Revolut’s rate of 1.35% AER. Chelsea Building Society pays this return on its 1 Year Limited Access Saver Issue 2, which requires a £100 minimum deposit to open and can be opened and managed online. Meanwhile, Yorkshire Building Society pays this rate on its 1 Year Limited Access Saver Issue 2, which requires a minimum of £100 to open and can be opened and managed online.