Revolut is stepping up its challenge to Australia’s banks after receiving an Australian banking licence, paving the way for new savings accounts and credit cards.
The move will allow Revolut to expand beyond its existing personal finance and budgeting services into a broader range of banking products, including savings accounts and credit cards.
For points collectors, the credit card expansion could be particularly interesting, building on the recent launch of Revolut’s Ultra plan and its suite of travel-focused benefits.
Revolut entered Australia in 2020 as a personal finance and budgeting app. It has since expanded its offering, with millions of customers globally and banking operations across markets, including the UK and Europe. The new Australian banking licence marks a significant step up in its local ambitions.
The licence means eligible deposits of up to $250,000 will be protected under Australia’s Financial Claims Scheme. Existing Revolut customers will have their accounts transitioned to Revolut Bank Australia automatically, with no action required.
Revolut credit cards are coming
Perhaps more interesting for points collectors is Revolut’s move into credit cards. Revolut currently offers four paid plans in Australia: Plus, Premium, Metal, and Ultra. Ranging from $5.99 to $99.99 a month, you can upgrade to these plans on your standard Revolut debit card.
But now, you can also switch to a credit card version of these plans, without paying anything over the existing plan fees. In other words, customers will effectively be able to access the credit card as part of their existing Revolut plan.
The credit card will offer 30% more RevPoints on eligible spending than the equivalent Revolut debit card. The amount you earn will depend on your Revolut plan, ranging from 1 RevPoint per $16 spent on the free Standard plan, up to 1.3 RevPoints per dollar on the $99.99/month Ultra plan.
Revolut savings accounts
One of the first new products will be savings accounts, with interest rates of up to 5.05% p.a., depending on the Revolut plan you hold. For the Premium, Metal, and Ultra plans, the highest rates apply to the first $250,000. A lower rate applies to the remaining balance up to $1M. The advertised highest rates are:
- Standard and Plus: up to 3% p.a.
- Premium: up to 3.65% p.a.
- Metal: up to 4.35% p.a.
- Ultra: up to 5.05% p.a.
Rates are as of August 2026.
This means the value of a Revolut subscription will increasingly extend beyond its existing travel and lifestyle benefits, with customers able to earn a higher savings rate by moving up the paid tiers.
RevPoints can be transferred to airline programs
The RevPoints proposition is likely to be the biggest drawcard for frequent flyers. While there are no sign-up bonuses points at the moment, RevPoints that you earn from regular spending can be transferred to a range of airline loyalty programs, including:
- Aegean: 1 RevPoint = 1 mile
- Aer Lingus: 1 RevPoint = 1 Avios
- Air France/KLM: 2 RevPoints = 1 mile
- Avianca: 1 RevPoint = 1 mile
- British Airways: 1 RevPoint = 1 Avios
- China Southern: 1 RevPoint = 1 mile
- Etihad: 1 RevPoint = 1 mile
- Finnair: 1 RevPoint = 1 mile
- SAS: 1 RevPoints = 1 mile
- Singapore Airlines: 2 RevPoints = 1 mile
- TAP Air Portugal: 1 RevPoint = 1 mile
- Turkish Airlines: 1 RevPoint = 1 mile
- Vueling Club: 1 RevPoint = 1 Avios
Transfer rates are generally either 1:1 or 2:1, depending on the program. That gives RevPoints considerably more flexibility than simply redeeming points for merchandise or cashback, particularly for travellers who know how to extract value from airline reward programs.
You’ll also get the same no foreign transaction fees on the credit card as you do on the debit card, making it one of the few point-earning credit cards to not slug you with fees while you’re on your travels.
Summing up
Revolut’s Australian banking licence represents a significant expansion of the company’s ambitions in Australia. The combination of savings accounts, credit cards, and its existing travel-focused features means Revolut is shaping up to be a competitive alternative to Australia’s traditional banks.
For points collectors, the credit card will be the most interesting part. The ability to earn RevPoints and transfer them to major airline programs, combined with no foreign transaction fees, gives Revolut another potential option in an increasingly competitive Australian rewards market.
But with no sign-up bonuses in play just now, this could be one to keep an eye on in the longer-term.
